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Pre-Hips rush expected by agents

Estate agents haart is expecting the spring market to be boosted with a sudden influx of properties to the market, prior to the introduction of home information packs.

At the moment the London house market has seen prices stabilise, with overpriced properties not selling. The average London house price saw a slight increase of 0.1% in February to £260,375 as buyers remain price sensitive despite a continuing shortage of available stock.

However the supply and demand ratio is set to be re-balanced in the forthcoming months. haart predicts a 20% increase of properties to enter the market, in the run-up to the compulsory roll out of Hips.

From June 1^st the packs will have to be purchased by the seller prior to marketing a property and the mandatory part of the pack will include: an energy performance certificate, title documentation, local searches and leasehold documentation (if relevant).

Paul Smith, chief executive of haart said: “With the introduction of Hips fast approaching, we are expecting to see an extremely buoyant spring market as many sellers opt to put their property on the market prior to 1st June, to avoid the cost of a pack.”