The housing market remains buoyant even after the last four interest rate rises, with the national average annual house price raise in April at 8.5%. There remains however a large gap in the increases with house prices in London accelerating by an annualised 13.3% in the three months to march.
One other factor that may affect the housing market more than any interest rate rise is the introduction of the compulsory home information packs next month. With this time of year traditionally being a popular time of year to sell their does not seem to have been a rush for people to put their property on the market before these home packs become compulsory. This may be because many people are still not aware of them.
From June 2007 it will be an offence to market a property unless a Home Information Pack (HIP) is available for inspection by a prospective buyer.
The Home Information Pack will be enforced by local authority trading standards.
officers (TSO’s) who will have the power to serve a civil penalty of £200 and can refer cases involving estate agents to the Office of Fair trading.
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