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Call for first-day marketing to be brought back

10 June 2009
Written by rosalind renshaw

A big-name estate agent is asking the new housing minister to restore first-day marketing.

Cluttons says HIPs are now taking longer than ever to compile because local authorities are making people redundant, and that the sales process has been slowed since the April 6 rules were introduced.

These new rules say that the bulk of a HIP must be in place before a property can begin to be marketed.

Cluttons is now calling for the Government to reinstate first-day marketing, arguing that this is at a time when the shortage of stock for sale is seriously hampering the possibility of housing market recovery.

The company says that since April, the need to have a complete HIP in place before marketing can begin is adding to the ‘acute lack of supply of property across Central London’.

Cluttons adds: “Many tentative sellers are being deterred from putting their properties on the market not only by the cost of compiling a HIP, but also the considerable effort of completing the lengthy Property Information Questionnaire.”

James Hyman, residential partner for Cluttons, said: “The inability to market a property as soon as we have taken an instruction is having a detrimental effect on the property market, discouraging potential sellers from testing the market and exacerbating the severe shortage of stock.

“I am certain we would have converted a large number of these cautious sellers into sales, as a result of the high demand for quality property from buyers.

“The new housing minister, John Healey, could stamp his authority by immediately scrapping this new rule and encourage stock to replenish now that demand is returning.”

Comments

  • icon

    'moleminer spin on a SPLINTA will you' Keep up the good work Nick. Moleminer just get a real job, before the next election. Otherwise it the rock and dole for you mate!

    • 11 June 2009 21:20 PM
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    restore 1st day marketing, here here

    • 10 June 2009 18:37 PM
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    whether you like it or not moleminer if you are at the pit head James Hyman's words are spot on. Bring back 1st day marketing NOW - go for it and I would add will somebody rid this country of HIPs and anything related to them

    • 10 June 2009 14:13 PM
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    Why do estate agents keep carping on about HIPs slowing down marketing, waiting for the complete HIP to be in place? The new rules are 2 months old. Why don't your reporters ever stop the interview and say 'You do NOT need a complete HIP before you go to market'. Estate agents just need the will to find a decent HIP supplier who will supply a HIP in 2-3 days. I guess it is easier to put the blame on other people, though.

    • 10 June 2009 10:45 AM
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    I think the PIQ isn’t a bad idea. The problem we are finding at the moment is this. I would agree that the £350 or so that a HIP costs isn’t a great deal of money in the grand scheme of things and in the market of say 2007 people wouldn’t bat an eye lid as they knew that the sale was a given really. Problem is WE’RE NOT in the same market, so faced with a decision, spend upwards of £350 on the possibility that you MIGHT sell your home or spend it on yourself? Mmmmmmm tough one that!
    WE NEED SPECULATIVE SELLERS BACK IN THE MARKET PLACE

    • 10 June 2009 10:17 AM
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    Instead of "kill the pig" we should be killing the HIP companies that cannot offer a 24/48 hr HIP turn round - we do it so others should.

    • 10 June 2009 09:50 AM
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    Nick I think you need to spend more time promoting your business and not trying to stop people earning a living!! or should i start a petition for more BBC axe the agent!!!

    • 10 June 2009 09:50 AM
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    Sir, if you find the PIQ a lengthy document to fill out (all 27) mostly tick boxes, just how many is your large numbers of cautious sellers? piffle & poppycock.

    • 10 June 2009 09:47 AM
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    Join the petition to restore first day marketing:

    petitions.number10.gov.uk/restorefdm/

    • 10 June 2009 09:42 AM
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