8 Jun

The affect Of the abolishment of HIP's

 The latest Agency Express Property Activity Index does indicate that housing market received a boost last month. It suggests the abolition of Home Information Packs (HIPs) contributed to a significant increase in housing activity. Pic right, is Grant Shapps, Minister for Housing, cutting the red tape of HIPs bureaucracy (geddit?).

In May there was a 13.6% increase in the number of homes being put up ‘For Sale’ which was up a massive 89.4% on April 2009’s level. It was the highest level seen for more than two years (since April 2008).

There was also an increase in the number of properties ‘Sold’ in May with activity up 8.6% on April and 17.0% up on May 2009. May’s sales were the third highest monthly level since April 2008.

Commenting on the latest Index results, Stephen Watson, MD, Agency Express, said, “It appears that the result of the General Election has had a direct and positive impact on the housing market. The decision by the new coalition Government to immediately suspend the requirement to have a HIP seems to have taken away a significant obstacle that has been discouraging homeowners from putting their properties up ‘For Sale’.

“The good weather we saw in May also helped to increase sales activity to levels we haven’t seen consistently for over two years. Only one region didn’t experience an uplift in sales in May which augurs well for the next few months.”

Regional hotspots for house sales in May:
West Midlands – up 25.8%
Wales – up 24.6%
South West – up 17.5%
North West – up 16.2%
London – up 13.0%.

Only the South East saw a fall in house sales in May with a 6.6% drop.
Birmingham was the UK’s best performing city where there was a huge 71.4% increase in the number of properties that were sold in May, followed by Newcastle with a 41.4% rise, Cardiff with an increase of 36.4%, Manchester which was up 28.4% and Exeter which jumped 28.1%.

Regional hotspots for houses put up ‘For Sale’ in May:
Wales – up 27.2%
Scotland – up 21.7%
North West – up 21.2%

Southampton was the city that saw the greatest increase in houses being put up ‘For Sale’ with a rise of 48.4% followed by Glasgow where there was an increase of 37.7%, Brighton with an increase of 34.6%, Cardiff up 31.1% and Carlisle up 28.2%.