Hips provoke further discontent

Posted: 16 May 2006 09:23:05 GMT

The row over home information packs (Hips) shows no signs of subsiding, with the Building Societies' Association (BSA) now entering the fray.

At the BSA annual conference this week, it seems highly likely that some of Britain's biggest building societies will voice their concerns about Hips.

This is the view of GMAC-RFC, the UK's tenth largest lender, which claims that the impact on the housing market can only be negative.

According to recent research from the BSA, 84 per cent of building society chief executives believe that Hips should be voluntary.

Hips are set to hit the market in June 2007 but critics fear a surge in the number of properties on the market in the weeks and months immediately preceding this date, as people look to avoid the extra charges involved in preparing a Hip.

Stephen Knight, chairman of GMAC-RFC, said: "Bringing in an £800 'tax' for anyone putting a property onto the market fails to capture the point that, in general, buyers need to buy, but sellers don't need to sell. This could cause a significant jolt to supply and a reduction in the flow of second-hand properties in future."

The government maintains that the market will be benefit from the increased transparency and that fewer transactions will collapse once Hips are in full use.


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MORE UK PROPERTY NEWS: May 2006

Signs of house price growth cooling  Posted: 31 May 2006 10:01:17 GMT
Two separate reports today suggest that house price increases in the UK are starting to slow down.

Six in ten oblivious to Hips  Posted: 31 May 2006 09:58:36 GMT
A staggering 64 per cent of homeowners claim that they have never heard of Home Information Packs (Hips).

Adding meaningful value to your home  Posted: 30 May 2006 09:48:52 GMT
A new report has warned homeowners that home improvement projects should not be carried out on a whim, with only certain tasks adding significant value to a property.

Continued growth for buy-to-let market  Posted: 30 May 2006 09:47:48 GMT
Confidence in the buy-to-let sector is reportedly high following growth of almost 20 per cent within the last two years.

Strong tenant demand boosts rents  Posted: 26 May 2006 10:34:12 GMT
Landlords have reportedly seen rent rises accelerate for the second consecutive quarter thanks to both economic and demographic factors.

Hips 'will benefit consumers'  Posted: 26 May 2006 10:27:25 GMT
A new book has concluded that Home Information Packs (Hips) will make the property buying process easier and quicker and that consumers will ultimately save money.

Buy-to-let boom driven by urban professionals  Posted: 25 May 2006 09:47:48 GMT
Landlords are reportedly reaping the benefits of a booming buy-to-let sector, as young professionals increasingly see rented accommodation as the most desirable option.

"Silver surfers" finding property online  Posted: 25 May 2006 09:45:22 GMT
As the UK's older population becomes increasingly au fait with the internet, OAPs are starting to lead the way in terms of searching for property online.

Second-time buyers struggling to move  Posted: 24 May 2006 10:24:35 GMT
New research suggests that second-time buyers are finding life similarly difficult to those buying for the first-time.

"Rapid expansion" for buy-to-let sector  Posted: 24 May 2006 10:22:28 GMT
The UK's buy-to-let sector is continuing to go from strength-to-strength this year, with landlords renewing their enthusiasm for the popular investment strategy.

Government looks to low cost village  Posted: 23 May 2006 16:21:14 GMT
A low cost, low-carbon village could be central to the government's plans for housing in the UK.

Government 'could end Sipp loophole'  Posted: 23 May 2006 16:20:02 GMT
The government could be set to close a loophole that allows investors to put their pensions in to self invested personal pensions (Sipps).

Mortgage lending soars  Posted: 22 May 2006 13:11:55 GMT
Mortgage lending last month reached a record high for April, according to new figures.

Gardens 'crucial' to investment growth  Posted: 22 May 2006 13:10:57 GMT
A tidy garden is crucial to realising a property's full price potential and insurance against vandalism or theft is a sensible measure, according to insurers.

House prices 'to outstrip inflation'  Posted: 19 May 2006 08:46:13 GMT
The majority of chief executives from the UK's building societies believe that house price inflation will run at between four and five per cent by the and of the year.

Online house selling 'replacing estate agents'  Posted: 19 May 2006 08:43:19 GMT
Recent reports suggest that house sellers are becoming increasingly disillusioned with the role played by estate agents and are looking instead to sell privately using the internet.

Upward curve in house building  Posted: 18 May 2006 11:20:32 GMT
House building in England during the first quarter of 2006 enjoyed a significant acceleration, with 37,600 houses completed.

Concerns over rural housing prices  Posted: 18 May 2006 11:18:54 GMT
There are growing calls for a tax on second home owners following the publication of a new report on affordability difficulties in rural areas.

