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HIPs news
...but advisers feel differently
7 March, 2008
Almost two-thirds of brokers have revealed that they will not be promoting HIPs to their clients, in a Pink Home Loans survey.
This refusal to entertain the fact that HIPs are here to stay is largely due to the common perception that they have not helped the homebuying process in the slightest.
It is no secret that the property industry has opposed the Packs, seeing them as a hinderance to the buying process rather than a boon. The Conservative party has also delivered rather scathing attacks on the Labour initiative.
However Neil Hoare, associate director, marketing & IT, drew attention to the fact that the timing of the scheme's introduction had left it fighting for favour from the start, with the industry directly aligning flagging seller numbers with the governmental initiative.
“To say that HIPs has slowed down the market is a big assumption and I cannot help but think that the timing of the launch of this initiative was unfortunate in that it corresponded with the beginning of the credit crunch, which itself seems to have brought to a halt what was a healthy mover market."
He continued, clarifying the firm's stance on the matter: "Pink supports the HIPs initiative and sees it as an important area for its intermediary customers to get involved with especially with the mover market displaying such small volume."