The Press Association Yahoo News reported this morning that house prices continued to rise in the month of May following the axing of the controversial HIPs packs. Click here to read the full report.
More surveyors have reported a rise in property prices than those reporting a fall for the month of May. Notably, the number of surveyors who have reported a house price increase to the Royal Institute of Chartered Surveyors has doubled compared to last months reports from surveyors.
The report states:
“Surveyors expect the trend to continue in the near term with nearly three quarters saying the decision to scrap controversial HIPs will lead to a higher level of properties on the market. Overall the abolition of the packs is expected to boost the number of homes for sale by around 15%. ”
HIPs packs were introduced in England and Wales in 2007 to try to speed up the home buying process. They came fraught with difficulties and many argued that they deterred sellers from marketing their properties as they were put off by the additional costs involved. Since HIPs were abolished by the new coalition government last month the property market has shown signs of improvement and it is hoped this will continue.
As yet, the new government have made no announcements as to whether there is to be a replacement to the HIPs pack but we will keep you updated!
Although HIPs have been abolished, it is a still a legal requirement to commission an EPC (formerly part of the HIPs pack) when you market your property. The EPC must be produced within 28 days of the property being placed on the market. If you are looking to sell your property and you need an EPC, click here for a quote.