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Creditors of collapsed agent unlikely to get money back

May 31, 2016

Creditors of the collapsed firm Penyards are unlikely to see their money back, according to a report in the Southern Daily Echo. Administrators Begbies Traynor sold the group of companies – Penyard Country Properties, Penyards Country Properties (New Forst) and Penyards Country Lettings and their assets for £180,000 to No.17 Marketing, one of whose directors […]

Housing market is close to peak just before 2008 crash, warning

The property market is very close to the peak reached just before the 2008 crash, an economic forecaster has warned. Fathom Consulting says UK house prices are now 6.1 times average earnings, close to the pre-crash peak of 6.4 times. Fathom says house prices either need to fall by up to 40% or incomes need […]

MP applies for Westminster debate on ‘portal juggling’

A Tory MP is hoping that ‘portal juggling’ will be the subject of a debate at Westminster. Derek Thomas, MP for St Ives in Cornwall, has submitted an application for a Westminster Hall debate on portal juggling for the week starting June 13. Cornish agent Chris Wood has been briefing the MP on the practice […]

Picture of the Week: When is an hour not an hour?

Here is our picture of the week which perfectly illustrates the timely conundrum of when an hour is not an hour. The answer is when it is an Open Hour hosted by Purplebricks this coming Thursday. The Open Hour lasts from 6.30pm to 7.15pm. It’s a bit like when you’re a sandwich short of a […]

eMoov among firms in marathon business pitch to Richard Branson

Property businesses are among those that have made the shortlists of a ‘pitchathon’ to Sir Richard Branson. The 19-hour marathon is a Guinness world record attempt. It consists of 160 businesses each making three-hour live pitches today and Wednesday. The ‘people’s vote’ opens on Thursday, with the next stage being competitive workshops with 40 of […]

What got you talking this week: EYE’s top stories

May 28, 2016

It’s been another hectic week for the industry with property peaks and portals dominating the news agenda. First: The top of the market? It takes a brave soul to call the top of the property market. But Spicerhaart boss Paul Smith made the bold claim this week, saying the market peaked in April and now […]

How realistic is a seven-day time frame to switch mortgages?

The industry has begun weighing up government proposals to allow home owners to switch mortgage within seven days. The plans, proposed as part of a call for evidence on helping consumers easily move between financial providers as with energy and broadband, would hit conveyancers and mortgage lenders who would have to find a way of […]

News Flash: Well known agent collapses owing over £1m in debts

May 27, 2016

A very well-known regional agent has collapsed owing over £1m. High-profile Penyards, with a head office in Winchester and eight offices in the south and which largely specialises in upmarket homes, has been the subject of a sale out of administration. Administrators Begbies Traylor sold the firm and its assets for £180,000 to a firm […]

Rightmove testing virtual reality – but is it really ‘360 degree property porn’?

Rightmove has started to test a virtual reality viewing platform that lets members of the public explore properties without having to leave their sofas. The Mirror has somewhat sensationally described it as three-dimensional “property porn”. More prosaically, two virtual reality tours are now available via Rightmove to view on a smart phone through a Google […]

A leave vote could hit transactions rather than prices, claim

A vote at the EU referendum to leave could have a bigger influence on transactions than prices, Hometrack has claimed. The technology provider looked back at big economic and political events that have hit the property market such as the dot com bubble and Iraq War, and claimed a Brexit could see housing transactions fall […]

Demand and supply both shrinking, says NAEA

Estate agents reported a large drop in demand for housing in April, with the number of applicants registered per branch at the lowest level for two years. The NAEA said there were 325 house hunters registered per member branch on average last month – the lowest number recorded since March 2014, when there were 313 […]

MP raises matter of banned letting agents in Parliament

The case of the letting agents banned from trading for three years by the Property Ombudsman has been raised in Parliament. Property Vibe, and the Flat Agency & Michael Browns, both owned by the same man, were expelled by TPO in March. Both the agents, in Southampton, are said to have failed to repay deposits. […]

Leaders announces two more acquisitions – with further purchases to come

National estate agents Leaders has added four new branches after expanding into Stoke-on-Trent and Chester. The company acquired Homesearch Property Management and its two branches in Stoke-on-Trent earlier this month, before taking over Minchin Fellows and its two offices in Chester this week. It is the first time Leaders has moved into Staffordshire, although it […]

Is a seven-day deadline to switch mortgages really possible?

