News
03-04-09
New Home Selling Regulations
Home movers in Plymouth should be aware of important changes to Home Information Packs (HIPs), coming into play on April 6 2009.
The two main differences will be the mandatory inclusion of a property information questionnaire (PIQ) in the packs, and the end of the current first day market exemption, meaning that the basic HIP must be available before the seller can begin marketing their property.
The PIQ is designed to be completed by a seller, providing simple, useful information about a property. This can help to inform prospective buyers' decisions about whether to view or make an offer on a property. Without it, a home cannot be put on the open market. The PIQ covers various basic issues concerning the property, for example; when it was purchased, what the council tax band is, whether it has any listed status and whether the property has ever suffered from flood damage.
These changes are being introduced to Home Information Packs so that better information is available at the beginning of the home buying and selling process, and before buyers incur costs. Informed choice by buyers at the start can help reduce delays later on and wasted time for sellers.
Sellers need to be sure that their chosen HIP provider offers a number of practical solutions to the completion of the PIQ and is able to produce a legally compliant HIP speedily so that marketing of their property is not delayed.
Mike Goldsmith, of Fastmove says: “Plymouth is ahead of the game when it comes to conveyancing, thanks to the level of collaboration amongst independent local solicitors. If home movers buy local they won’t need to worry about the new regulations”.
Under the Fastmove banner each solicitor works with a standard set of home-moving forms and enquiries to assemble a full contract package before an offer for a property has been accepted.
Members sign up to a ‘Fastmove promise’ to make home moves quicker and easier, aiming to reduce the time taken for a sale by up to 60%.
Further information about Fastmove can be found at: www.fastmove.info where there are links to all its members across Devon and Cornwall.
Ends
Press enquiries contact Lucy Hopkins 07779 725253
01-07-10
Will the Demise of Hips Boost the Local Housing Market?
Local estate agents are reporting an increase in properties coming to the market since the Government's decision to scrap Home Information Packs - known as HIPs.
Hardly surprising, as obtaining a HIP usually involved a seller having to part with hundreds of pounds even before putting their home on the market.
With more houses on the market, are property prices likely to come down?
Not according to The Royal Institution of Chartered Surveyors (RICS) whose recent survey claims house prices are rising in most parts of the country, despite the suspension of HIPs and the subsequent boost in housing supply.
Local agent Ben Dreher of Mansbridge and Balment agrees: “We’ve definitely seen an uplift in terms of properties coming to the market.
“People who have seen a property they want to buy can quickly get their house on the market without having to worry about the hassle or cost of getting a HIP done.
“It’s freed up the market for sellers to take a speculative approach and we think more stock on the market means it’s a better market.
“We’ve got more to offer people and, as long as properties are priced accurately, they will continue to sell - we had a very good June”
Introduced in 2007, HIPs were intended to improve the home moving process by making the packs available to prospective buyers and therefore making it easier for them to obtain information about properties.
But they were criticised for being unhelpful, unnecessary and bureaucratic with some commentators arguing they made little difference to the home moving process.
As well as energy performance details, HIPs contained a report on water and drainage services and the results of local authority searches - switching the cost of searches from buyer to seller.
Sellers will still need to have commissioned, but not necessarily received, an energy performance certificate (EPC) before marketing can start. This means that a seller, or person acting on their behalf such as an estate agent, must have instructed an accredited Energy Assessor to carry out an energy performance assessment.
The EPC, which formed part of the HIP, is required under EU law and the fixed penalty for not providing one is £200.
While the abolition of HIPs is generally welcomed, spare a thought for the thousands of people involved in the production of the packs, many of whom may lose their jobs, although providers could still have a part to play in the market as buyers and sellers will require EPCs.
Still confused?
If you are planning to buy or sell property and you simply want a hassle-free and fast move, talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 25 law firms, 18 estate agents and many more local companies in the Plymouth travel to work area.
Look for the Fastmove logo which is your stamp of assured local quality and great value for money. Fastmove members are all committed to making your move as stress free and smooth as possible.
Further information can be found by visiting the new website at www.fastmove.info where there are helpful moving hints and links to all members. ...read more
01-06-10
What the New Government Means for the Housing Market
04-05-10
Moving Home... Should You Believe the Headlines?
Some recent media headlines will have made uncomfortable reading for homeowners, but should we in Plymouth believe the latest housing market hype?
The Mail talked of householders in a hurry to sell before the election ‘decimates’ the property market.
Closer to home, the Plymouth Herald reported that the election was ‘sparking a rush of houses on the market’.
But the reports behind the headlines do not appear have such a bleak outlook.
The housing market survey fuelling the media debate was released in April by the Royal Institution of Chartered Surveyors (RICS) and does indeed claim the number of people putting their homes on the market has picked up
But it also suggests house prices are continuing to rise and RICS members expect sales to increase, albeit at a slower pace, with prices likely to stabilise.
Property website Rightmove, which compiles prices of properties as they come on to the market, attributes the increase in vendor activity to the return of previously snowbound sellers, rather than the election.
It agrees prices are at a standstill, but cites a first quarter price gain of 3.7 per cent despite the impact of the severe weather at the start of 2010.
So, what is the true picture locally?
James Clarke, Director of Plymouth-based Lang & Co, says: “Our levels of instructions have remained pretty constant - we certainly haven’t seen a dramatic influx of properties on the market due to the election.
“For most people it is life that dictates when they need to move – such as new babies or children starting school– rather than any political agenda.
“Where we have seen policy affecting buying behaviour is with the recent stamp duty changes encouraging first time buyers to purchase properties above the previous £125,000 threshold.
“Spring is traditionally a buoyant time for the market, especially for larger properties and we have had a number of really high quality instructions in recent weeks.
“I would say prices remain stable which is quite positive for all of us – we don’t want peaks and troughs – and as long as the election doesn’t bring major changes to incomes or taxes I can’t foresee it having a dramatic effect.”
So if you’re thinking of moving, don’t let the headlines put you off! Talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 25 law firms, eighteen estate agents and many more local companies in the Plymouth travel to work area.
Further information can be found by visiting the new website at www.fastmove.info where there are helpful moving hints and links to all members. ...read more
01-04-10
Would you use a supermarket to sell your home?
01-03-10
Property matters - Motives for moving
01-02-10
Property matters: Moving home? Let Fastmove help!
01-03-10
Property matters: Motives for moving
01-12-09
No Need to Worry about Changes Ahead!
21-10-09
Moving Home? How to Avoid a Horror Story!
28-09-09
Estate Agents Launch Buy Local Campaign
28-09-09
Moving Home? Make it Easy!
11-09-09
Choosing an Estate Agent to Sell Your Home
05-08-09
Good News For Home Movers
Mortgage approvals by high street banks have risen for the third consecutive month. ...read more
04-06-09
Fastmove Solicitors - Go Local!
20-05-09
Legal Advice? Go Local!
22-04-09
Plymouth Ahead of the Game!
03-04-09
New Home Selling Regulations
23-03-09
What is happening to Plymouth’s housing market?
02-05-09
Raising the Bar as Local Initiative Meets the Law Society
16-01-09
New Initiative to Help the Housing Market
20-10-08
Cornwall Solicitors Join Forces
23-04-08
Make Your House Move Fast Movers!
04-04-08
Jeremy Enjoys a Good Vintage!
13-02-08
