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Rightmove announces booming profits as agents spend more

February 27, 2015

| February 27, 2015 Rightmove’s profits and revenue soared last year, the portal announced this morning. Rightmove also revealed that it is unscathed by the launch of OnTheMarket. Just 260 branches have quit Rightmove, which this morning said it counted nearly every single agent in the UK as a customer. Chief executive Nick McKittrick said: […]

Rightmove to launch new online valuation tool – with a 15% margin

| February 27, 2015 Rightmove is to trial a new valuation tool for consumers, with a cautious attitude suggesting that it is aware that it could be stepping into dangerous waters. The launch, announced by email to agents yesterday, has already drawn some worried responses from agents who contacted Eye. Another agent posted on Eye […]

Nearly three-quarters of homes selling for under asking price

| February 27, 2015 Nearly three-quarters of houses sold in January were sold for less than what may have been over-optimistic asking prices in the wake of Stamp Duty reforms, the NAEA has reported. It said that buyers are starting to negotiate again and that the housing market is cooling in the lead-up to the […]

Agent to start accepting Bitcoin as BoE confirms money revolution

| February 27, 2015 An agent has announced it is to be the first in the UK to accept the virtual currency Bitcoin. Other agents are known to be looking at it. RE/MAX plans to launch a trial in London towards the end of March which will allow tenants the option of paying in digital […]

First-time buyers having to find bigger deposits after Stamp Duty reforms

| February 27, 2015 First-time buyers are having to find £29,127 for a cash deposit, it has been claimed. Estate agency chains Your Move and Reeds Rains, both part of LSL, also said that first-time buyer sales fell away sharply in January, down from 26,100 in December to 21,200, while the average FTB price climbed […]

Advertising watchdog raps Sequence firm over touting letter

February 26, 2015

| February 26, 2015 A complaint about a touting letter sent by William H Brown has been upheld by the advertising watchdog. The firm, part of Sequence which is owned by Connells, sent two letters to landlords in Northampton. Both drew complaints to the Advertising Standards Authority from Northamptonshire County Council trading standards, which acted […]

Winkworth acts after office breaks ‘one other portal’ rule

| February 26, 2015 Winkworth has acted after one of its businesses advertised a property on Rightmove, Zoopla and OnTheMarket. By mid morning yesterday, the listing had been removed from OnTheMarket, the business having pulled off OTM to return to Zoopla. Winkworth head office said that about a fifth of its franchised businesses have chosen […]

Countrywide announces results to City

| February 26, 2015 The UK’s largest chain, Countrywide, is due to announce its results today. We will bring them to you as soon as we can, aiming to get them on the site by 7.30am. Source:: Countrywide announces results to City

Conveyancing firms closed down by regulator

| February 26, 2015 The Solicitors Regulation Authority has closed down two law firms whose services included conveyancing. The SRA said that intervention in the firm, Robin F Clark, in Gravesend, Kent, was necessary because Mr Clark, its sole principal, had failed to comply with SRA Principles 2011 and the Solicitors Accounts Rules 2011. Interventions […]

Survey reveals rise and rise of private renting

| February 26, 2015 The continued rise of private renting has been revealed in the latest English Housing Survey. It shows that the private rented sector remains the second largest tenure in England, responsible for 19% of all tenures – or 4.4m households. This is up from 18% in the last survey. In 2003, private […]

Zoopla says OnTheMarket agents could be hit by huge fines and damages

February 25, 2015

| February 25, 2015 Agents who belong to OnTheMarket could face huge fines and litigation against them, Zoopla has warned. But OnTheMarket – launched a month ago – dismissed the suggestion as “desperate”. Zoopla yesterday made it clear that a litigant against individual agents could be Zoopla itself. Zoopla says that if the Competition and […]

Housing minister Brandon Lewis rules out regulation of agents

| February 25, 2015 Some 200 delegates packed yesterday’s NAEA London Forum at the Lancaster Hotel, just over the road from Hyde Park. The day’s programme of speakers began with a welcome from NAEA president Simon Gerrard. Warming up for the introduction of the keynote speaker, housing minister Brandon Lewis, Gerrard made a plea for […]

Connells unveils 26% increase in profits – helped by sale of Zoopla shares

| February 25, 2015 In a set of strong results announced this morning, the Connells Group announced pre-tax profits of £63.2m compared to £50.2m last year. The result represents a 26% increase in pre-tax profits for the year and a combined 77% increase over the last three years. The pre-tax profit includes the partial sale […]

