Homeowners 'testing the water' following Hips abolition

The suspension of home information packs Hips by the new government has led to many "time wasters" putting their property up for sale, it has been claimed.

David Amstell, founder of Briffy.com, said some homeowners are putting their home on the market simply to discover its current valuation, without actually having any desire to sell.

He claimed that many homeowners are simply "testing the water" now they are not required to invest in a Hip prior to putting their home on the market.

"If they get a reasonable price they may sell, but if they don't then they have lost nothing and it has just cost the estate agent his marketing fees," Mr Amstell said.

Rightmove reported that the number of new property listings on the website increased by 35.4 per cent in the week following the Hips announcement by the Department for Communities and Local Government.

In Wales, a 66 per cent rise in new sellers was witnessed within seven days of the suspension.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-06-02 10:05:32 © Moneyextra.com