Property investors have had some good news recently. The abolishment of HIPS (Home Information Packs) has meant that more people have put their house on the market, due to the immensely off putting HIP charge being waivered.
A HIP became compulsory for any person wishing to sell their home if it had four or more bedrooms. The average HIP would cost anywhere in the region of £250 right up to £1000 and it is believed that this was a deciding factor for many to choose not to put their house on the market. Of course, this had a knock on effect, largely for property investors who were looking to Buy Investment Property to extend their growing property portfolio. They had fewer opportunities to invest, but also it led to people being stuck living where they didn’t want to, in a house they didn’t want to live in anymore.
The market became more and more stagnant and the HIP became an increasing bone of contention. Only three years after the government started to roll out the first stages of implementation it has fallen to its feet and thankfully been abolished. From promising to revolutionise the way properties were sold it quickly over complicated the selling process and made the whole experience far more expensive and stressful for the seller.
The availability of houses on the market are already expected to rise as a result of the abolishment of the Home Information Packs and property investors are hopeful for a more buoyant market where they can benefit from a BMW Property.