This whole page focuses on the Home Information Pack (HIP) market. I make no apologies for that. In fact, I could fill this entire page just by reviewing the names of 25 or so would-be HIP providers currently touting their wares around the market.
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Take ‘HIP HIP Hooray’, for example. This is a real company. How will its staff answer the telephone? ‘Good morning, HIP HIP Hooray’, or “HIP HIP Hooray, can I help you?”
Being serious, the commentary on this topic to date has been a mixture of ill-informed comment, whingers, and downright bigots. This has done a great injustice to mortgage brokers who need to be paying close attention to what is about to happen.
They should expect informed and constructive comment on this emerging market. They stand to lose or gain quite heavily depending on the actions they take over the next few months.
We start with MI where Alex Fraser, chief executive of the Council of National Land Information Services, explains why local authorities are not fully prepared to meet the HIPs challenge and that the market seems to be turning against their product.
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In MS we have no less than four commentators on the subject. Peter Mounty reminds us that we are drawing to the end of life before HIPs. He then rapidly shows his true colours as one of the anti-HIP brigade, saying that what we are about to end up with is a dog’s dinner.
Alan Dring expresses surprise that someone reads his column and then says he remains amazed at how many brokers are so nonchalant about HIPs. The effort needed to turn this opportunity into a profitable business stream is not great.
Simon Biddle says HIPs are a mess and it’s hard to understand how we have ended up in this position. Chris Rodgers says brokers will be the frontline for both HIPs and Energy Performance Certificates.
MSL carries a front-page article about scaremongering by estate agents, urging potential clients to put their properties up for sale before 1 June and save on the cost of the HIP. Inside, an article by Gary Shepherd suggests that HIP expertise is in short supply, while the government hints at the re-introduction of Home Condition Reports as a compulsory component of the information pack itself.
BA reports that the government has introduced its HIP regulations, which were laid before parliament on 29 March 2007.
Griffiths says:
“We are now seeing a shift from the whingers to people who are now waking up to the reality of the situation. While there will always be the opportunists looking at the short-term gains, mortgage brokers should focus on the medium-term picture and how best to work within the new environment for property sales and purchases when HIPs arrive. And they will; any lingering doubts should be rapidly dispelled.”
Publications mentioned
Mortgage Introducer MI 24 Mar
Mortgage Strategy MS 26 Mar
Mortgage Solutions MSL 26 Mar
Best Advice website BA 30 Mar
