August 23, 2017
The agent trying to mobilise a ‘Vote No’ campaign to the proposal to float OnTheMarket on the stock exchange says he has had some dubious responses to his call to action. Graeme Lumsden – a supporter of OTM but who is now concerned that the original principles are being ditched – told EYE last night […]
Online agent Hatched has been rapped by the advertising watchdog for giving an address online that looked like a business address but was in fact the home of one of their Local Property Consultants. The address given on www.hatched.co.uk was “Hatched, Hatched House”, with an address in Pudsey, Yorkshire. Homebuyers Property Services challenged whether this […]
The average tenancy length in the UK is getting longer – and by 2025, 25% of all households will be living in the private rented sector. Both findings are from LSL companies. Your Move reported that in London – which has almost one-fifth of all rental properties in the UK – the average tenancy length […]
A firm providing outsourced online chat services to agents has announced a 157% increase in turnover during the last year, amid growing demand. Chat Heroes was launched in 2015 by Paul Lawton, who said that while his firm provides live web chat services for a number of businesses, over half are for sales and letting […]
Who is the most valuable person in your estate agency business? Is it the estate agency boss, who drives the team forward and keeps the show on the road? The top-performing negotiator who repeatedly closes sales and brings in the commission? Or the company accountant who keeps a beady eye on costs and identifies sources […]
August 22, 2017
MP Kevin Hollinrake – who co-founded Hunters of which he is now chairman – is sponsoring a Parliamentary debate on the proposed ban on letting agency fees in England. The debate is on Wednesday, September 6, at Westminster Hall between 9am and 11am. The intention to abolish letting agent fees charged to tenants was made […]
The Daily Mail has said it will correct claims that estate agents charge an average 1.8% in fees, It says the proposed amendment is “a gesture of good will”. In an email to an EYE reader who challenged the figure that the Mail used in a story which alleged that estate agency fees were the […]
Arun Estates has confirmed that it has shut down a complete brand following readers’ comments on yesterday’s story on EYE. The brand it shut down was Rooney & Co – but this consisted of just one office in Horsham, West Sussex, where Arun already has a branch in the form of Cubitt & West. A […]
A new programme by Oxford University’s Said Business School promises to “equip participants with the ability to identify opportunities for disruption in the financial services sector”. While the course is entitled the “Oxford Fintech Programme”, it dedicates a whole module to ‘Proptech and real estate innovation’. For industry stalwarts it may seem laughable that proptech […]
The Gambling Commission has issued warnings to home owners amid the renewed trend of house raffles. The regulator is warning that there are instances where organisers are breaking the law as their scheme has been set up in a way that means it is an illegal lottery. Unlike a raffle or lottery, which is regulated […]
August 18, 2017
Countrywide yesterday did not respond to speculation as to whether its high-profile managing director of retail, Sam Tyrer, has left. If true, questions are bound to be asked about Countrywide’s retail strategy and whether this has failed. Inquiries from EYE yesterday went unanswered by the company’s press office, as did inquiries also made by us […]
An online agency aimed at the student lettings market is to expand into the mainstream market. It says that with the impending fees ban, more landlords will look for cheaper alternatives to the high street. Student Tenant.com is set to launch ClickTenant.com within the next few weeks and says it already has both the technology […]
Estate agent turned MP Kevin Hollinrake is among the exceptional speakers announced for next month’s EA Masters, which is set to be the biggest estate agency event ever held in the UK, and breaking completely new ground. The founder of Hunters is in the line-up of speakers, which includes international agents and professional presenters as […]
A number of property firms and individuals have made the finals of this year’s Lloyds Bank National Business Awards. Among them are Property Partner, listed in the digital business of the year category, which sets out to be the ‘stock market’ for property, allowing investors’ stakes in homes to be bought and traded in the […]
Almost 100 clients have used London estate agent Portico’s Airbnb service since launch in January, with just one case of damage. The agent launched an Airbnb management service in January, allowing landlords and home owners to exploit the short stay website for empty properties – including those where the owners are away for a time, […]
August 17, 2017
Email to a friend Print Estate agents’ fees were named as the biggest financial barrier for downsizers to sell up and buy somewhere smaller. The Daily Mail yesterday said that estate agents’ fees average 1.8%. The paper said that downsizing costs vendors almost £29,000 in costs, adding that “Stamp Duty is only half of it”. […]
A hybrid agent is looking to raise money on crowdfunding platform Seedrs. Its ‘front page’ pitch says Vesper Homes is looking for investment of £100,000 in exchange for 8% of equity in the company. However, in the longer pitch document it says it is seeking £250,000, with £100,000 being the minimum. The business is much […]