Residential property sales tumble in January, says HMRC

| February 25, 2015 Residential property sales fell in January, HMRC has reported. There was a fall in both its “seasonally adjusted” figures and its “actuals”. “Seasonally adjusted” sales fell by 1.4% compared with December, and by 6% compared with January last year. There were 97,320 residential sales on a “seasonally adjusted” basis. However, when […]

Foxtons to open five more branches in next two months

| February 25, 2015 Foxtons is adding five new offices to its current network of 51 branches. The new Barnes, Walthamstow, West Hampstead, Ruislip and Bromley offices will open in March and April. All will launch with Foxtons’ customary 0% commission. Nic Budden, chief executive officer, said: “We are very excited to take the next […]

OnTheMarket agents warned by Zoopla they could be fined huge amounts

February 24, 2015

| February 24, 2015 Eye received the following press release from Zoopla today. It is printed below, exactly as sent to us. More on this story tomorrow. ONTHEMARKET MEMBER FIRMS COULD FACE SIGNIFICANT FINANCIAL PENALTIES, ACCORDING TO LEADING UK LAW FIRM According to advice from top UK law firm, Freshfields Bruckhaus Deringer LLP, if the […]

Hunters announces plans to float on stock market

| February 24, 2015 Hunters, currently the sixth largest UK’s estate agency group, yesterday announced it is looking to float on the Alternative Investment Market this year – with the aim of expanding the network to over 500 offices in five years’ time. It also announced the appointment of industry legend Harry Hill as its […]

Agent angered by touting letter with wrong OnTheMarket claim

| February 24, 2015 Connells has apologised after one of its Sequence firms sent a touting letter to a landlord, wrongly suggesting that their agent was on OnTheMarket. The letter was sent by a lettings manager at William H Brown to a landlord client of Carnegie & Associates in Welwyn Garden City, Hertfordshire. The firm […]

Online agency pioneer Hatched drops its ‘cheap’ image

| February 24, 2015 Online agency pioneer Hatched has rebranded itself away from being cheap to emphasise instead its service. The old logo said Hatched was a “low cost estate agent”. Its new slogan is: “The smart way to sell your home.” The company, which operates online but also has five offices, says it has […]

Record number of complaints to TPO after law change

| February 24, 2015 The Property Ombudsman scheme received a record number of complaints in the three months after all letting agents were forced by law to join a redress scheme. Between October 1 and the end of the year, TPO was contacted by 2,246 tenants and landlords unhappy with agents. The number of lettings […]

Agents’ phone service Moneypenny launches in America

| February 24, 2015 Moneypenny, the telephone answering service used by many agents, has launched in the US. The company, which in 15 years has gone from a £10,000 start-up to the biggest business of its kind in the world, handles more than 9m calls a year for over 7,000 businesses in the UK. The […]

New crowdfunding campaign launches to back ‘next big thing’ in property

February 23, 2015

Written by: Rosalind Renshaw | February 23, 2015 A new crowdfunding campaign opens today, enabling the public to invest in the “next big thing” in the property sector. Entrepreneur Faisal Butt said: “We are trying to invest in companies that are changing the property sector. “People working in the industry know property is changing. “More […]

Men jailed after hoodwinking ‘many’ letting agents in £35m drugs case

Written by: Rosalind Renshaw | February 23, 2015 Letting agents were repeatedly conned by crooks looking for premises which could be used to grow cannabis. The sting was masterminded by Nirmal and Darryl Saund, who posed as respectable businessmen supposedly operating out of a company called The Cayman Group. Police said the pair acted “with […]

Agents facing competition from their own portal (apparently)

Written by: Rosalind Renshaw | February 23, 2015 It’s a bit worrying when a national newspaper, The Sunday Telegraph, explains to its readers: “Britain’s high street estate agents, already competing against low-cost online rivals and a new listings website, OnTheMarket, are now facing a threat from across the Atlantic.” But this was spotted in yesterday’s […]

ARLA launches monthly reports into PRS

Written by: Rosalind Renshaw | February 23, 2015 ARLA has launched new monthly reports into the private rented sector, aimed at tracking key trends. Similar to the NAEA monthly surveys, the ARLA reports will be conducted among members. The first ARLA report, covering January, found that 27% of ARLA ‘licensed’ branches saw rents increase last […]

