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HIPS confused a threat to market?

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  • HIPS confused a threat to market?

    What a drama:
    http://www.homemove.co.uk/news/22-05...confusion.html

    Question is, with the UK property market long feared over-valued, is the sudden glut of property listings to beat the HIPS deadline going to be like a butterfly flapping it's wings, and undermine the market completely?

  • #2
    HIPs

    I think the effect's going to be temporary... plus there are third-party services to handle most of the process (I'm thinking it's not cost here that's the problem, but rather the added hassle). In any case, my view is that a slight downward adjustment in prices due to increased number of properties on the market is probably a good thing in the long run, even for people with current investments.



    Last edited by brian; 29-05-2007, 02:52 PM.

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    • #3
      Don't you just love it when politicians create some form of "hurry and do this or you're going to be fined" emergency, and then everyone rushes around to comply. Then at the last minute they change their minds? Drives me nuts. I think it'll end up hurting the market, but that's my viewpoint from across the pond.

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      • #4
        We already have the OECD saying that UK property is 65% over-valued, and RightMove reports a sudden influx of property for sale on the market in order to beat the HIPs deadline.

        I wonder how unstable the UK property market will become because of the HIPs chao?

        Certainly a lot of people are talking about a correction - it's going to be very interesting indeed to see what happens here.

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        • #5
          Hello,

          i'm just wondering if anyone here has heard of a company who claim to have a loophole endorsed by the government - to get around having to pay for a hip...we're thinking of selling our house later in the year and thinking of using them but don;t know if it's legal...Thy're called Homefinder UK - anyone heard of them before?

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          • #6
            Originally posted by dollyro View Post
            Hello,

            i'm just wondering if anyone here has heard of a company who claim to have a loophole endorsed by the government - to get around having to pay for a hip...we're thinking of selling our house later in the year and thinking of using them but don;t know if it's legal...Thy're called Homefinder UK - anyone heard of them before?

            There are a couple hundred firms who operate on the same basis. One of them issued a press release earlier this year claiming to be the anti-HIP answer. Unfortunately they did not say that, at best, they will only give you 90% of market value.

            Is a 10% reduction not worth £300odd quid for a HIP?

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            • #7
              The HIPS are upon us and by 10th september 2007 they will include 3 bedroom properties. Sellers need to have them and buyers want them to be in place. not much choice really.

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