Estate agents are reporting a sharp increase in the number of houses being put on the market since the controversial HIPs have been suspended.
There is reported to be a 35% increase on new properties being marketed and it is clear that this is partly due to the HIPs being scrapped on 20 May 2010. Those sellers who have been in two minds about whether to market their properties have now decided to go ahead and try and sell their properties knowing that they do not have to incur the expense of paying for a HIPs pack before they do.
Rightmove have said that new listings on its website have increased by 35%, while the UK’s largest estate agency chain, Countrywide Propery Services, says that the number of new properties that are coming on to the market through its branches has leapt by 34%. This makes it one of the busiest weeks estate agents have had over the last few years!
It was expected by many that more properties would appear on the market post election since prior to the elections many ‘would be’ sellers held back as they were not sure what was going to happen when the new government came in to power, however, estate agents were not expecting see increases of this level.
Even though HIPs are no longer required when you market your property, you must still commission an EPC. This is a legal requirement. An EPC must be produced within 28 days of your property being marketed.