Housing costs for home owners drop but rise for tenants

Written by: Rosalind Renshaw | February 23, 2015 Home owners are much better off than tenants in terms of the proportion of their income spent on housing costs. A “dramatic fall in interest rates” meant that housing costs for owner occupiers with a mortgage fell 38% between 2007 and 2013, taking the proportion of their […]

Fighting talk! Big T is still spitting about Spitting Image

February 21, 2015

This, That, and very little of the Other. Trevor Kent Written by: Trevor Kent | February 21, 2015 There’s estate agent bashing and there’s hammering a stake – with the For Sale board still attached – through our hearts. It must have been about late ’89 or maybe ’90 when the usually fantastic satirical show […]

Hostilities continue between Zoopla and OnTheMarket

February 20, 2015

| February 20, 2015 Hostilities show no sign of a ceasefire between Zoopla and OnTheMarket. Zoopla has hit out angrily at OTM boss Ian Springett’s latest update to members in which he announced the site’s millionth unique visitor and queried Zoopla’s own inventory. Springett said he stands by what he has said. Lawrence Hall, head […]

‘Proptech’ start-up says it will shake up status quo in lettings market

| February 20, 2015 Rental platform Movebubble says that in less than six months it has become a serious player in the lettings market. The business, which describes itself as “the LinkedIn of the private rental sector”, says that since launch there have been 1m-plus property searches on its platform, with over 30,000 tenants, private […]

House price growth shifts to lower-value cities, says Hometrack

| February 20, 2015 The impetus behind continuing UK house price growth is shifting towards cities like Liverpool, Sheffield and Glasgow, which bottomed out only two years ago, away from the cities that started to recover in 2009 but have since slowed. Hometrack said this morning that over the last six years, London and Oxford […]

Rents show another annual rise – but fewer tenants in arrears

| February 20, 2015 Rents are now 16.3% higher than five years ago, having risen by 2.8% over the last 12 months, according to the latest buy-to-let Index from Your Move and Reeds Rains published this morning. In absolute terms, the average residential rent across England & Wales has grown by £107 since January 2010 […]

Mortgage lending trails off in ‘weak’ start to year, say lenders

| February 20, 2015 Mortgage lending dropped last month on both a monthly and annual basis, lenders have said. The Council of Mortgage Lenders estimates that gross mortgage lending reached £14.3bn in January. This represents a 14% decrease from December’s gross lending total (£16.6bn) and is 11% lower than the £16.1bn lent in January last […]

‘How to burgle a home using property portals’ – advice on site which lists agents

February 19, 2015

| February 19, 2015 Top London agents, including Savills, Knight Frank, Douglas & Gordon, Marsh & Parsons, Chestertons, Winkworth and Savills, are all on a site which tells people how to burgle properties. The apparently tongue-in-cheek article, but which is likely to shock many in the industry as being totally inappropriate, appears on a website […]

London agents earned £1.1bn in fees last year, claims online agent

| February 19, 2015 High street estate agents in London earned £1.1bn in fees last year – an average of £9,384 per property sale and up 23% on 2013. As this is reported by both the Daily Mail and the London Evening Standard, it’s obviously true. In Kensington & Chelsea, agents earned £73m in commission, […]

Agency boards firm ploughs nearly £2m investment into growth

| February 19, 2015 Agency boards firm Kremer Signs is set to grow by a third this year by ploughing an investment of nearly £2m into its business. It has already invested £1.5m in new premises to accommodate its ongoing expansion. The site in Hambridge Lane, Newbury, houses Kremer’s head office and digital print centre […]

Solicitor working at estate agency pleads guilty to embezzlement

| February 19, 2015 A solicitor who worked in a Scottish estate agency and legal firm has admitted embezzling £13,000 of clients’ money. Steven Crommie, 37, took the money between 2013 and 2014 while working at Bell Park Kerridge in Dumfries. The court heard that a member of staff had noted that Crommie was taking […]

‘Brilliant’ agents praised for their hands-on support for homeless cause

| February 19, 2015 An estate agency which has done much more than simply fund-raise has been praised by a homelessness charity for the way their staff have engaged with it. Streets Ahead has been involved with Nightwatch for five years, offering both practical and financial support. Staff who recently handed £5,000 to the charity […]

