Afternoon. I have had a hectic day spent mostly discussing with banks and clients as to the effect of the Home Information Pack, Northern Rock and the credit crunch on the property market.

I have explained to them that in fact the information being provided in the media is unhelpful and misleading since it takes no account of the facts.

The imposition of HIPs onto sellers has undoubtedly created an unwillingness by UK property owners to put their houses on the market speculatively in the hope of being able to purchase another property. The reality regarding the fall in property prices is again designed to worry potential sellers since the increase in value they have never received and the consequent reduction in it’s perceived value will have also affected the property that they may be proposing to purchase.

The reality regarding the mortgage situation is not quite so clear since different lenders are taking a different approach.

Tomorrow I will be speaking to those clients who are proposing to obtain property for letting purposes or those who already own property and may be questioning whether or not to sell.

I hope you have had a good day.

Reg Toy