The industry has begun weighing up government proposals to allow home owners to switch mortgage within seven days. Possible or impossible? The plans, proposed as part of a call for evidence on helping consumers easily move between financial providers as with energy and broadband, would hit conveyancers and mortgage lenders who would have to find […]

Will your phones be ultra-busy next Tuesday – or quiet?

With reports of falling demand, next Tuesday could be a test of the property market. According to Moneypenny, the phone answering service used by a number of agents, telephone calls to its property clients normally shoot up immediately after May bank holiday weekends. Moneypenny says calls rose by 34% on Tuesday, May 3, compared to […]

Fewer than 2% of all homes sold at auction as gavel growth stagnates

May 26, 2016

Just under 2% of all residential transactions in the UK take place through auctions. The proportion of 1.9% is the same as ten years ago, according to the RICS. If correct, it means that more homes are sold through online agents than by auction houses. But one auction house, IAM Sold, told EYE that if […]

Crucial day for protesters bidding to stop Land Registry sell-off

The consultation into the sale of the Land Registry closes tonight at 11.45pm. It does not give an option for keeping the Land Registry in public ownership, but gives various options regarding its privatisation. The intention to sell it into private hands was confirmed in the Queen’s Speech. However, a petition objecting to stop the […]

Shares in Zoopla shoot up after mega-results

Shares in Zoopla rose 10% yesterday after its outstanding half-year results, showing a 130% rise in revenues driven by performance at its comparisons website business uSwitch. The business was acquired last May and delivered a performance ahead of expectations, with 46% revenue growth. William Packer, analyst at Exane BNP Paribas, said uSwitch was now worth […]

Car boss’s open letter to ‘greedy’ portal says it has too much power

Can a portal do too much in terms of serving the public? Can it give consumers just too much help and information, when ultimately, it is not them who pays? A reader forwarded on a link to an open letter from the managing director of a car dealer to Auto Trader, saying that there are […]

Pictures of the Week: A question of May or maybe not

Here is our Picture of the Week. Or we should say pictures, which come, as they almost always do, courtesy of Rightmove. In fact, it was Rightmove itself which alerted us through its round-up of quirky property listings in May. In fairness, the round-up doesn’t actually say the properties were listed in May, only makes […]

NEWS FLASH: Estate agent who killed a stranger is banned from industry

May 25, 2016

An estate agent who killed a stranger with a single punch has today been banned from the industry. Sean Boggans was jailed for four years in 2013 for the crime. Boggans, of Chelmsford, Essex, clashed with Shaun McDermott as he tried to hail a taxi home from a party. Boggans punched Mr McDermott in the […]

NEWS FLASH: Zoopla reports 4% rise in agency members

Zoopla Property Group this morning reported record revenue of almost £100m along with a “robust” performance, saying that it has enjoyed 12 consecutive months of UK agency membership growth. It reported a rise of 4% in agency members, to 12,956 – still down from the number of 16,000 or so it had prior to the […]

Estate agency boss Paul Smith calls the top of the housing market

Spicerhaart boss Paul Smith has called the top of the housing market, saying there is “trouble in paradise”. The market, he said, peaked in April. He is the first mainstream, or indeed any, agent to state the claim, which was clarified by EYE in a series of emails yesterday. He made the remark after HMRC […]

eMoov reports online competitor to advertising watchdog

One online agent reported another to the Advertising Standards Authority over claims it was making. Russell Quirk’s firm eMoov challenged whether the following claims on HouseSimple’s website were misleading and could be substantiated: “£22 Million UK customer savings” and “By the end of this year we will have saved our clients around £22million in fees”; […]

Consumers deliver vote of confidence in estate agency expertise

Despite using the internet to search for properties, consumers not only value estate agency expertise but would like to have life-long relationships with their ‘bricks and mortar’ agency of choice. A new study, involving 1,000 home hunters, by software provider Dezrez looked at public attitudes and expectations towards both online tools and high street agents. […]

