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

August 15, 2017

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An online agent has withdrawn claims from a promotional email it sent out only last Thursday.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 […]

Cyber crime a big threat, say conveyancers (but they haven’t done much about it)

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 […]

Going, going, great – agent earns £18,000 from Guild’s first auction sale

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 […]

Mystery as to identity of online agency which claims ‘world class customer service’

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 […]

Tenancy deposit replacement products will be ‘as popular as Christmas trees in January’

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 announces record number of vendor appraisal leads for agents

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 […]

Proptech firm comes up with real-time facial recognition to help agents with Right to Rent

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 […]

Landlords’ Barometer – #51: Hammered! Why landlords are feeling so negative

Welcome to another edition of the “Landlords Barometer” with all the trending topics that have been engaging landlords on the 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 […]

New Data Protection Bill ‘could be death knell for smaller businesses’, warning

August 8, 2017

Email to a friend Print A new Data Protection Bill will allow people to ask for personal data to be deleted and give them the ‘right to be forgotten’. The Bill will transfer the EU’s General Data Protection Regulation into UK law. Implementation is set to be next May. Firms that flout the new law […]

Portal wars resume as Zoopla tells agents that OTM’s original plans are ‘out of the window’

Email to a friend Print Zoopla has stepped up efforts to win back agents with an email yesterday afternoon headed “Have you heard the latest!” The text – complete with a link to EYE’s story last Friday morning – says: “Hope you’re keeping well & business is good? “As you will be aware, ZPG continues […]

OnTheMarket starts its roadshows today to tell member agents of its plans

Email to a friend Print The first OnTheMarket member meetings are to take place today, where agents will learn details of OTM’s plans to demutualise and float on the stock exchange. The first meeting is at noon in Stafford, and the second at 4pm in Warrington. Members are said to have received a three-page letter […]

Zoopla-backed Zero Deposit attracts new investors including ex-Countrywide boss Grenville Turner

Email to a friend Print Zero Deposit, the new deposit replacement product backed by ZPG and founded by Zoopla’s former chief commercial officer Jon Notley, has secured some significant new investors. They include former Countrywide CEO and chairman Grenville Turner. Others are JamJar Investments, the venture capital fund that backed Innocent drinks; and Vanneck and […]

HIPs lite: Countrywide well placed to introduce Scottish Home Reports south of the border

Email to a friend Print Countrywide would be well placed to trial English-style Home Reports, the managing director of one of the estate agency’s Scottish surveyor brands has claimed. Jim Gibson, managing director at chartered surveyors Harvey Donaldson & Gibson, revealed that he has suggested to both Countrywide and RICS that they follow the example […]

This is why we MUST back OnTheMarket as it gets close to stock market float

August 7, 2017

Email to a friend Print The planned flotation of OnTheMarket is to be welcomed and will give the portal a much-needed boost in investment to strengthen its position against the other main portals. Subject to member agencies voting in favour of the flotation, OnTheMarket will be able to use this cash injection to boost its […]

Purplebricks is NOT best reviewed agent in UK – we are, says EweMove boss

The boss of The Property Franchise Group – whose brands include Martin & Co and EweMove – says that the claim by Purplebricks to be the most positively reviewed estate agent is misleading. Ian Wilson told EYE: “EweMove has over 2,000 TrustPilot reviews and a score of 9.9 against Purplebricks’ 9.5. “We are the only […]

Was this the first time OnTheMarket considered demutualisation?

An initial public offering (IPO) may have been on the mind of Agents’ Mutual chief executive Ian Springett as early as January 2016, court documents show. The judgement transcript from the Competition Appeal Tribunal hearing between Agents’ Mutual and Gascoigne Halman makes interesting reading, given the demutualisation announcement on Friday. It shows an IPO was […]

Silence maintained on further litigation between OnTheMarket and Gascoigne Halman

Both Connells – owners of Gascoigne Halman – and Agents’ Mutual have stayed silent on possible ongoing litigation over the ‘one other portal’ rule. Meanwhile, significant question marks have been raised about leaks of Friday’s announcement that Agents’ Mutual would seek a stock market listing. The bitter ‘one other portal’ case was won by Agents’ […]

Purplebricks has ‘more significant growth’ to come, says biggest investor Woodford

Purplebricks helped contribute to fund supremo Neil Woodford’s “fortnight from hell,” it has been claimed, as several of the investing veteran’s top holdings declined in value. The online agent makes up 10.9% of Woodford’s Patient Capital investment trust but investigations into its transparency and the way it operates by Radio 4′s You and Yours and […]

NEWSFLASH: Agents’ Mutual confirms £50m stock market flotation

August 4, 2017

Email to a friend Print Agents’ Mutual, the agent-owned company which owns the OnTheMarket property portal, this morning formally announced its intention to form a new parent company, OnTheMarket plc, to list on the AIM market of the London Stock Exchange. The ‘one other portal’ rule will be dropped. It will seek to offer a […]

Shock as letting agents could be told by banks to do anti-money laundering checks on all clients – despite directive

Email to a friend Print A letting agent has been told by his bank that it requires Politically Exposed Persons checks to be done on all letting clients. This is despite the fact that letting agents do not have anti-money laundering duties under the latest directive which came into effect in late June. Handelsbanken has […]

Will Purplebricks eight-month share price rally resume after ‘storm in a thimble’?

