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HIPS will have big impact in 2007

Wednesday, 6 December 2006 12:00 AM

The introduction of home information packs (HIPS) will have a big impact on the way the property market will work next year, a leading estate agent predicts.

For 2007, the estate agent Haart forecasts a flurry of activity in the first half of the year as buyers and sellers rush to make their moves before HIPS are introduced in June 2007.

In the first half of the year Haart predicts property prices will soar, going up ten per cent on average, before dropping to four or five per cent growth in the second half of the year.

However, the estate agent does not believe HIPS will result in a long-term slowdown for the property market.

"We anticipate a high level of activity to carry into the New Year pushing the average house price up by as much as ten per cent in the first six months," said Paul Smith, Haart chief executive.

"However, with two interest rate hikes this year, affordability constraints have been brought to the fore and in many areas in the UK we are seeing a very modest growth.

"Despite the low level of housing stock it is still a buyer's market and properties that are overpriced will not sell.

"As a result, we predict that house prices will cool down in the second half of the year and annual growth is set to be four to five per cent.

"Another rise in interest rates could cause a negative change in homebuyer attitudes and significantly dampen activity in the housing market."

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