The UK's independent property help portal
October 8, 2007

Fall in homes for sale after Hips launch

Permalink: Fall in homes for sale after Hips launch
by Kay Mitchell

Fall in homes for sale after Hips launch

Hips were launched on 1st August this year for 4-bedroom properties and rolled out to 3-bedroom houses on 10th September. Currently, they cover roughly 63% of all housing stock in England and Wales.

However, since the introduction of Hips, there has been a sharp decline in the amount of homes with 3 or more bedrooms on the market.

According to the Royal Institution of Chartered Surveyors (RICS), there was a 37% drop in the amount of houses that required one of the packs that were put on the market during September compared with the same month in 2006.

During September, RICS said that 65% more chartered surveyors noted a decline in the amount of people putting homes with 3 or more bedrooms up for sale than those who saw an increase.

This was poorer than during the previous month when 48% more surveyors noted a decline in 4-bedroom homes being put up for sale. Surveyors who reported seeing a drop said new instructions had fallen by an average 37% during September and 51% in August compared with 12 months earlier.

RICS added that East Anglia noted the sharpest decline in new instructions with 87% more surveyors reporting a fall in homes coming on to the market than those who saw a rise, followed by the West Midlands at 82% and the North West at 78%.

On the whole, all regions noted 64% more surveyors reporting a decline in new instructions than those who saw an increase, except London, where just 17% noted a decline.

However, RICS warned that this was probably due to the London market being dominated by smaller properties and flats but commented that it was likely to be affected when Hips are rolled out to include all properties.


Click here to discuss this: Home Move property forums



Related stories to: Fall in homes for sale after Hips launch



Previous: «
Next: »

Visited 1300 times, 1 so far today