Hips delay could be beneficial to first time buyers

01-Jun-2007

First time buyers could stand benefit from the delay in the implementation of Home information packs (Hips), according to recent figures showing that the supply of housing has risen sharply since the beginning of April.

Figures from Propertyfinder.com have suggested that many sellers were looking to put their properties on the market before the introduction of Hips in order to avoid the extra cost associated with the packs.

The increase in supply led to buyers being able to purchase properties at 1.8 per cent below asking prices, the website has reported.

"Although it is good news for home buyers who have got their properties cheaper, the U-turn is hitting home sellers in the pocket," advised Propertyfinder.com's Nicholas Leeming.

Though the supply increases have now tailed off, a similar pattern could well be established in the run up to the new launch date of August 1st, according to some experts.

Figures from Hometrack have shown a six per cent increase in supply in May, along with a 5.7 per cent increase in April and a 4.7 per cent rise in March.

Find out more about the house-buying process including stamp duty, home information packs and conveyancing click here.

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