The census also showed that half of all respondents said they were using information from package providers as guidance on the introduction of HIPs in June 2007. Only 16 per cent said they had previously been using the Office of the Deputy Prime Minister (ODPM) as a source for information, while 15 per cent said they referred to the official HIPs website – www.homeinformationpacks.gov.uk.
Although 68 per cent of AMI’s members are considering the impact of HIPs on their business, worries over the negative impact are rife. AMI has previously voiced its concern that the implementation of HIPs could lead to ‘unintended consequences’ in the mortgage and housing markets.
Among these, it said, was the potential for some property companies, estate agents and lenders to use HIPs as a marketing tool to offer mortgages and general insurance products to prospective house buyers. 88 per cent of AMI members felt sellers would approach estate agents first in order to arrange their HIPs, while just 3 per cent thought sellers would approach lenders first.
AMI members have also considered meeting client’s demands for HIPs. 7 per cent said they would produce HIPs in-house, 46 per cent have plans to white-label third-party packs, while 16 per cent plan to establish ties with estate agents. Only 26 per cent said they would not offer access to HIPs.
Rob Griffiths, associate director of AMI, said: “It’s good to see the majority of members considering the impact HIPs will have on their businesses, but our census shows there is still a large degree of uncertainty in the intermediary community. This may now be heightened by the decision to replace the ODPM with the Department for Communities and Local Government. How this might affect the delivery of HIPs within the Government’s recently published timeline remains to be seen.”
