Tuesday, June 06, 2006

How HIP's will affect the housing market

"A survey involving estate agents by HIP provider Simply HIP claims there will be a rise of 23 per cent in the number of houses for sale in the three months immediately before June 1, 2007, as householders hurry to put their properties on the market.

However, the survey also found, the number of people looking to purchase property during the same period is predicted to drop by 16 per cent as purchasers, especially first time buyers, try to offset the cost of buying a house onto the seller, by waiting until after June 1. That, say Simply HIP, equates to £6 billion worth of property potentially not selling compared to a similar time period without HIPs.

The research also predicted that 33 per cent would not market their homes for at least two months after June 1, 2007,as they would prefer to wait to see the effects of the new legislation and the associated costs."

There could be an interesting opportunity for property investors to buy as other buyers hold off buying before the introduction of HIP's.

Chris Bell

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