Farmland market gears up for HIPs
The introduction of the Home Information Pack (HIPs) on 1st June 2007 will see major changes to the residential market, but what impact is expected on the farmland market ?
The incoming legislation taken from the government's procedural guidance notes implies that all residential properties sold after 1st June 2007 must have a HIP, however the report has also suggested a lifeline for rural properties to circumvent the regulations.
Property that will not be subject to a HIP is stated as being land that covers 5ha (12.5 acres) or more and is currently used for the production of breeding or grazing livestock, woodland, cultivation and horticulture. As a result it is expected that the introduction of the HIP will not impede the flow of farms and land onto the farmland market. The legislation will however impact on how agents will market and lot buildings and land in the future. Agents may opt to lot adjoining properties together or try and sell with sitting tenants during and after the completion of the property sale but the cost of incurring a HIP may outweigh the financial benefit of marketing properties separately.
Whilst for now many rural properties have eluded more government red tape, the introduction of the HIP will none the less cause changeability in the overall property market.
For further advice on the Home Information Pack and how it affects the farmland market, please email henry.gurney@fishergerman.co.uk
- Ashby de la Zouch
- 01530 412821
- Banbury
- 01295 271 555
- Knutsford
- 01565 757970
- Market Harborough
- 01858 410 200
- Newark
- 01949 851815
- Southampton
- 02380 883150
- St Helens
- 01744 451145
- Stafford
- 01785 220 044
- Worcester
- 01905 453275
