Almost half of IFAs have made no provision for the introduction of Home information Packs, it is revealed today.
With only a year to go until Hips become compulsory, joint research from conveyancer Easier2move and mortgage network PMP shows that almost half (45 per cent) of IFAs have made no preparation for the introduction of Hips and nearly a third (31 per cent) are waiting until closer to the launch.
Some 98 per cent of IFAs are aware of what Hips are compared to 88 per cent of estate agents. Over half (53 per cent) of IFAs thought that there would not be an increase in competition with estate agents for mortgage business.
PMP chief executive Bob Scott says: “It is disappointing that almost half of IFAs have made no preparation for HIPs. The clock is ticking and it is imperative that efficient systems are in place for when they go live in June 2007.”
Easier2move marketing director Karen Babington says: “It is interesting to see that over half of IFAs are not expecting an increase in competition from advisers based in estate agents. Popular opinion is that there is already fierce competition, and so the introduction of Hips is unlikely to make a significant difference.”