Previous UK House Prices Forecasts and Predictions from Mortgagesorter UK at 8 6 2007

UK House Prices Situation at 8 6 2007: Rate of growth slowing as more properties go on the market

UK House Prices Forecast: Continuing slow growth in most areas, stronger in London/South-East/South-West

The HIP Effect

The story has all been about HIPs this week. At the beginning of the week, property website Rightmove revealed slowing price inflation and a record number of new properties on the market – an effect believed to be caused by the impending introduction of HIPs.

By the end of the week, HIPs had been postponed indefinitely for sub-4 bedroom home owners. So what happens next?

HIPs: The Climb Down

Following a legal challenge from RICS and an embarrassing shortage of qualified Domestic Energy Assessors, the government has postponed the start of the Home Information Pack programme until August 1st.

However, even then it will only apply to people selling homes with 4 or more bedrooms – a minority of the housing market. Owners of smaller homes need not bother for the foreseeable future.

Other changes include:

• Energy Performance Certificates up to 12 months old can be used

• Until the end of the year homes can go on the market as soon as a HIP has been commissioned – without having to wait a typical 2-6 weeks for it to be completed, as was previously required.

Rightmove Sees Record Numbers As Growth Slows

Property website Rightmove has seen a record number of properties placed on the market in May – and a dramatic drop in the rate at which asking prices are increasing.

The website saw 200,115 new properties placed on the market in May – smashing their previous record of 178,158. This was coupled with an increase in asking prices of just 0.4% – much lower than April’s dramatic 3.6% rise.

The influx of properties to the market has been attributed to people’s desire to avoid having to purchase a HIP for their property, but it is also likely to have been influenced by the favourable market conditions at present.

Now that HIPs have been postponed, it will be interesting to see how this affects the price and quantity of property on the market, as sellers realise that in most cases they will not have to worry about HIPs this year.

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