House price drop could mean rich pickings for buyers
10 July 2007
THOUSANDS of house buyers across Lancashire could benefit from a drop in price in the region according to new figures.
A recent survey published by the Land Registry has revealed that house prices in the period of January to March 2007 dropped by 10 percent in some regions of the county. Prices in Preston have fallen by nearly three percent and by six percent in Chorley.
Over the past year house prices in Lancashire have risen by 12.2 percent, however, despite the new statistics suggesting the property market could be slowing down, a Lancashire property expert commented that this could be short lived and may have been caused by the introduction of Home Information Packs (HIPS).
Lisa Hodgkinson, a conveyancing expert at Preston law firm, MWR Solicitors, said:
“There was a rush of people trying to sell their homes before the introduction of HIPS in June, which has left the housing market in the region saturated with properties.
“Before the Government announced that it would be delaying the introduction of HIPS, many estate agents were advising its customers to put their houses up for sale before June 1, which was the original date HIPS were due to come into force.
“I do not see the drop in prices continuing and I am sure that we will see a return to a steady growth in prices before long.”
The HIP will be a compulsory document that anyone wishing to sell a property must produce when they are introduced for four bedroom homes or larger in August, and for smaller homes from January 2008. The packs contain various information on the property including, evidence of title, an Energy Performance Certificate (EPC) and the searches and leasehold/commonhold documents.