Blackburn tops Fastest Mortgage League  Posted: 17 May 2006 10:08:32 GMT
New research has found that homeowners in Blackburn are closer to paying off their mortgages than anyone else in the UK.

North becoming the 'new south'  Posted: 17 May 2006 10:06:31 GMT
The north of England has been dubbed the 'new south', as it becomes the preferable option for property investment.

Hips provoke further discontent  Posted: 16 May 2006 09:23:05 GMT
The row over home information packs (Hips) shows no signs of subsiding, with the Building Societies' Association (BSA) now entering the fray.

Large properties drive house price growth  Posted: 16 May 2006 09:21:28 GMT
House prices in the UK have now been climbing for six consecutive months, with the larger properties leading the way.

House price increases strongest for a year  Posted: 15 May 2006 11:00:57 GMT
New research has shown that house prices witnessed their strongest annual rise in more than a year between mid-April and early May.

Landlords aim for bigger portfolios  Posted: 15 May 2006 10:58:37 GMT
Confidence in the buy-to-let sector is currently soaring, with landlords largely unconcerned about HMO licensing.

Estate agent complaints on the rise  Posted: 12 May 2006 09:45:56 GMT
The annual report from the Ombudsman for Estate Agents reveals that there was a nine per cent rise in the number of complaints made against agents last year.

Good time to sell a house in Surrey  Posted: 12 May 2006 09:44:42 GMT
House sellers are reportedly enjoying prime conditions in and around Surrey, with improved buyer confidence pushing the average house price up five per cent to £290,000.

Schools boost Fylde house prices  Posted: 11 May 2006 10:19:19 GMT
House prices in Fylde near Blackpool are apparently rising at a staggering rate as families look to enrol their children in one of the impressive schools.

Hips 'worthless' without regulation  Posted: 11 May 2006 10:17:24 GMT
Home information packs (Hips) will hit the UK market in just over a year, but one provider is warning they will be useless without better regulation.

Buy-to-let hotspots revealed  Posted: 10 May 2006 09:57:29 GMT
Landlords in the UK have been alerted to a forthcoming report that promises to shed some light on the best options for buy-to-let investment.

Stamp duty hits first-time buyers  Posted: 10 May 2006 09:55:08 GMT
The latest report from the Council of Mortgage Lenders (CML) has found that only half of first-time buyers avoid stamp duty.

Estate agents 'irritating residents'  Posted: 09 May 2006 09:27:37 GMT
Homeowners in Walthamstow are becoming increasingly irritated by the estate agents using For Sale and To Let signs purely for cheap advertising.

Landlords high on confidence  Posted: 09 May 2006 09:25:29 GMT
Confidence in the UK buy-to-let sector seems to be higher than ever, with landlords enjoying improved returns and many making plans to add to their portfolios.

Homeowners 'do not trust estate agents'  Posted: 08 May 2006 10:18:50 GMT
Confirming what had been suspected by most, new research has found that British homeowners have very little trust in their estate agents.

No slowdown for London property boom  Posted: 08 May 2006 10:15:44 GMT
The incredible rejuvenation of the property market in London seems to be continuing, with annualised price growth reaching 14.7 per cent in April.

Experts tip Bank to raise rates  Posted: 05 May 2006 17:21:07 GMT
Experts are predicting that the Bank of England will eventually raise the interest rate, despite the current freeze.

Landlords told to consider capital gains  Posted: 04 May 2006 09:46:11 GMT
As buy-to-let investment becomes increasingly popular in the UK, landlords have been reminded that capital appreciation can in many cases be more important than rental income.

Brits lie to sound posher  Posted: 04 May 2006 09:45:26 GMT
The vast majority of people in the UK admit to lying about where they live in order to make their home sound more exclusive.

Further house price growth expected  Posted: 03 May 2006 09:40:21 GMT
With a series of recent surveys pointing to sustained house price growth in the UK, the Centre for Economics and Business Research (Cebr) expects the trend to continue.

Mortgage approvals continue to rise  Posted: 03 May 2006 09:36:12 GMT
Figures from the British Bankers' Association (BBA) indicate that the number of new mortgage approvals for home purchases increased by 33 per cent to 85,698 in February.

Climbing the property ladder  Posted: 02 May 2006 09:54:42 GMT
First-time house sellers in the UK are spending an extra £400 million each month on mortgage repayments as they look to climb the property ladder.

House prices edge up in April  Posted: 02 May 2006 09:50:28 GMT
April saw house prices rising by 0.6 per cent according to new statistics, representing the biggest monthly increase in almost two years.

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