The Council of Mortgage Lenders is predicting that a "certain amount" of homeowners will rush to sell before Home Information Packs ( Hips ) are introduced.
Due to come into effect in June 2007, Home Information Packs will be voluntary for sellers and will cost around £200 to £300 to purchase, the Council of Mortgage Lenders predicts.
Designed to help borrowers know as much about the property as possible, Home Information Packs could prove useful for many looking to find a mortgage and were initially planned to be compulsory.
Because of the cost to sellers, Christopher Dean, spokesman for the Council of Mortgage Lenders, claims that many will rush a sale before June 2007.
"There will be a certain number of people I am sure who will rush to sell," he said.
"Yes, people will try and rush to put their property on the market to avoid the cost of the Home Information Packs."
However, Mr Dean predicts that the "spike" of sales will be somewhat reduced, as the initial predicted price was around £600 to £1000.
Council of Mortgage Lenders predicts rush before Hips
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Council of Mortgage Lenders predicts rush before Hips
Tue, 15 Aug 2006
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