View more on these topics

Hips hammer house market

Over three-quarters of estate agents say the number of instructions for properties with three or more bedrooms has fallen by more than 10 per cent since the introduction of home information packs.

The National Association of Estate Agents says 76 per cent of its members have seen double-digit drops, with 46 per cent of those seeing a fall of over 30 per cent.

By comparison, 37 per cent of NAEA members have seen a drop in instructions of over 10 per cent for properties with one or two bedrooms.

NAEA chief executive Peter Bolton King says the figures show there is an anomaly between instructions on properties where a Hip is required and where one is not. He says: “I have heard of many examples where potential sellers have decided against putting their property up for sale because they do not want to risk wasting £300 or more if they decide not to sell.”

Estate agent Spicerhaart says where offers have been accepted on three and four-bedroom properties, only 10 per cent of buyers bothered to read the pack before making their offer.

Spicerhaart chief executive Paul Smith says: “Hips are an absolute waste of time, viewed overwhelmingly as an irrelevance and an unnecessary cost.

“Our figures show a complete rejection by buyers. The Government should preferably scrap Hips immediately and the whole debacle should be written off as a mistake. This would help to restore consumer confidence.”

Seventy-six per cent of NAEA members say they feel Hips should be scrapped and energy performance certificates should instead apply to all properties.

Bolton King says: “We again call on the Government to take into account the evidence and to reflect on the potential increased damage to the market if they roll out Hips across all properties.”


1st enters mortgage market with launch of AEME

1st has entered the mortgage market with the launch of Adviser Evolution: Mortgage Edition, its first system dedicated to the needs of mortgage advisers.AEME provides online quotes, sourcing and e-business functionality for mortgages, protection and general insurance.Vertex Life, Pensions & Distribution managing director David Child says: “The development of AEME has been made possible by […]

Product matters

Zurich has introduced a concept aimed at overall protection. It is offering two precisely descriptive variations – the level protection plan and the decreasing mortgage plan. They offer a menu of life insurance, critical-illness cover and income protection with optional permanent and total disability cover and waiver of premium.Viewed as merely a life and/or critical-illness […]

Fee market

Abbey’s recent launch of a two-year fixed rate with a £10,000 fee generated a significant amount of media comment. Abbey justified it by saying that it was good value as the fee was cheaper for big loans than the 2 per cent that some of its competitors were charging.I see nothing wrong in principle with […]

Panel sees no value in primary advice

The Financial Services Consumer Panel has hit out at the FSA’s plans for primary advice, saying it does not see “any value” in the proposals set out in the retail distribution review.The attack is a further sign that the FSA’s primary advice plans are proving unpopular across the industry, with growing concerns from key stakeholders […]

Neptune launches Japan Institutional Fund

By Chris Taylor, Investment Director, Head of Research Neptune is excited to announce the launch of the Japan Institutional Fund on 22 June, having disclosed to the market in March its intention to offer the product. The Fund will be managed by the highly-regarded Chris Taylor, Head of Research and manager of the long-running Japan Opportunities Fund. It will invest in the same underlying stocks as the Japan […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm