A survey by the Royal Institution of Chartered Surveyors (RICS), published today by The Sunday Telegraph, reveals the true extent of the damage HIPs are causing to the housing market.
Fifty-three per cent of chartered surveyors reported a drop in the number of four-bedroom houses put up for sale in August, compared with the same month last year. The average reported drop was 51 per cent - rising to 67 per cent in London and 62 per cent in the North-West.
According to industry experts, the fall in the number of houses with four or more bedrooms on the market is in "stark contrast" to expectations - and the finger is pointing at HIPs.
There is worse to come. Tomorrow, Monday 10th Sept despite repeated warnings from those on the front line of the housing market, the Government will extend HIPs to include three-bedroom homes. (Source Telegraph online)
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