Latest News from the whole of the market
Hips removal gives British housing market a boost
Wed 2nd Jun 10 - 10:00
The most recent Property Agency Activity Indicator shows that the housing market in the United Kingdom received a huge boost last month with the removal of Home Information Packs (HIPS)
In May, the number of homes being put up "For Sale" increased by 13.6% which was a huge 89.4% lift from the April 2009 level. It was the highest level seen for more than two years (from April 2008).
There was also an increase in the number of properties 'Sold' in May with business up 8.6% in April and 17.0% compared with May 2009 sales. This was the third highest monthly level since April of 2008.
Commenting on the latest results Index, Jonathan Smith, Chief Broker at www.northmortgages.co.uk said:
"It seems that the elections had a direct and positive impact on the housing market. The decision of the new coalition government to immediately suspend the requirement to have a HIP seems to have removed an important obstacle that has discouraged homeowners from putting their properties on the market for "for sale".
"The weather we saw in May also helped to increase sales activity to levels not seen consistently for more than two years. This is encouraging data and bodes well for the coming months. "
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Source: North Mortgages Ltd - 2nd June, 2010
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