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H I Ps Fiasco Reveals Official View That Houses Are 30% Overvalued

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HIPs were set to trigger a 30% fall in house prices
By Laurie Osborne, Editor
Published 20th Jul 2006, (a Thursday) at 04:10PM
Home Information Packs (HIPs) would have triggered a crash in the property market that would have resulted in up to £1.35 trillion being wiped of the value of UK homes. This is the real reason for the Government’s U-turn on HIPs. It is believed the Treasury was growing increasingly concerned that the inclusion of Home Condition Reports were likely to plunge the housing market into chaos, knocking as much as 30% off house prices and plunging the UK economy into recession.

So--the VIs admit prices are 30% over the top and that the market is on the knife edge such that a thing like HIPs could trigger the long awaited HPC. Do they honestly think withdrawing HIPs and SIPPS is going to keep the biggest housing bubble in world history from exploding? I really do not think so as Goprdon has now run out of lifelines to keep in the competition.

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The follow-on question is: how can we erode people's confidence in estate agents sufficiently to have the same effect?

That BBC expose, where they went undercover in EA offices was good - we need more!

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IMHO the HIPS u-turn is a good sign, I reckon that the government know that a crash is coming and didn't want to be seen to do anything that might be considered a "trigger". If they'd of gone through with it and the inevitable (IMO) crash happens, they'd have got the blame.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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