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HIPs Will Lead to UK Housing Market Crash

Housing-Market / UK Housing May 18, 2007 - 12:10 AM GMT

By: Submissions

Housing-Market The introduction of home information packs will lead to a housing market crash, it has been claimed. Julian King, director of National Homebuyers says: "There are many indicators of a crash already in place; increases in repossessions, continued interest rate hikes, first time buyers unable to get on the ladder and the introduction of Hips."


National Homebuyers is the UK's leading fast purchase property company and King says they are receiving thousands of enquiries every week from people who are confused and misinformed about the packs.

"Because of the fast sale nature of National Homebuyers, we do not require the vendor to provide a Hip. Although their introduction would be a benefit to our business, we are concerned about the long-term effects they will have on the homeseller."

According to Paul Smith, chief executive of Spicerhaart Group, the lack of trained energy assessors means the marketplace will be disrupted as both buyers and sellers will be subjected to delays.

This could lead to a housing market crash similar to the one in 1991, Mr Smith speculates.

"The current legislation is in a mess and will prevent immediate marketing of homes affecting buyers and sellers alike," he said.

"The mandatory requirement to have a full energy performance certificate in place prior to marketing will delay the process by weeks, as there are simply not enough trained energy assessors.

"Unless the government relaxes this legislation it will have a housing crash on its hands on the 1st of June."

Mr Smith advocates the use of estate agents as temporary energy assessors to provide an "interim energy assessment" - which could subsequently be updated - to ensure houses can be marketed promptly.

Mr King concludes: "Selling a property quickly through the draconian estate agency method is basically impossible. National Homebuyers make a guaranteed offer to purchase every property surveyed within days and we complete at a time that suits the vendor. We do not require a Hip and so can speed the house sale process up dramatically."

Further information about National Homebuyers can be found at www.nationalhomebuyers.co.uk/index.asp or by calling their Customer Care Team on 0870 979 8118.

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