Woman agent who claims sexual harassment brings dismissal case against ex-employers

May 24, 2016

A woman negotiator is claiming constructive dismissal from her estate agency bosses who reduced her hours after she took time off work because of stress triggered by sexual harassment. Charlotte Lloyd, 35, says she was sexually harassed by a colleague, Michael Keilthy. She claimed he called her “sugar t*ts” and made lewd gestures and suggestions. […]

Landlords using Airbnb to bypass legal responsibilities as well as agents

Landlords and other property owners are potentially seeking to avoid their legal responsibilities by advertising the property as a holiday let on sites such as Airbnb. According to new research by the Residential Landlords Association, nearly two-thirds of all listings on Airbnb in London are for lets of 90 days or more. That, says the […]

Estate agency technology firm launches app for ‘self-serve’ landlords

Technology Blueprint, the company behind the technology that powers Countrywide, has launched an app for landlords to ‘self-serve’ called Rentr. According to Adam Blaxter of Technology Blueprint, Rentr is a “DIY lettings app for landlords doing it outside of the agency space”. When asked about any potential conflict of interest between his corporate agency clients […]

Part 2: Essential guide to the new Immigration Act

The new Act also contains substantial new powers for landlords to evict tenants where they have been found to be in the country illegally. These powers are based entirely around the service of notices by the Secretary of State telling landlords that some or all of the persons in the property do not have a […]

Part 2: Essential guide to the new Immigration Act

The new Act also contains substantial new powers for landlords to evict tenants where they have been found to be in the country illegally. These powers are based entirely around the service of notices by the Secretary of State telling landlords that some or all of the persons in the property do not have a […]

New Housing and Planning Act now published

The new Housing and Planning Act, with its implications for agents and landlords, has now been published. For those of us who completely lost track of all the amendments, including those which got through and those which didn’t, the link is here. [ comments ] Source:: New Housing and Planning Act now published

New property website tells vendors: Be your own estate agent for £1

May 23, 2016

A new For-sale by owner website has launched, apparently with a large marketing budget, initially costing £2m. It is described by its owner as the Autotrader for houses and the “Google of buying and selling property”. It tells sellers that they can be the estate agent they always thought they could be. CubbyHole, the brainchild […]

We’ll get a deal to exchange in 30 days or forfeit our fee, vows conveyancing firm

A conveyancing provider that offers its services via estate agents has launched a guarantee to have clients in a position to exchange contracts within 30 days. If it doesn’t, it will forfeit its legal fee. Elite Panel Management, which launched in January, agreed that the timescale is ambitious, given that the typical time between instruction […]

Sale of Land Registry will mean public say goodbye to rich dividends

Selling off the Land Registry into private hands will mean the public will start to lose money from the sale in 25 years’ time. A campaign group opposed to the sale of public assets, We Own It, said that the sale of the Land Registry at a likely £1.2bn valuation would be a short-term gain. […]

By George! House prices will plummet if Britain votes to leave EU

As we know, World War Three is going to break out in the event of a Brexit (Cameron), the stock market will crash (International Monetary Fund), and house prices are going to drop like a stone (Osborne and the NAEA). Really? By 10% or even as much as 18%, George? In fact, the Chancellor was […]

Average house prices would go up whether Britain leaves or stays, says NAEA

The NAEA and ARLA have jointly issued a report forecasting that house prices will go up whether the vote is yes or no – but at a slightly lower rate if the vote is to leave. It estimates that if the UK votes to remain in the EU, by 2018 the average UK home would […]

That was the Week that was! The stories that have gripped you

May 21, 2016

It’s been another hectic week for the industry with portal disputes and debates over the EU referendum dominating the news agenda. First: Portal wars A new clash emerged between Zoopla and On the Market. Zoopla has complained to the Advertising Standards Authority about OnTheMarket over an email sent to a prospective member last September. The […]