Email to a friend Print Purplebricks’ woes after two BBC programmes this week have been dismissed as a “storm in a thimble”. Peel Hunt, the company’s broker, said: “We believe the answers provided to the deferred payment question were clear and the savings example has already been rectified. We don’t believe the issues raised will […]

Online agent ‘worth £12m’ raises £550,000 from almost 500 investors

Email to a friend Print Online agent Doorsteps closed its crowdfunding pitch at midnight after extending it for a week and going well over target. The business had hoped to raise £400,000 but by the middle of yesterday had attracted almost £550,000 from 489 investors. Doorsteps, which announced that it was considering a merger mid-pitch, […]

Thank you to our generous readers – £800 raised in Julian O’Dell charity auction

Email to a friend Print Our thanks to those who took part in this week’s charity auction to buy an original portrait by Julian O’Dell, with proceeds going to Action Against Cancer. The winning bid of £275 came from Guy Hollamby, of London firm Symington Elvery. Guy generously topped the bid up to £300 after […]

NEWSFLASH: OnTheMarket set to demutualise and list on stock exchange

August 3, 2017

Email to a friend Print OnTheMarket is set to demutualise and list on the stock market, according to Sky News. The formal announcement is likely to be made tomorrow to the stock market. Sky News says that Agents’ Mutual‎, parent company of OnTheMarket, will announce tomorrow “a radical plan to overhaul its corporate structure and […]

NEWSFLASH: Purplebricks defends itself in statement to Stock Exchange

Email to a friend Print Purplebricks this morning issued a statement to the Stock Exchange following yesterday’s You and Yours, and Watchdog programmes. It reads as follows: The Board of Purplebricks Group plc notes the recent share price movement. The Group was the subject of two BBC features on Wednesday 2 August relating principally to […]

Purplebricks tells BBC viewers: ‘We have not led vendors up the garden path’

Email to a friend Print Purplebricks last night on prime time TV rejected claims that it has led vendors “up the garden path”. On the Watchdog programme on BBC1, one seller complained that their Local Property Expert was in fact based 30 miles away. Another complained that the Purplebricks advert on TV said it would […]

Purplebricks Local Property Expert slams ‘garbage’ on EYE – saying Purplebricks only employs the best

Email to a friend Print Mystery surrounds a lengthy comment posted on EYE yesterday evening which was quickly withdrawn. It appeared to have been posted by a Local Property Expert, but was then swiftly pulled during last night’s Watchdog programme which featured Purplebricks. Points to note are that the poster previously worked for the likes […]

Council which set up first borough-wide licensing scheme to publish star ratings of all letting agents

Email to a friend Print The local authority which set up the first borough-wide mandatory licensing scheme of every rental property is to launch the UK’s first letting agents’ rating scheme. Effectively, it will publicly name and shame bad agents. Newham Council’s declared aim is to protect residents and landlords from rogue agents. The London […]

Seller posts up five one-star ratings of agent – but honestly, it’s not their fault

Email to a friend Print What happens when someone persistently gives you really, really bad reviews – and yet it really, really isn’t your fault? In this instance, someone is loudly lambasting haart on TrustPilot in five reviews all giving the agent the lowest possible one star rating. Starting in June, the furious seller awards […]

NEWSFLASH: Purplebricks boss defends ‘exaggerated claims’ allegation by BBC programme

August 2, 2017

Email to a friend Print Purplebricks was put under the spotlight today in the BBC’s You and Yours programme. It is also to be featured tonight on BBC1′s Watchdog. In You and Yours, it was said that Purplebricks was making ‘exaggerated’ claims and that it was repeating claims in emails that the programme had seen, […]

Chaos and frustration for agents as bug hits users of popular software

A bug has crippled Jupix, meaning that both yesterday and on Monday, nearly 2,000 agents could have been tearing their hair out in frustration. It is not clear whether the problem has been sorted out today. One agent told EYE: “We can’t access anything – phone numbers for vendors, applicants, solicitors, tenants, landlords, leases, rent […]

Foxtons’ strength has become its weak spot – and it must change, say experts

Foxtons was the first residential agency to go through a digital transformation – but the firm’s bespoke system is now its weak spot. The claim comes from proptech experts Eddie Holmes and James Dearsley – who worked at Foxtons for five years. They say that in the early 2000s, Foxtons built its own system, BOS, […]

Dive in profits for developer as leasehold mis-selling scandal looms large

Developer Taylor Wimpey’s profits have dived 24% after the firm set aside £130m to help buyers hit by the leasehold scandal. Pre-tax profits dropped to £205m in the year to July 2, the firm said yesterday. It announced in April that it would set aside the money, in a sign that it believes it could […]

Lack of supply keeping house prices high – Nationwide

House prices grew on a monthly basis for the first time in two months as average prices reached £211,671 in July, Nationwide says. The latest Nationwide House Price Index shows prices were up 0.3% on a monthly basis, reversing falls of 0.2% in May and 0.1% in June. The figures were also up 2.9% annually, […]

Fraudster who fleeced public and produced forged bank statement to agent is jailed

A man who fleeced people who thought they were buying dream park homes out of thousands of pounds has been jailed for six years. Barry Leigh tried to convince estate agents Humberts that he was wealthy, by showing them a forged bank statement showing he had funds of over £980,000 to buy sites. Leigh admitted […]

NEWSFLASH: LSL announces huge rise in profits as it continues to explore digital options

August 1, 2017

LSL delivered remarkably strong results this morning, and declared its faith in the traditional high street model, saying it would represent the “substantial majority of the sales market” until 2025. Nevertheless it will continue to look at digital opportunities. LSL also said it could not see any change in market conditions created by the Brexit […]