Wednesday, 17 September 2008

HIPS closures - Openbook close the book

Further to the poll we ran last month, which showed that the vast majority of you feel HIPS are a waste of time, it will come as no surprise to some that one of the leading HIP providers, Open Book, have gone to the wall.

Reported by Mortgage Strategy, Openbook was one of the fore runners in the business and follows hot on the heels of the Hipstar closure.

What is poignant/ironic is that Openbook was part of the pilot scheme in 1999 and reported to the Cross Party Parliamentary Select Committee and the House of Lords in 2005.

We had a good relationship with these guys who are also part of group of companies to which Hometrack belong. Sad to see this happen, but judging by the feedback we are getting it is not surprising. Will more follow? Indeed, will the entire industry implode?


Anonymous said...

Hardly surprising, we need less obstacles to sell and not more, so with the recent downturn it will not bode well for all the other HIP businesses out there. We are on the market but have not subscribed to a HIP using a private selling webiste, so whilst we have not sold yet, it has not cost us anything either to try - - maybe this is the way forward?

Anonymous said...

Hardly surprising - they kept bumping up their prices without telling anyone so agents stopped using them.