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18 June 2007

Homeowners rush to sell to avoid postponed Hips

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by Kay Mitchell

Homeowners rush to sell to avoid postponed Hips

Property owners persist to put their home on the market in June to avoid home information packs. According to Rightmove, the property listing website, houses on the market rose by 10% in June and 200,000 more homes were put up for sale.

Rightmove commented that vendors seem to be putting their properties up for sale before Hips are launched. The dash to beat the approaching Hips deadline seems to have brought some disinterested sellers to the market. These people are optimistic at getting their hands on a reasonably priced home now there is a lot of property on the market.

Rightmove also remarked that the property market is starting to cool off, with asking prices in London rising by 0.7% in June – less than the national average. This follows a year during which London asking prices rose by more than 23% to £387,898.

In addition, recent information from Halifax and Nationwide have illustrated that prices began to cool in May following interest rate increases.


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