Hips have not put people off buying homes

Hips were introduced on three- and four-bed properties in the UK earlier this year and some have claimed that their cost has put off people from buying new homes.
Rob Kellermann, managing director of Firsthips, said that the cost of the packs was unlikely to have had a massive impact on the UK property market.
"At the end of the day a Hip costs £300, which you actually save when you buy a property. If you are selling your house for £200,000 you are not going to say, 'I'm not selling it anymore because I've got to pay £300'," he explained.
"The fact that anything under three bedrooms does not require a Hip now means that if Hips were slowing the market you would expect to see less of a decrease in one and two bedroom property sales, but that isn't the case."
Instead, it is possible that rising interest rates have made it harder for consumers to find the best mortgage deals and so encouraged them to wait before buying a property.
The government announced today (November 22nd) that Hips would become mandatory for all homes in the UK from December 14th.

Related Articles
Millions of borrowers dissapointedNew fixed mortgage rate from Northern Rock
BM Solutions launch new mortgage rates
HBoS close TMB
New offset mortgage rates from Coventry
Latest News:
Millions of borrowers dissapointed
GE Money Home Lending, the parent company of mortgage and loan brands First National and I...
Published: 21-Aug-2008
New fixed mortgage rate from Northern Rock
Northern Rock has today announced a new three year flexible fixed mortgage rate available ...
Published: 21-Aug-2008
Equity Release special offer annouced by Just Retirement
An announcement from Just Retirement indicates the introduction of a Special Offer availa...
Published: 19-Aug-2008
Sub Five per cent mortgage rate launched
The Mortgage Works has announced the launch of a two year fixed rate buy to let mortgage a...
Published: 19-Aug-2008
Best UK Mortgage Rates & Remortgage Rates



