New property instructions reach levels not seen since the introduction of HIPs

Estate Agents

Wednesday, June 2, 2010

A new wave of sellers help UK agents reach levels not seen since September 2007

The number of new properties coming onto the market jumped by 34 percent following the government's decision to suspend HIPs, a 68 percent increase on the same week last year, according to Countrywide, the UK's largest estate agency and property services Group.

This increase has seen the number of new properties reach levels not seen since September 2007 - the same month that HIPs were extended to cover three bedroom properties.

Figures from the Group's 1,200 strong network of branches show that the number of new properties up for sale jumped by 34 percent following the government's decision to suspend HIPs - a 68 percent increase on the same week last year. [1]

The latest figures also reveal that sales jumped 8 percent [2] on the previous week - the highest weekly volume since February 2010. 

Robert Scarff, Managing Director of Countrywide's estate agency division summarised;

"The results speak for themselves and show that the timing of the suspension of HIPs was crucial. This decision has provided homeowners with the incentive they need to put their properties on the market. Those sellers that were in two minds are now doing so and causing a big spike in activity for agents."

UK snapshot: examples of how the increased number of sellers is affecting different regions

Robert added: "The increase in activity kicked off as soon as the government announcement was made. Not surprisingly, there have been no reports of buyers questioning how the HIPs suspension will affect them or if it will add to their costs - this clearly shows how highly regarded HIPs were and supports our view that the government was 100 percent right in their decision to suspend the scheme."

Open House event

The past week"s spike in activity has helped the 1,200 branches that are gearing up for the UK's largest Open House Weekend event. More than 15,000 home owners are expected sign up and open their doors during the weekend of the 5th and 6th June.

Every Open House property taking part in the event is featured on www.propertywide.co.uk where visitors can also contact their local agent to find out more about the event in their area.


 

[1] New property applications: 19th - 26th May 2010 vs. 13th - 18th May 2010

[2] Gross sales: 19th - 26th May 2010 vs. 13th - 18th May 2010

[3] Percentage increase in new instructions: 19th - 26th May 2010 vs. 13th - 18th May 2010

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