Industry reactions to the government's U turn on HIPS

The mortgage industry provided a mixed reaction to the announcement yesterday by Ruth Kelly, housing minister that Home Information Packs (HIPs) are to be delayed until 1st August 2007.
With the plan being for HIPs to launch on 1st June 2007, the announcement by Ruth Kelly confirmed that now the new packs would undergo further testing to iron out the many issues identified during the pilot phase and she has said that the launching will now be from 1st August 2007, but then only for properties with four bedrooms or more. It remains unconfirmed when HIPs would be fully phased in following their revised launch date.

Responding to the decision, Mark Leaper, of Moneymatchmaker.com, said:
“The announcement that the introduction of HIPs had been delayed until 1st August 2007 has come as a real disappointment to the thousands of specialists that have been working towards the necessary qualifications in time for the 1st June deadline. The industry has been working hard to ensure that all involved in the new processes are fully trained and ready for the original 1st June 2007 deadline and now having worked incredibly hard, they face uncertainty, which will make it difficult to maintain commitment to the HIP legislation.”

Leaper went on to say that “What is needed now is a statement of renewed support from Prime Minister elect Gordon Brown, to insure that all involved can continue to enthuse and support the legislative changes. Thousands of specialist inspectors have been training to qualify as assessors and they are bound to be questioning the viability and security of their future careers. Leaper said that he remained a fervent supporter of the Home Information Pack and understands the benefits to UK home-movers, but called for governmental support to put confidence back.”

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