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Pace of annual house price inflation slows down across cities

August 25, 2017

A 12-month slowdown in London house price growth has ‘bottomed out’, property analyst Hometrack said this morning. It said annual house price inflation in London in July stood at 2.8%, up from 2.3% the previous month, fuelled by low transaction volumes and an absence of forced sellers. Housing turnover across London has fallen by 17% […]

Kevin Hollinrake says it is important that MPs understand implications of fees ban

MP Kevin Hollinrake – who co-founded Hunters of which he is now chairman – has confirmed that agents will be able to attend the forthcoming Parliamentary debate on the proposed ban letting agent fees. Hollinrake, who is sponsoring the debate, told EYE: “It is understandable that the Government seeks to close a loophole that allows […]

EXCLUSIVE: OnTheMarket says proposed float does not mean abandoning core principles

August 24, 2017

Email to a friend Print A number of questions put by agents – including some of the issues raised by posters on EYE – have now been answered by OnTheMarket. We should clarify that the following Q & A has been put together by OTM itself. Was it the plan all along for Agents’ Mutual […]

Agent thrown out of ombudsman scheme after failing to pay award

A sales and letting agent in south-west London has been expelled from The Property Ombudsman scheme for a year after the Ombudsman supported a landlord complaint. Premier Moves Management (PMM) did not pay the award of £4,900 as instructed by the Ombudsman so the case was referred to TPO’s disciplinary and standards committee, which ruled […]

Government rakes in an extra £2bn a year thanks to Stamp Duty surcharge

The Government looks increasingly unlikely to heed calls to ditch the 3% Stamp Duty surcharge on additional home purchases after seeing the Treasury coffers swell by 20% extra receipts. For the same number of property transactions as two years ago, the Government has pulled in an extra £2bn in Stamp Duty Land Tax thanks to […]

Properties vanishing from mainstream rental market as more landlords switch to Airbnb

An increasing number of rental properties in London are being used for short-term holiday lets using websites such as Airbnb and are no longer available for long-term renting. The claim comes from the Residential Landlords Association which says there has been a 75% increase in the number of multi-listings on Airbnb between February 2016 and […]

Confusion as industry figure complains his daughter will be charged excessive reference fee

The subject of tenants’ fees charged by agents was aired yesterday on Twitter – but turned out to be based on something of a misunderstanding. It started with an angry Ed Mead complaining that an agent in Bristol, Ocean, was apparently planning to charge £300 to reference one tenant. Mead complained that the charge “has […]

OnTheMarket campaigner for ‘Vote No’ to flotation continues his fight

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 rapped by watchdog as ‘home’ address of local expert looked like a branch

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 was “Hatched, Hatched House”, with an address in Pudsey, Yorkshire. Homebuyers Property Services challenged whether this […]

A quarter of all UK households will be private tenants within eight years, forecast

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 […]

Firm that offers outsourced live chat to agents announces major growth

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 […]

Why listers are the most valuable people to any estate agency business – especially now

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 […]

Letting fees: MP Kevin Hollinrake initiates Parliamentary debate on ban

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 […]

Daily Mail to clarify agents’ fees as ‘gesture of good will’ after story claiming 1.8% average

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 […]

As one brand closes, another opens – major regional chain says it will introduce a new name

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 […]

Oxford University business school launches ‘proptech’ module in new course

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 […]

Gambling Commission warns vendors not to bet on house raffles

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 […]

Speculation over ‘departure’ of Countrywide’s head of estate and lettings agency business

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 […]

Fees ban ‘will help online student lettings agent launch into mainstream market’

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 is set to launch within the next few weeks and says it already has both the technology […]

Line-up of speakers at EA Masters includes global names as well as home-grown heroes

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 […]

Property firms and people make it to finals of National Business Awards

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 […]

Agent says almost 100 clients have used its Airbnb service so far

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, […]

National newspaper says agents’ fees are biggest barrier to downsizing

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”. […]

Hybrid agent turns to crowdfunding to raise up to £250,000

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 […]

Home sold in £2 raffle had been on market with online agent

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 […]

And here’s raffle number two – agent raffling his Porsche at £20 per ticket

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 […]

Second acquisition within four months for expanding regional agent

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 […]

Online agent HouseSimple told to withdraw its cost-saving claim in TV advert

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 […]

Housing market ‘speeding towards crisis point’ as average prices up £10,000 on a year ago

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 […]

On your bike! Agent agrees to remove ‘Norton motorcycles’ claim after complaint to watchdog

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 […]

Independent snaps up six-branch business to create one of largest agents in region

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 […]

Rents ‘not spiralling out of control’ – Belvoir boss condemns ‘sensationalist’ press stories

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 […]

Estate agency chief attacks ‘army of providers’ feeding off backs of independents

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 […]

Agent who told buyer about pub but not longer opening hours application rapped over insufficient disclosure

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 […]

New boss taking over helm at EweMove is recruited from the franchisees

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 […]

Why the big money is following deposit replacement products – they could be so much more

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 eye up agents’ listing market

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 […]

Purplebricks in share sale puzzle, says Sunday Times headline

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 launches into lettings – with choice of online or traditional service

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, […]

Spicerhaart boss calls for return of 100% mortgages and no Stamp Duty for first-time buyers

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 […]

Online agent withdraws claims including that it can complete in just 25 days

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 building society hit by collapse in buy-to-let lending

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 […]

OnTheMarket boss Ian Springett to ‘pick up shares worth £20m’ if float goes ahead

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 speak out in favour of stock exchange float of OnTheMarket

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: […]

Spotlight falls on quick-sale industry as police launch investigation into stings

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 announces strong results despite dip in UK estate agency business

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% […]

Crimestoppers campaign launches to warn home buyers of property frauds

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 […]

Sales activity continues to slip – and it’s not looking good, say gloomy surveyors

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 […]

Truth at last: What really happened in Scotland after letting agent fees were banned

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 […]

Looks familiar? New ‘online agent’ Hausmart bears similarities to American site

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 […]