Keywords
Citation
(2006), "Government comment on Council of Mortgage Lenders response to HIPS", Structural Survey, Vol. 24 No. 4. https://doi.org/10.1108/ss.2006.11024dab.015
Publisher
:Emerald Group Publishing Limited
Copyright © 2006, Emerald Group Publishing Limited
Government comment on Council of Mortgage Lenders response to HIPS
The response from the Department for Communities and Local Government (DCLG) to the recent Council of Mortgage Lenders (CML) report on HIPs is as follows. “We are pleased to hear that most lenders are supportive of Home Information Packs and that lenders believe HIPs will not have a significant effect on the number of transactions, despite recent alarmist reports to the contrary. Given that the Home Condition Reports are significantly more robust and extensive than the surveys lenders currently use for valuations, in practice there will be no excuse for additional physical surveys in the majority of cases. We expect consumers and competitive pressures to push take up much faster than this, for example Nationwide and Principality have already said they expect to use Automated Valuation Models based on the Home Condition Report in 60 per cent of cases. There is no good reason for others not to follow suit.”