The government has cited a new independent report by Europe Economics contradicting a warning from the Royal Institution of Chartered Surveyors (RICS)that the market for smaller homes could go “off the scale” as a result of the extension of home information packs (HIPs).
The report published yesterday found no evidence of any impact of HIPs on transactions or prices. Yvette Cooper, housing minister, said HIPs would be extended to cover all properties after December 14. However, sellers will be able to market properties without a HIP until the middle of next year as long as they have applied for one.
RICS claimed 67% of its members had seen a year-on-year fall in the number of new properties with three or more bedrooms coming on to the market. Rightmove fell 22.25p to 464.25p on the HIPs news.
23/11/07 Financial Times 4
Times 5, 62
Daily Telegraph 1, 2
Guardian 17
Independent 55, 62
