Do you think there is any truth in these reports about the proposed Housing pack paralysing the housing market?
Looks like a boom as people try to sell property before its introduced followed by a bust scenario to me!
The Times June 27, 2006
Hips will paralyse the housing market, says Persimmon chief
By Jenny Davey
JOHN WHITE, the executive chairman of Persimmon, one of Britain’s biggest housebuilders, has criticised government plans to introduce Home Information Packs (Hips) and called for their abolition.
Mr White gave warning yesterday that house prices could be forced up once Hips are introduced next year because fewer homes may be put up for sale.
“These Hips are mooted to prevent gazumping and speed up the housebuying process, but they won’t achieve either of these things. They may even slow down the market by reducing the number of properties put up for sale, which would lead to a surge in house prices,” Mr White said.
“I would hope they are not introduced. It would be folly to risk disrupting the housing market and I am not sure what it will achieve.”
The initiative has already come under heavy criticism from the Tories, who claim that Hips are nothing more than a £110 million VAT windfall for the Government.
Michael Gove, Conservative MP and Shadow Minister for Housing and Planning, has railed against Hips as “expensive red tape” for the housing market.
Hips are set to be introduced in June next year and are expected to cost sellers at least £600 to £700. Some estimates put the cost of compiling the packs at as high as £1,000.
Looks like a boom as people try to sell property before its introduced followed by a bust scenario to me!
The Times June 27, 2006
Hips will paralyse the housing market, says Persimmon chief
By Jenny Davey
JOHN WHITE, the executive chairman of Persimmon, one of Britain’s biggest housebuilders, has criticised government plans to introduce Home Information Packs (Hips) and called for their abolition.
Mr White gave warning yesterday that house prices could be forced up once Hips are introduced next year because fewer homes may be put up for sale.
“These Hips are mooted to prevent gazumping and speed up the housebuying process, but they won’t achieve either of these things. They may even slow down the market by reducing the number of properties put up for sale, which would lead to a surge in house prices,” Mr White said.
“I would hope they are not introduced. It would be folly to risk disrupting the housing market and I am not sure what it will achieve.”
The initiative has already come under heavy criticism from the Tories, who claim that Hips are nothing more than a £110 million VAT windfall for the Government.
Michael Gove, Conservative MP and Shadow Minister for Housing and Planning, has railed against Hips as “expensive red tape” for the housing market.
Hips are set to be introduced in June next year and are expected to cost sellers at least £600 to £700. Some estimates put the cost of compiling the packs at as high as £1,000.
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