Homeowners rush to sell before Home Information Packs come into force

15 May 2007
House prices rose for the 18th month running in April, powered by an upsurge in sales in London, East Anglia and the south-east, the Royal Institute of Chartered Surveyors (Rics) has reported.

Rising house prices were reported by 28.9 per cent more chartered surveyors than the number reporting a fall.

For the second month in a row, more properties were coming onto the housing market with a rising number of new instructions to sell property following a long period of declining supply.

The reason seems to be that homeowners are eager to sell their properties before the planned introduction of Home Information Packs (Hips) at the start of June, which could cost them up to £600 to compile.

"The fear of paying the upfront buying costs of Hips has pushed more property onto the market," Rics spokesman Ian Perry commented.

But increased supply has not yet fed through into easing house price growth, this week's figures suggest.

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