More homes pour on to market after HIPs abolition

In the four weeks following the abolition of HIPs, 20.8% more For Sale boards were put up compared with the four weeks beforehand.

Board erection firm Agency Express said there was a noticeable increase in all regions in England and Wales, with the biggest impact in the West Midlands where new ‘For Sale’ listings rose by 42.2%, followed by London with a 34.4% increase.

The five cities in the UK with the greatest positive reaction to the HIPs suspension were Southampton (up 103.5%), Coventry (77.6%), Colchester (56.1%), Oxford (53.8%) and Birmingham (47.7%).

Interestingly, in Scotland, where Home Reports – the Scottish version of HIPs – were retained, there was a drop of nearly 8% in the number of new properties being put on the market – the only part of the UK to experience a fall.

Stephen Watson, managing director of Agency Express, said: “It confirms what we all suspected – that HIPs were an unnecessary and inhibitive addition to the house sales process.

“We will be monitoring the strength of this apparent recovery in the supply of properties for sale over the coming weeks.”