Home Information Packs could kill the significant see what happens sellers group

The introduction of Home Information Packs could wipe out the significant ‘see what happens’ sellers group

Acording to the NAEA's survey nearly 20% of homeowners have said they would be tempted to put their house up for sale to test the market if they found that their neighbour’s property was getting a good price – even if they hadn’t previously thought about selling

The Association warns, however, that the introduction of home information packs (HIPs) in June 2007 could seriously affect this selling group, who are unlikely to want to ‘see what happens’ if they have to pay up to £500 to do so. This will inevitably have a knock on effect on the market as a whole, at a time when housing stock is already in short supply in many areas of the county.

Despite leading industry experts repeatedly warning the Government about the many pitfalls of the proposed HIPs initiative, and now the House of Lords Select Committee expressing concern, they are insistent on bringing the legislation into force on the 1st June.

Estate Agents have long since recognised that ‘see what happens’ sellers make up a significant portion of the market. As the most valuable asset that most people will ever own, homeowners are particularly curious when it comes to the potential worth of their property.

Knowing that a home down the street is going for a good price can be a powerful motivating factor and owners are often keen to find out if this is the case.