R.I.P HIPs

The abolition of Home Information Packs (HIPs) seems to have provided a short term boost to the residential property market with the Royal Institute of Chartered Surveyors reporting an increase in the number of homes for sale in May 2010.

The increase in property for sale is likely to reduce the rate of increase in prices seen in the first half of the year. This together with the continuing concerns about the availability of mortgage finance and the impact of the recent budget on employment levels could influence prices in the latter part of the year. Surveyors in some parts of the country are already reporting price falls.