Agency Express, a firm that manufactures ‘For Sale’ boards, said the number of properties coming onto the market bounced 21% following the government’s announcement that Home Information Packs were being scrapped.
The national research compared the number of homes being put on the market in the four weeks (24 April-21May) prior to 22 May when HIPs were suspended, with the four weeks immediately after (22 May-21 June).
Agency Express said the immediate rise was seen across England and Wales, with the biggest impact in the West Midlands where new ‘For Sale’ listings rose by 42%, followed by London with a 34% increase. The South West was up 30%, the North East up 28% and central England up by 24%
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The top five cities in the UK that saw a positive reaction to the HIPs suspension were Southampton up 104%, Coventry up 78%, Colchester up 56%, Oxford up 54% and Birmingham up 48%.
In Scotland, where Home Reports – the Scottish version of HIPs - were retained, there was a drop of nearly 8% in the number of new properties being put on the market – the only part of the UK to experience a fall.
Stephen Watson, managing director, Agency Express, said: “HIPs were an unnecessary and inhibitive addition to the house sales process. Their removal has immediately injected a welcome surge in properties coming to market that will provide more choice for prospective buyers, help to stabilise prices and reduce the costs of selling your home.”
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