A home which has been sold by raffle was last on the market with an online agent. According to Rightmove, the property was listed last December at £650,000 by HouseSimple. Other agents had previously tried to market the home at higher prices. The owner of Melling Manor, in Lancashire, has now sold his home after […]
A Chelsea estate agent is selling off his Porsche – hoping to sell 2,500 tickets for £20 each. It is not known whether the personalised number plate – E3 DYB – will be included. If Ed Bezzant succeeds in selling all 2,500 tickets, he will make £50,000, which is more than the recommended retail price […]
Yorkshire agent Manning Stainton has completed its second acquisition in four months. It has purchased – for an undisclosed sum – Clear Properties. The deal follows the acquisition of AR Estates. Clear Properties is an independent agent, established in 2004, providing residential sales and lettings services to sellers, buyers and landlords in Adel and the […]
August 16, 2017
Claims about how much an online agent could save sellers have been banned by the Advertising Standards Authority. HouseSimple – backed to the tune of £13m by Carphone Warehouse funder Sir Charles Dunstone and his business partner Roger Taylor – claimed in TV advertising that it saved customers an average of £5,000 in fees. The […]
House prices continued to climb in June, although the pace of annual house price inflation slowed. Today’s Telegraph said the housing market was speeding towards a crisis, with average prices across England and Wales up almost £10,000 on June a year ago. Spicerhaart chief Paul Smith told the paper: “Along with consumer price hikes and […]
A complaint about an estate agent’s claim on its website has been resolved informally by the Advertising Standards Authority. Featherstone Leigh, which has branches in London, claimed that the Featherbed Villas property development was “formerly the residence of the Norton family (of motorcycle fame)”. However, a complainant said the founder of the Norton Motorcycle company […]
Northern agent Ryder & Dutton has acquired the business of Mortimers Estate Agents, a long established brand with offices in Blackburn, Great Harwood, Accrington, Clitheroe and Whalley plus a Fine and Country office covering the Ribble and Hodder Valleys. The sum has not been disclosed Two years ago, Ryder & Dutton bought Eley Long and […]
Rental price inflation was flat across Great Britain for the fourth consecutive month in July, figures from the ONS show. Separately, Belvoir has said that “sensationalist” rent rises portrayed by the media are untrue. The firm says average rents rose 2.75% annually during the second quarter of 2017 to £751. Its data shows rents range […]
August 15, 2017
A leading industry figure has made a blistering attack on the “army of providers swooping down on agents and eating away at their bottom lines”. Robert Sargent, CEO of the Acorn Group, said that it is hard to see what value some of these providers – which mostly go under the ‘proptech’ title – could […]
A buyer purchasing a property next door to a pub withdrew after discovering that it had applied for an extension to its licensing hours. The agent had made the buyer aware of the pub, and the pub’s application to extend its opening hours to midnight on Friday and Saturday nights was unsuccessful. The buyer withdrew […]
EweMove’s new managing director – or ‘head shepherd’ – is a franchisee. Nick Neill launched the York franchise in 2014, coming from a non-estate agency background. In three years, he drove revenue up by 1,900%. Neill said: “I am absolutely thrilled to have taken the helm at EweMove and am hugely excited about the opportunity […]
There seems no end to the articles with data and opinions that younger generations will increasingly be resigned to renting. Low interest rates have created a situation with no let-up for the younger generation: property prices keeping marching up and away from people’s ability to earn and save. Without ‘the Bank of Mum and Dad’ […]
Social media platforms are swooping in to challenge the property portals market, attempting to woo agents to switch their spend. So far, it has not happened in the UK, but in the States three possible models emerged in a matter of days as social media wakes up to what has been called a $27bn sleeping […]
August 14, 2017
Email to a friend Print The Sunday Times yesterday drew attention to what it called a ‘share sale puzzle’ at Purplebricks. On the front page of its Business & Money supplement, its story cited the sale of 60,000 shares by lettings director Richard Jacques. He sold the shares in two tranches on July 27 and […]
Humberts today launches a new lettings department which will be made up of an online-only service, Humberts Lettings Direct, and a traditional offering, Humberts Lettings. It has bought into technology company Propoly, a Pilabs portfolio company launched to create a ‘new lettings eco system’ where landlords and tenants communicate directly. Countrywide is among Propoly’s backers, […]
Paul Smith, chief executive of Spicerhaart, has called for the return of 100% mortgages and sweeping cuts in Stamp Duty Land Tax including an exemption for first-time buyers – warning that there will be a brain drain from London if there is not drastic action. In a full page interview yesterday with the Mail on […]
