This issue has always been about the appropriate IT solutions and finance solutions where necssary, backed up by printing scanning and accounting support.
With the mypack system going live in September, these issues will have been thoroughly addressed.
People are making very good livings from analysis and lecture tours while we and others have tackled the real issues to smooth the way for HIPs and protecting both consumer and the traditional players in this market.
There’s nothing to fear from HIPs in an economic perspective or in a practical everyday perspective. We will have the most modern, efficient system for transacting real estate in Europe, if not the world.
There will always be detractors. This is a brave move by the government, which, although slightly watered down in its final format, will be beefed up as a result of competition and quality.
Detractors point out UK law is ‘buyer beware’. It’ll be interesting to see the precedents that might be created as a result of legal action over a HIP.
Those that say lenders won’t accept Home Condition Reports (HCRs) are talking rubbish, they will. They will do it as soon as it is used as a competitive platform by one or two other lenders. They will all reassess their positions. If they don’t, then they will lose market share rapidly.
The reality will be that mortgage offers will be available in virtually hours, not weeks.
Effects on consumers will be negated as too many other products and service spin-offs exist in the whole process that offers will be tailored to suit.
First year economics lectures one to three. You don’t need to come from Oxford to understand the micro and macro effects of HIPs.
I have no idea why Stephen Knight of GMAC-RFC should be commissioning such research, let alone sharing it with political parties for what its worth (like a child bringing his homework back to show mummy and daddy).
Better GMAC-RFC sticks to its core business – lending money – rather than trying to influence the politics of this nation.
There will be no negative effect to the economy. There. It didn’t cost you a penny, and I’ve spent two and a half years researching this issue.
