Abolition of Home Information Packs

House prices could continue to increase over the summer with the abolition of home information packs (HIPS), it has been suggested. 

Following the general election in May, the Government announced the elimination of the packs to help reduce the cost of selling a home and to encourage activity in the property market. 

A spokesperson for the Royal Institution of Chartered Surveyors (RICS), Ian Perry, recently commented on the impact of the Government's announcement to get rid of the packs, suggesting that it had pushed more supply into the market. 

He said: "Surveyors are generally confident that sales will continue to pick up over the summer months. The increase in supply as a result of the abolition of HIPS is helping to support this optimism." 

Stephen Watson, managing director of Agency Express, said: "It appears that the result of the general election has had a direct and positive impact on the housing market. The decision by the new coalition Government to immediately suspend the requirement to have a HIP seems to have taken away a significant obstacle that has been discouraging homeowners from putting their properties up for sale. The scale of uplift in activity around the country augurs well for the next few months." 

A recent survey published by RICS revealed that 22 per cent more chartered surveyors had reported a rise, rather than drop, in house prices in May, up from 19 per cent in April. 

Of those surveyed, sales expectations rose from 27 per cent to 31 per cent, indicating a positive outlook on the following months for estate agents. 

If you are thinking of buying or selling your home, contact Birkett Long first for independent expert advice on 01206 217391 or email [email protected]