An online agent has withdrawn claims from a promotional email it sent out only last Thursday. HouseSimple said in the marketing email that it saved vendors £5,594, and that it took only 25 days to get a property to completion. It used the same figure, 25 days, to say that is how long it took […]
Nationwide’s mortgage lending plunged in the April to June quarter as buy-to-let borrowers stayed away from the market after the phasing out of tax relief on mortgage interest was introduced at the start of April. Last year, landlords were hit by a 3% hike in Stamp Duty if they purchased more properties. The building society […]
August 11, 2017
Ian Springett, chief executive of OnTheMarket, is to pick up 3.9m shares in the event of a successful float. In round figures, should shares trade at between the projected £4 and £5, they could be worth almost £20m in total to Springett. A trio of documents which EYE has seen and which have been sent […]
Non-executive directors of Agents’ Mutual have voiced their support of the proposed flotation of OnTheMarket. The four have been at pains to say that the float will still ensure that agent members remain firmly in charge, in line with the original principles. Paul Smith, CEO of Spicerhaart and a non-executive director of Agents’ Mutual, said: […]
Police are investigating allegations that people who used a quick-sale firm to sell their homes lost thousands of pounds and were only given a fraction of the money they were due. There are at least four alleged victims, but police believe there could be more in what they believe has been a large-scale operation. The […]
Savills has announced strong results, with group revenue up 15% and pre-tax profits up 27% in the first half of this year. Revenues were £714.4m and profit £32.4m in the six months to the end of June. However, the international group said that performances in Asia, Europe and the UK commercial market offset a 4% […]
A new consumer awareness campaign has been launched, aimed at educating the public about property fraud. The Home Buyers Safety Campaign is a joint venture between Crimestoppers and the Safe Buyer Scheme, a register of conveyancing organisations using fraud prevention tools. The most common property con is when a buyer is fooled into thinking they […]
August 10, 2017
Surveyors have reported a decline in new inquiries and instructions, citing continuing lack of supply as major issue. The July RICS UK Residential Market Survey, published today and based on sentiment rather than facts, paints a gloomy picture. But it is based on a small response – just 301. It shows 7% more surveyors reporting […]
What follow is an opinion piece but I believe it to be the factual truth. It was a Sunday evening – August 26, 2012 – when the Scottish Government confirmed that all charges (called premiums in the legislation) levied on tenants are illegal and must cease immediately. Up to that point there had been ongoing […]
Mystery continues to surround the online agent Hausmart and who is behind it. Its timing and motivation has also been called into question. Yesterday EYE – still unable to contact the site, which appeared to make a number of frantic-looking changes yesterday including trying to remove a property EYE had drawn attention to – tweeted […]
Almost six in ten property law firms say that cyber crime poses a big threat when handling property transactions – but only a minority have done much about it. A total of 58% ‘strongly agree’ that cyber security is a concern at their own organisation, but just 13% have spent much time and money making […]
The Guild of Property Professionals has announced the sale of its first property through Guild Auctions, a new white-labelled offering powered by IAM Sold. The Guild of Property Professionals announced the partnership in June. The property, in the north-east, sold for £875,000 through Guild Member Dobsons. As a result of this sale alone, Dobsons will […]
August 9, 2017
Email to a friend Print Mystery surrounds an online agency, Hausmart, which has proved uncontactable despite claiming “world class customer service”. It also appears to have lifted agents’ properties wholesale and yesterday was appearing to step up action. It claims: “Hausmart connects people to unique property experiences, at any price point, with more than 34,000 […]
The boss of the Property Franchise Group – whose brands include Martin & Co and EweMove – says he does not think there will be a market for tenancy deposit replacement products once the tenancy fees ban comes in. The replacement products typically give tenants the option of paying the equivalent of one week’s rent, […]
Zoopla and PrimeLocation have delivered a record number of vendor appraisal leads to agents. The portals’ owner, ZPG, says that the number stands at almost 300,000 so far this year, up 31% on the same period last year. It said the total value of these vendor leads introduced over the past seven months is worth […]
A new firm is using real-time facial recognition technology with the aim of helping letting agents meet their Right to Rent obligations. Start-up company Credas claims its facial recognition software can speed up ID verification and is the first of its kind in the UK. Agents can verify essential ID documents and match the photos […]
Welcome to another edition of the “Landlords Barometer” with all the trending topics that have been engaging landlords on the propertytribes.com forum over the past few weeks. Unsurprisingly, there has been a lot of negativity around that landlords want to vent about. 1. Rents rise as landlords exit the sector It would seems that tax […]
