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RICS: Hips abolition having impact

The abolition of the controversial Home Information Packs has boosted housing supply in the West Midlands, according to a surveying group.

The Royal Institution of Chartered Surveyors said the decision by the Government to scrap Hips had resulted in 3% more surveyors in the West Midlands reporting a decline in house prices in May, compared with the previous month.

Overall, according to the group’s UK Housing Market survey, 22 per cent more surveyors across the country reported house price rises last month - up from 17 per cent in April.

The group said Northern Ireland, Wales, and Yorkshire and Humberside had seen similar trends with the West Midlands, with more surveyors reporting house price declines.

Rics said that since the end of Hips, more supply had come on to the market.

Surveyors in the West Midlands said new instructions had increased from 16 per cent in April to 26 per cent last month, and 21 per cent on a national level.

Richard Franklin, of Edward Gallimore, and spokesman for RICS West Midlands, said surveyors in the region were feeling more confident about prospects over the next few months.

He said: “The increase in supply as a result of the abolition of Hips is helping to support this optimism despite continuing concerns about mortgage finance. A higher level of instructions should meanwhile also lead to flatter trend in house prices in the latter part of the year.”