Further to my last post on how property may be affected by recent Whitehall changes, the various property blogs are now awash with estate agents reporting that their instruction levels are significantly higher since HIPs were suspended on 20th May.
If this represents the big picture nationally it would immediately vindicate those like me in the industry that have slated the worth of Home Information Packs since their introduction, certainly in the form that the previous Government (eventually) decided upon.
The Estate Agent Today news site has many comments to the effect that the level of properties coming to the market are already higher. It says that Bushells, a London agent, saw 50% of May’s new instructions in the week after the announcement. Countrywide, owner of Bairstow Eves, John D Wood and Abbotts has also said that their enquiry level from sellers is up. Savills too.
This needs some more substantial meat on the bone though in order to establish if this is a blip or is just something affecting a minority of agents that are being the most vocal (PR grabbing and all that). It may be that any new business is actually as the result of the Government’s CGT increase threat on second homes to some degree, but then no agent will quibble as to why they are busier.
So I have asked the three largest property portal companies, all of which eMoov.co.uk subscribe to, for their latest stats.
If there is a general trend occurring it will be the portals that will be seeing it overall.
I’ll report back once I hear from Rightmove, TDPG (Prime Location, FindaProperty & Globrix) and Zoopla (Property Finder, Hot Property, Think Property).
A snapshot will not prove anything conslusively but it will at least be a relief to the industry if sellers are returning, whatever the reason.
eMoov.co.uk sell homes in Basildon, Billericay, Braintree, Brentwood, Castle Point, Chelmsford, Colchester, Clacton, Dagenham, Epping, Harlow, Harwich, Hockley, Ilford, Ingatestone, Leigh-on-Sea, Maldon, Rayleigh, Rochford, Shenfield, Southend and Wickford. We are estate agents but our fees are much less than ordinary estate agents.