NAEA: Hips abolition 'boosts home selling activity'

Date:Monday 28th June 2010
Author: Max Freedman

The coalition's scrapping of Home information packs (Hips) is thought to be responsible for a boost to the housing market in recent weeks.

According to Ian Harris of the National Association of Estate Agents (NAEA), the abolition of Hips has been a "catalyst" for the housing market and has resulted in an increase in the number of buyers and sellers coming onto the market.

He added that some homeowners may have been waiting for a better political climate and held off putting their house on the market until after the Budget in expectation of the scrapping of Hips.

Speaking to the Norwich Evening News, Mr Harris said: "People have responded to Hips being scrapped. We have certainly seen a bigger influx of property than we would expect at this time of year."

Last week, chancellor George Osborne unveiled the coalition's plan for tackling the national debt in the June Budget, his first as chancellor, which sees VAT rise to 20 per cent from January 2011.