The Government's decision to abolish Home Information Packs (HIPs) has helped push more supply onto the market, according to the Royal Institution of Chartered Surveyors (RICS), as house prices edged up in May.
The RICS survey showed that the number of surveyors reporting a rise in new instructions rose from 11% in April to 21% in May, a trend it predicts will continue in the near term. In addition, 73% of surveyors said they expect the HIPs ban to lead to a higher level of instructions, with the actual increase in supply predicted to be around 15%. Meanwhile, buyer interest has continued to increase, with 10% more chartered surveyors reporting a rise in new buyer enquiries, up from 9% in April. Activity is expected to increase in the coming months, with many surveyors more optimistic abo...
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