CML calls for delay to Hips launch

Posted: 22 Feb 2007 10:56:10 GMT

The launch of home information packs (Hips) should be delayed until more research into their impact and more thorough trials have been carried out, mortgage lenders have said

The launch of home information packs (Hips) should be delayed until more research into their impact and more thorough trials have been carried out, mortgage lenders have said.

The Council of Mortgage Lenders (CML) said that greater work was needed to allow the government and industry to make informed decisions about Hips.

While the packs have been on trial in selected areas since November, some in the industry have complained that no clear benchmark has been set to judge their performance.

Changes are still being made to the information that will be included in the plans just four months before the packs are launched said the CML, straining credibility.

"No-one would dispute that the house-buying process is slow in the UK and could usefully be speeded up to benefit consumers," said Jackie Bennett of the CML.

"But there is no clear evidence that Hips will solve the problems. This close to the launch date, there are still far too many unknowns about the potential market impact."

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