Suspension of Hips 'may not affect flats to rent in London'
The new coalition government's decision to suspend home information packs (Hips) is not having any effect on the UK housing market, it has been claimed.
In the opinion of Paul Holmes, chief executive officer of Firstrung, it is worry about yesterday's (June 21st) Budget that is likely to have caused the "explosion" in new listings.
He also thinks many sellers believe this summer will be their last chance to gain a profit from their properties if they are looking to leave the housing market.
Instead, Mr Holmes thinks the industry will not begin to recover until prices are more realistic and credit becomes easily available.
"People are just prepared to have a 'for sale' sign board outside of their house and not budge upon price for years upon years," he added.
In comparison, the Rightmove House Price Index suggested there has been a 22 per cent increase in the number of sellers entering the market since Hips were introduced.
People concerned about Hips and the state of the housing market may be encouraged to look at flats to rent in the London borough of Hammersmith instead.
By Charles Mackay
Published 23rd June, 2010
© 2010 Estates IT Limited
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One expert believes the suspension of Hips will not affect the UK housing market, which may encourage more people to consider flats to rent in the London borough of Hammersmith.