The Queen’s Speech announcements that could affect your business

The agenda for the next parliamentary session was set out in the Queen’s Speech. There is plenty for agents to consider among the many bits of legislation MPs are set to debate during the next parliamentary year. So how will the proposed legislation affect your business? Digital Economy Bill Poor internet reception is a bugbear […]

Connells squares up for second clash with OTM after acquiring agent

May 20, 2016

Yesterday, an agent was advertising on all three portals – Rightmove, Zoopla and OnTheMarket – in apparent breach of OTM’s one other portal rule and suggesting another legal round in the portals battle. Paul Dubberley, which has five branches in the west midlands, was last week acquired by Connells. Yesterday Connells said that Paul Dubberley […]

Online agents go from 2.5% of market share to over 5% in two years – Rightmove

The property and technology worlds collided in the heart of London for the Future Property Tech conference, held yesterday. EYE’s new Proptech editor (me!) was on hand to report on the day’s proceedings and highlight any interesting technology. The day was kicked off with a panel discussion about deals within Proptech and the head of […]

Starter homes initiative could distort and disrupt entire housing market, warning

Lenders have cast significant doubts on the Government’s controversial starter home initiative, saying it could easily distort the whole property market. A total of 200,000 starter homes are to be built over the lifetime of this Parliament and made available at a 20% discount to first-time buyers under the age of 40. These new homes […]

Estate agency bonds with famous actress client

There are a number of agents and their clients who get on so well together that they end up being friends – but not every client is a well-known celebrity. Ex-Bond girl and Avenger Dame Diana Rigg walked into the office of Malverns Estate Agents in south-west London – immediately causing a stir. The firm […]

Nearly one-third of all housing benefits claimants rent privately

Almost one-third of all housing benefits claimants live in the private rented sector and receive on average more benefit than those living in the social sector. The Department for Work and Pensions has published the latest statistics, showing that 1,492,861 housing benefits claimants are private tenants – representing 31.6% of all 4,731.241 claimants. There are […]

House prices rising five times faster than earnings

May 19, 2016

Average house prices across the UK have increased 5.1 times faster than average weekly earnings over the last five years. The claim comes from the Resolution Foundation in response to the latest ONS House Price Index. The think tank’s analysis of the data shows that house prices have increased by 36% since April 2011, while […]

Rightmove gets ready to shut down its overnight data feed

Rightmove will be shutting down its ‘old’ overnight data feed within a matter of weeks, saying that 96% of agents are now on a real-time data feed (RTDF) or in the process of migrating over. At present 75% of agents who use a feed to upload properties to Rightmove automatically from their software are on […]

Privatisation of Land Registry to go ahead, Government confirms

A new Neighbourhood Planning and Infrastructure Bill which will enable the Land Registry to be sold off was announced in yesterday’s Queen’s Speech. Confirming the privatisation of the Land Registry as going ahead, government notes about the Bill say the sale would “support the delivery of a modern, digitally-based land registration service that will benefit […]

Splash! Estate agency boss gets tipped into pool on viewing

You’re showing your boss around a property, as you do. You get to the swimming pool, she kneels down to dip a hand in the water – and if you’re the firm’s office manager Rob Kahl, you push her in. That’s wet, wet, wet. So, how lucky that Simone Giles, director of Essex firm Scott […]

New role for Bob Scarff in property technology collaboration

Property technology guru Rob Wellstead and former Countrywide head of estate agency Bob Scarff have joined forces in a new collaboration. The duo will use their knowledge and experience in the estate agency and letting industries to develop new property technology. They say these products will drive change in how the industry uses technology, making […]

Zoopla complains to advertising watchdog about OnTheMarket

May 18, 2016

Zoopla has complained to the Advertising Standards Authority about OnTheMarket. The complaint was over an email sent to a prospective member last September. The main text of the email said: “Dear […] As you have registered interest in Agents’ Mutual and, I am writing with an update on our progress […] “The great majority […]

Tax increases will drive much-needed landlords from sector, says LSE

Tax increases for private landlords will drive some out of the sector, while others will pass the costs on to their tenants, stretching household budgets and putting home ownership further out of reach. The warning comes from a new report by the London School of Economics, Taking Stock. It analyses the private rental sector and […]