According to latest industry news, house prices in the UK
have increased the most over the last six months. It
is suspected that the main driver for this sudden shift is
in the volume of people looking to sell their houses before
the mandatory home information pack (HIPS) surveys kick in.
Figures
suggest that an average of a 2.7 rise has occurred in September
for the average home which takes its value to just under 250,000. The
figures for the previous month have shown a contrasting 2.6%
fall.
HIPS will be made mandatory for larger properties and now
it will be regulated that the seller is to organise a inspection
on their own home by someone who is a qualified home inspector
in advance of the property going on the market. This
can become advantageous for the buyer as they will know the
property is in acceptable and a fair standard before they commit
to purchase. The property must have any remedial work
undertaken if the report should highlight any areas of concern.
Research from Rightmove has highlighted that there has been
an increase of bigger houses with more bedrooms on the market
which has influenced the rise in average prices. Sellers
are looking to simply save money and effort by avoiding the
Home Information Pack survey. Even with these figures
in mind the market seems to slowing down, houses are taking
longer to sell on the market. The temporary misrepresentation
of the property market will eventually disappear once the HIPs
are enforced.
Rightmoves Commercial Director – Mike Shipside said: “Surges
of properties coming onto the market will increase both competition
amongst sellers and increase buyers’ bargaining power.
Sellers who need a quick sale will have to respond by pricing
competitively.”