OnTheMarket announces millionth visitor as war with Zoopla escalates

February 18, 2015

| February 18, 2015 OnTheMarket has announced its one millionth unique visitor. The site, which acknowledged “the PR battle” before launch, also reiterated its claim that 90% of its member offices have chosen to retain Rightmove as their “one other portal”. The site, which launched on January 26, last night gave a marked nod to […]

Online directory service to launch into property sector

| February 18, 2015 The online ‘directory’ service is launching a new service giving information on any property in England and Wales. Aimed at home hunters who might be looking to buy or rent, the new Property Reports, expected to go live next week, will cost £17.99 each including VAT. Each gives valuations based […]

Spark Energy agrees to pay £250,000 after damning regulator report

| February 18, 2015 Spark Energy, which supplies energy to tenants who are signed up by letting agents, has agreed to pay a £250,000 penalty to Citizens Advice after a probe by regulator Ofgem. Ofgem found that Spark had deliberately blocked requests to switch to a different supplier between June 2010 and May 2013. During […]

Firm that ran estate agency ordered into liquidation to protect public

| February 18, 2015 A company that operated an estate agency business has been ordered into liquidation on the grounds of protecting the public interest. A sum of half a million pounds remains unaccounted for. Matrix Company 1 ran Crown Property Professionals from 151 Rushey Green, Catford, south London, and had been under investigation by […]

UK house prices rose almost 10% in 2014, says ONS

| February 18, 2015 UK residential property prices rose 9.8% last year, the Office for National Statistics has said. Annual house price inflation was 10.2% in England, 4% in Wales, 5.5% in Scotland and 4.9% in Northern Ireland. On a “seasonally adjusted” basis, average house prices increased by 0.7% between November and December. In December […]

Online agencies ‘will soon force poor high street rivals out of business’

February 17, 2015

| February 17, 2015 Online estate agencies will force poor high street agents out of business within five years. The claim has come from property search firm The Buying Agents. It said that traditional agents delivering bad customer service will shut by 2020 as a result of “the growing number of quality online-based agencies emerging […]

London agent wins instruction to market £1.4m flats in Mumbai

| February 17, 2015 A London agent, Wetherell, has been appointed by an Indian developer to market apartments in what will be the world’s tallest residential skyscraper. World One Tower in Mumbai will be 117 storeys high when construction is completed next year. Developers Lodha Group want to target Indian super-rich buyers based in London. […]

Home owners to be big winners from short-term rental change

| February 17, 2015 Home owners in London stand to earn a small fortune if the Deregulation Bill, currently at its final review in the House of Lords, receives Royal Assent as expected. It would allow London residents to rent out rooms in their homes, or their entire property, for up to three months of […]

Immigration ‘right to rent’ trials showing discrimination

| February 17, 2015 Prospective tenants with foreign accents are being rejected, according to the first indications from the Immigration Act “right to rent” pilot scheme. According to ongoing monitoring of a pilot scheme by the Joint Council for the Welfare of Immigrants, new rules which require landlords or their agents to check the immigration […]

Pre-election jitters ‘spooking the market’, says haart

| February 17, 2015 The average London house price slipped back 1% between December and January, and is now the same as a year ago. According to estate agents haart, the zero annual inflation for London compares with the overall UK rise in house prices of 8.8% over the last year. Haart puts average UK […]

Property drought tightens its grip with record low levels of stock

February 16, 2015

Written by: Rosalind Renshaw | February 16, 2015 As the property drought tightens its grip, average asking prices for property new to the marked bounced up by 2.1% over the last month, Rightmove reported this morning. The increase equates to an average of £5,729, with annual asking prices up 8.2% on this time last year. […]

Referencing firm expands as it constantly monitors tenants’ credit records

Written by: Rosalind Renshaw | February 16, 2015 A tenancy reference and insurance firm launched by lettings chain Martin & Co is recruiting ten full-time employees to add to its existing 38 headcount. The Landlord Hub, based in Peterborough, was launched in 2012 with just five staff to serve the Martin & Co network. However, […]

Kinleigh Folkard & Hayward set to open more branches

Written by: Rosalind Renshaw | February 16, 2015 Major London agent Kinleigh Folkard & Hayward is to add to its network with several new openings this year, staff have been told. The firm already has over 50 branches across the capital, and its business divisions include block management, commercial property and surveying. Altogether it employs […]