John Wriglesworth, managing director of the Wriglesworth Consultancy, said the introduction of the HIPs scheme in its current format, had been bungled by the Government and needed putting right.
Wriglesworth said: “I’m not against the concept of a HIP but taking out the most relevant part, namely the Home Condition Report, devalues it. Basically I believe it should be introduced for properties of all sizes and quickly or not at all.”
Speaking in the same seminar Jonathan Cornell, managing director at Hamptons, urged lenders to up their innovation efforts in the market especially in the first-time buyer sector.
Cornell said: “The introduction of regulation had a negative effect on product innovation but it is now time for lenders to really start bringing out innovative products to stimulate the first-time buyer market.”
