View more on these topics

Industry shocked by Hips “cop-out”

The mortgage and housing industries have reacted with shock to the news that the Government has made Home Condition Reports voluntary as part of the Home Information Pack regime.

Many see the U-turn as a major blow to consumer confidence in the sellers’ packs, but some experts see the move as a positive one. The Government still insists Hips will become a reality on June 1, 2007.

Estate agency Spiceheart chief executive Paul Smith says: “Making the HCR voluntary is a complete cop-out. It diminishes one of the main objectives that the Hip is set out to achieve, reducing the number of failed transactions by improving the transparency. The Government has been once again completely ineffectual, bowing down to unsubstantiated and incorrect anti-Hip campaigns.”

Conveyancer Easier2move sales and marketing director Karen Babington says: “This announcement came as somewhat of a shock as the government has removed one of the fundamental features of Hips. This sudden change is also likely to damage the industry’s confidence.”

Council of Mortgage Lenders head of policy Jackie Bennett says: “We are pleased that the Government has recognised the considerable risks of a ‘big bang’ approach to introducing Hips with full HCRs. We have always said that the timetable was challenging for such a complex set of changes.”

Recommended

Fears over change of ownership

The IMA represents the UK-based investment management industry. Our members include independent fund managers, the investment arms of retail and investment banks and life insurers and the mana- gers of occupational pension schemes. They are responsible for the management of approaching 3tn of funds (based in the UK, Europe and elsewhere), including authorised investment funds, […]

Tories pressing for pension projection scrutiny

The Conservatives are to submit formal requests for the scrutiny of Government projections of means-testing levels and personal pension account persistency. Tory Shadow pensions minister Nigel Waterson says he has serious concerns about the basis of Government figures after studies by the Pensions Policy Institute and Axa suggested that means-testing and opt-out rates would be […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment