Suspension of Hips 'has had little effect on property market'

Posted: 23 Jun 2010 11:11:08 GMT

The suspension of home information packs (Hips) by the new government has had a minimal effect on new listings in the UK's property market.

This is according to Paul Holmes, chief executive officer of Firstrung, who said that a recorded rise in sellers coming onto the market was caused by consumers wanting to exit the sector before possible future dips.

He stated: "I think the rush is [because of] sellers en masse being very concerned that this summer may be their last opportunity to exit the property market with some profit."

His comments came after the release of the latest Rightmove House Price Index, which revealed that there was a 22 per cent increase in sellers entering the market following the suspension of Hips.

The organisation also noted that the average property asking price in Britain this month is £237,767, which is slightly up on the £237,134 recorded in May.


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