HIPs timetable to give lenders incentive to invest in systems

Principality Building Society says the government’s timeline for implementing Home Information Packs (HIPs) will now give lenders the ability to invest in systems and plan ahead.

Mick McGuire, director of business development at Principality Building Society, said: "There has been some uncertainty about the timing for HIPs and estate agents, solicitors, surveyors and lenders are now able to plan ahead with confidence. As Wales’ largest building society, with our own surveying team and an estate agency subsidiary, Peter Alan Ltd, we are well placed to take advantage of the business opportunities presented by these proposals.

Now that the government’s timeline is certain, we are able to invest in the systems and the extra home inspectors needed to support this valuable and growing new business. However, for customers to fully benefit, there is a need for everyone in the industry to fully embrace the changes and work together to make HIPs happen on time."

He added: "Our existing team of surveyors has largely completed the training required to carry out home inspections and we are currently implementing a training and recruitment programme which will allow us to become the leading provider of Home Condition Reports in Wales by June 2007."