Hips delay 'costing property sellers'

Posted: 01 Jun 2007 11:23:11 GMT

The government's decision to delay the roll-out of Home Information Packs (Hips) until August has cost property sellers thousands of pounds each, it has been claimed.

The government's decision to delay the roll-out of Home Information Packs (Hips) until August has cost property sellers thousands of pounds each, it has been claimed.

A surge in the number of properties coming on to the market was widely experienced in the run-up to the launch of Hips, initially planned for June 1st.

However, property website PropertyFinder.com claims that this flood of properties entering the market, has given buyers more choice and allowed them to put in successful offers below the asking price.

The company said that homes had sold for an average of £4,500 below their asking prices as a result of the large number of properties on the market.

"Although it is good news for home buyers who have got their properties cheaper, the U-turn is hitting home sellers in the pocket," commented PropertyFinder's director Nicolas Leeming.

"Supply has already tightened again and sellers who have rushed to sell but not yet purchased property may find the buyer/seller power shift reverses quickly, leaving them out of pocket. A loss of almost £4,500 will feel like a real blow to these financially stretched home sellers."

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