15 Jun

Abolition of Hips 'could boost summer property sales'

Abolition of Hips 'could boost summer property sales'

House prices could continue to increase over the summer with the abolition of home information packs (Hips), it has been suggested.

Spokesperson for the Royal Institution of Chartered Surveyors (Rics) Ian Perry commented on the impact of the government's announcement to get rid of the packs, suggesting that it had pushed more supply into the market.

He said: "Surveyors are generally confident that sales will continue to pick up over the summer months. The increase in supply as a result of the abolition of Hips is helping to support this optimism."

Last month, the government announced the elimination of the packs to help reduce the cost of selling a home and encourage activity in the property market.

A recent survey published by Rics revealed that 22 per cent more chartered surveyors had reported a rise than a drop in house prices this month, up from 19 per cent in April.

Of those surveyed, sales expectations rose from 27 per cent to 31 per cent, indicating a positive outlook on the following months for estate agents.ADNFCR-1222-ID-19838916-ADNFCR

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