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Conveyancing News: Property Prices Continue to Rise Despite Panic Over HIPs |
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Article Published: 15-May-2007
The Royal Institution of Chartered Surveyors report continued rises in the prices of UK property despite increased supply caused by the HIPs panic.
Sellers are rushing to put their homes on the market before the possible introduction of the Home Information Pack on June 1st to avoid having to pay the cost of putting the pack together.
Sale instructions rose for the second month in a row following a 7-year decline, which experts attribute to the forthcoming HIPs rather than to household financial decline.
Ian Perry, a spokesman for the RICS, says, "The fear of paying the upfront buying costs of HIPS has pushed more property onto the market. This will continue throughout May but conditions should tighten if HIPS goes ahead on June 1st as sellers withdraw from the market."
Source: Conveyancing-0800.co.uk
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