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Rics: Hips still detrimental to market

Monday, 8 October 2007 12:00 AM

The number of properties which require a home information pack (Hip) coming onto the market has continued to fall when compared with the same period in 2006.

That is according to research from the Royal Institution of Chartered Surveyors (Rics).

Some 73 per cent of surveyors reported a fall in the number of three-bedroom or larger properties coming onto the market in September according to Rics.

Only eight per cent reported an increase.

Hips were made compulsory for houses with four bedrooms or more on August 1st and extended to cover three-bedroom properties on September 10th.

Surveyors who reported a fall found the average number of new instructions to sell was down 37 per cent.

"Although they are not the only factor, Hips are continuing to have a detrimental impact on the housing market, in spite of assurances from the housing minister this would not happen," commented Rics spokesman, Jeremy Leaf.

"With fewer family properties available for sale in September, those buyers looking to upgrade to larger properties are finding it increasingly difficult to choose from declining supply."

East Anglia was the worst affected area, with 87 per cent more surveyors reporting a fall than an increase in the number of new instructions to sell.

This was followed by the West Midlands where a fall in new instructions to sell was reported by 82 per cent more surveyors than reported an increase.

London was least affected, with a differential of 17 per cent recorded in the capital. The city has traditionally been dominated by smaller two and three-bedroom properties, reducing the impact of Hips.

However, the government has made signs it would like Hips to cover the whole market by the end of the year, potentially spelling trouble for the London market.

"In the current climate of higher interest rates and tightening mortgage lending, the government needs to take stock of the impact Hips is having on the housing market, and refocus on the need for genuine reform of the home buying and selling process," concluded Mr Leaf.

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