Homes sell-off rush to beat the HIPs deadline

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The Royal Institution of Chartered Surveyors reported the biggest-ever surge in houses being put up for sale in May, as homeowners scrambled to avoid HIP fees of £500 or more.

The homes glut could increase the slowdown in the property market being caused by rising interest rates.

HIPs were intended to give sellers everything needed to market their homes, including details such as local authority searches.

Yet a humiliating climb-down by the Government made May's dash for cash unnecessary. Faced with a RICS legal challenge, Communities Secretary Ruth Kelly has been forced to delay the HIP scheme until August 1.

Even then it will apply initially only to homes with four or more bedrooms.

Surveyors criticised the Government over a "debacle" that had destabilised the property market.

Jeremy Leaf, of RICS, said: "With interest rates expected to rise and some homeowners fearing the end of fixed-rate deals, affordability conditions are set to worsen and will herald a cooling market."