View more on these topics

AMI says brokers must still prepare for HIPs

The Association of Mortgage Intermediaries has warned that brokers must fully engage with the introduction of Home Information Packs despite the government’s U-turn last month.

AMI has just released a factsheet entitled Home Information Packs Update, as a follow-up to its November 2005 factsheet. It aims to provide members with information on the recent changes announced by the government, how these affect the delivery of HIPs and areas for members to consider as they develop plans for HIPs within their businesses.

The factsheet covers the background to HIPs, the regulations, certification schemes, home and energy inspectors and the dry run. It also covers costs, industry reaction and intermediary engagement.

Rob Griffiths, associate-director of AMI, says: “There has been a lot of media coverage regarding the implementation, content and cost of HIPs with some reports suggesting that the packs have been shelved in their entirety.

“This is not the case. The decision to make the Home Condition Report a voluntary rather than a required document in the pack does not alter the need for intermediaries to fully engage with the introduction of HIPs.”

Research by Easier2move shows there is still a lack of HIP knowledge among estate agents. Its HIP Awareness Index found that the number of estate agents unable to describe with any degree of accuracy what a HIP is rose to 27%, up from 20% in June.

But most respondents who were unaware of HIPs indicated that their managers had received training on them.

Karen Babington, marketing director of Easier2move, says: “It’s surprising that over the past few months, rather than HIP awareness rising it has been falling. This is likely to cause problems as every estate agent will need to have a working knowledge of these packs.”

Recommended

AFB launches PPI factsheet

The Association of Finance Brokers has launched its first factsheet to help members with payment protection insurance sales procedures. The factsheet, entitled Payment protection insurance checklist, has been produced following issues raised about the PPI sector by the Financial Services Authority and the Office of Fair Trading. The FSA has urged firms to review their […]

First 4 Brokers ARs face ruin due to unpaid fees

Appointed representatives of failed network First 4 Brokers could face financial ruin because of unpaid fees. The network went into administration on August 11 leaving 30 ARs unable to trade and hundreds of support staff redundant. Robert Ambrose, a broker at In-Sight Finance, has attacked the Financial Services Authority for failing to protect ARs and […]

Business failure levels increase by 3.5%

Equifax says figures up to July 2006 show that overall 3.5% more businesses failed from January to July 2006, than in January to July 2005.It also reveals that UK businesses struggle to obtain new finance with nearly 3% rise in zero credit limits. The retail sector appears to be faring worst at 14%, with transport […]

APMM says now is time to sell endowment

There has never been a better time to sell an endowment, the latest figures from the Association of Policy Market Makers reveal. Brian Goldstein, chairman of the APMM, says high levels of demand for traded endowment policies, mean consumers could see the best price paid for their endowment.Goldstein says: “In my opinion, if you’ve made […]

Newsletter

News and expert analysis straight to your inbox

Sign up