The partnership is also aimed at gaining business in the valuation and home inspection market, which will become more important with the advent of Home Information Packs (HIPs) in coming months.
Robin Phipps, group director (UK Operations) at Legal & General, said: “The Connells Group is a major powerhouse in the housing and mortgage markets. We have common interests in a number of areas, particularly given the changes within estate agency and surveying over the next 18 months.”
With the government announcing a timetable for the introduction of HIPs, many of the concerns regarding whether they would actually come into legislation have been removed.
Much attention will now be focussed on preparing for their implementation and both parties believe the partnership will help them do just that.
Stephen Shipperley, chief executive of Connells Group, said: “Working with them on a strategic level will also bring maximum benefits to both Legal & General and the Connells Group, not least as we both prepare for the introduction of HIPs next year. We are collaborating on a number of initiatives that will significantly extend our capabilities ahead of the new HIP legislation and bring group wide benefit to both companies.”
Despite HIPs being the crux on which the partnership is based, Daniel Clayden, director of Clayden Associates, argued there was much still to be done before the industry is ready for them. He said: “The industry is not very prepared at all but having said that, we can’t be blamed as we’ve learnt from the government’s u-turn over SIPPs to be cautious with these things.”
