Is this the start of 7 years of woe?

[Diver]

I just bought another house, picked up the keys last week. told the owners conveyancer that I did not require a HIP'S report on the property, and was asked to put it in writing or they would have to supply one by law.

I told them I am gutting the building, rewiring, new heating and plumbing, re plastering from top to bottom, new roof, new insulation, damp course, kitchen bathroom, hardwood flooring.
what's the point of a HIP's report ?

Still had to waste my time and put it in writing to save the guy a few hundred quid. ridiculous

[beaker]

This lack of speculative stock on agents books may keep prices on a par for a little longer, but I expect the overall economic conditions to overtake this factor soon enough

I agree.

[Moscow Mule]

...compounded by mandatory HIPs now, which will stop opportunistic homeowners from listing their properties with no real intention to sell...

This lack of speculative stock on agents books may keep prices on a par for a little longer, but I expect the overall economic conditions to overtake this factor soon enough

[Moscow Mule]

The premise of the article appears to be that people were willing to accept a drop of several thousand pounds in the sale price of their house in order to save the few hundred a HIP would cost..

I think not, the article is saying house prices have fallen this month, partly due to HIPS and partly due to the fact that nobody wants to move in December.

Repeat after me, everybody: correlation does not imply causation.

As AtW says, it's just a coincidence.

There was a correlation at the last HIP deadline too.

Two correlations do not make a rule, but it does make it being a coincidence less likely.

[beaker]

From my observations, if anything there has been a lack of supply for several months that has kept asking prices high. This is, and will be, compounded by mandatory HIPs now, which will stop opportunistic homeowners from listing their properties with no real intention to sell. Anyway my point is... anyway these are my observations

[syn]

The premise of the article appears to be that people were willing to accept a drop of several thousand pounds in the sale price of their house in order to save the few hundred a HIP would cost.

Repeat after me, everybody: correlation does not imply causation.

As AtW says, it's just a coincidence.

Agh beaten to it! And put much better than my argument too!

[syn]

I really can't see why a few hundred quid has panicked people into selling their houses quickly. How utterly stupid is that?

[shoes]

Aw! Little Monkey!!

[NickFitz]

The premise of the article appears to be that people were willing to accept a drop of several thousand pounds in the sale price of their house in order to save the few hundred a HIP would cost.

Repeat after me, everybody: correlation does not imply causation.

As AtW says, it's just a coincidence.

[BrilloPad]

I see an intellectual thread like this gets few postings - unlike TPD which gets innundated!

I uppose its the way teenagers are these days...

[ratewhore]

Having just had an offer accepted on a hoose, the HIP was entirely surplus to requirements. No one is seriously going to base their buying decision on an energy performance certificate last seen on the front of a fridge freezer and you need to do all your own searches anyway.

Mind you, I got 10% off the asking price so that should cover me for a year or two - hopefully!!!

[AtW]

Lack of credit and seriously hit expectations is what really matters to the market, HIPs are just the excuse that real estates use - no wonder, they would not want to say that property is overvalued, would they?

[Moscow Mule]

HIPs have caused an upset in the market - much more supply means a lot longer to sell you property. There is no doubt about it.

Whether it's a catalyst for a big plunge a la the end of MIRAS is debateable.

[AtW]

Coincidence - but people might not care and will associate a straw that breaks camels' back, rather than huge load that they put before.

[BrilloPad]

Will HIP do for this house price boom what tax relief did for last?

http://news.bbc.co.uk/1/hi/business/7147674.stm

So the HIP thing caused more houses to go on market and prices to drop.

In 1989 same thing happened - due to mortgague tax relief ending. Ironically the cahancellor had to give lenders several months notice to give them time to update their software.

Is this the start of 7 years of woe?