Q&A: What impact will HIPS have on the housing market?
The forthcoming requirement for Home Information Packs will effect both buyers and sellers alike, but how will they effect the property market?
Nicholas Leeming, our Propertyfinder.com property guru believes:
Most agents don’t think that HIPs have had a major effect yet, mainly because the average consumer is still largely unaware of HIPs. The majority of homeowners simply have not heard about them...
As June draws closer, and people become more aware, we will certainly see a rise in the number of instructions as sellers seek to beat the deadline.
Any increase in supply related to HIPs is going to disrupt normal seasonal patterns in the market and make it harder to determine the true impact of the Bank of England’s series of rate rises on the housing market. It will take some time for things to settle and the underlying picture to become clearer.
