Firstrung: Abolition of Hips 'has had no impact on housing market'

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Firstrung: Abolition of Hips 'has had no impact on housing market'

The abolition of Home Information Packs (Hips) has had little impact on the property market.

This is according to Paul Holmes, chief executive of Firstrung, who said he disagrees with a recent Rightmove study suggesting that the market has been flooded with new properties as a result.

"I think the explosion in new listings was firstly people being concerned about [the] Budget and the potential that capital gains tax was going to hit any property profits quite harshly," he commented.

However, Mr Holmes noted that the property market will not begin to move properly until buyers are able to access credit more easily.

He added that sellers also have to be realistic as far as prices are concerned, explaining that some people are prepared to wait years and years for a sale.

Rightmove revealed earlier this week that UK property prices rose by just 0.3 per cent last month.

The average asking price is currently £237,767, compared to £237,134 in May.

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