London Estate Agents Expect Rise in Properties For Sale Signs

London Property Market Receives Boost

In an important step at a point of fragile recovery in the housing market, Communities Secretary Eric Pickles and Housing Minister Grant Shapps today announced that with immediate effect, they are suspending the requirement for homeowners to provide a Home Information Pack (HIP) when selling their homes.

Mr Pickles today laid an Order suspending HIPs with immediate effect, pending primary legislation for a permanent abolition. The Secretary of State has taken this swift action in order to avoid uncertainty and prevent a slump in an already fragile housing market. Today's announcement sends a clear message of encouragement to people thinking of selling their home that they can put it on the market with less cost and hassle.

HIPs are currently holding back the housing market because sellers are having to fork-out extra cash, sometimes hundreds of pounds, just to be able to put their home up for sale. Suspending HIPs will reduce the cost of selling a home, remove a layer of regulation from the process and provide a welcome help to the housing market during the recovery. It will also mean a saving for consumers to the tune of £870m over ten years, giving sellers more money in their pocket to spend in the wider economy.

Paramount Properties offered free HIPs as part of the birthday celebrations last year, in an effort to encourage potential vendors by removing yet another layer of expense in the house selling process. Paramount have always maintained a realistic approach when advising clients, particularly in the current dramatic property market. Paramount magazine provides essential reading for anyone involved or considering buying, selling, renting or letting a commercial or residential property in London.

London Property For Sale News