HIPs abolition has impact on supply
The RICS (Royal Institution of Chartered Surveyors) say there has been an increase in the number of homes for sale driven by the abolition of Home Information Packs.
They say this boost in supply and a drop in interest from new buyers is pushing house prices down. Residential spokesperson for RICS Yorkshire and Humber Bruce Paxton, of Adair Paxton in Leeds, says: “With the election, then the World Cup, a minor heat wave and the holiday season, we’ve seen a turbulent housing market these last few months. We’ve also seen a shortage in certain price sectors but stock levels have increased following the withdrawal of HIPs.”