The implementation information expected over the next month will be vital in determining the future success of home improvement packs (Hips).
According to the Council of
Mortgage Lenders (CML), the government information that will emerge over the next few weeks will give the professionals involved in the housing market a chance to assess the implementation timetable.
Details expected in the next month include regulations covering the contents of the Hips,
business and technical standards (including complaints and redress) and information about the government's forthcoming research into the current
mortgage market.
The announcement comes with one year left until the implementation of the packs, although Michael Coogan, director general of the CML believes the timescale is "very challenging".
"Over the next month the government is due to publish a detailed range of implementation information. Reactions to this will help to determine whether any delays are likely to emerge," said Mr Coogan.
"We only expect the full effect of Hips on the
mortgage lending market to become apparent over time, rather than on day one of implementation."
Hips, which are set to become compulsory for sellers on June 1st 2006, are designed to help
buyers to
find a mortgage successfully and avoid potential pitfalls with the property.
