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Online agents have ‘disrupted vendors’ psyche’ but traditional agents can still hit back, claim

February 21, 2018

Online estate agents may have permanently changed the way in which vendors think about how they pay to sell their home, but traditional agents can still hit back by halving their fee and charging it upfront. That’s the claim from a specialist property analyst, who has been comparing the way in which the model of […]

Zoopla’s share of listings at a three-year high, bank report claims

Zoopla’s share of UK property listings is at its highest level in three years, according to a report by bank Morgan Stanley. Morgan Stanley yesterday upped its stance on the stock of Zoopla’s parent company ZPG from ‘equalweight’ to ‘overweight’ and set a new target price for the business of 400p. That is up from […]

Upbeat Hunters sees expansion in ‘challenging’ market – and says franchisee collapse was ‘unique’

Hunters has said that the circumstances that led one of its franchisees to cease trading were “unique” and that it hopes that “challenging” market conditions will encourage more independent operators to join the franchise. The comments came as Hunters unveiled an increase in income of nearly 10% in 2017. In a trading update ahead of […]

BBC Panorama to investigate Section 21 ‘no-fault evictions’ tonight

The BBC current affairs show Panorama is set to examine Section 21 notices – so-called ‘no-fault evictions’ – tonight, and debate whether tenants deserve more protection. The programme, called Evicted for No Reason, is at 8.30pm on BBC One. Investigative reporter Richard Bilton will look at how ‘no-fault evictions’, as Panorama is calling Section 21 […]

Proptech startup that claims to weed out time-wasting tenants raises £3m in funding

A proptech startup business that claims it can make letting agents more profitable by weeding out time-waster tenants has raised £3m in new funding. The Homie service, which is just two years old and covers London only, says it vets would-be tenants so that agents only see the ones who are serious about renting a […]

Revealed: The hundreds of millions poured into online and hybrid agents

February 20, 2018

Ten of the UK’s top online/hybrid agents have raised nearly £250m between them since they were launched. Nearly 40% of that figure is accounted for by Purplebricks alone. EYE looked into the funding of 14 of the biggest names in the sector to see how much financial backing they have received since their respective launches. […]

Collapse of Hunters in Norfolk results in 21 job losses

The collapse of the business that operated the Hunters brand in Norfolk has resulted in the loss of 21 jobs, it has been confirmed. EYE revealed last week that Kudos Residential had ceased trading, wiping out Hunters’ presence in the county. The business has been placed into creditors’ voluntary liquidation with Price Bailey insolvency practitioners […]

Online agent defends failure to display EPC ratings on Rightmove listings

An online letting agent has defended its failure to display EPC ratings on some of its Rightmove listings, after EYE uncovered several examples of properties for which no rating was displayed, some of which had been on the market for months. A reader contacted EYE to complain that online letting agent OpenRent was posting listings […]

Competition watchdog that fined estate agents £370,000 launching new price fixing crackdown

The UK’s competition watchdog has unveiled a new crackdown on illegal price fixing, less than a year after it fined an estate agency group hundreds of thousands of pounds for the practice. The Competition and Markets Authority (CMA) announced it is launching a new campaign to encourage more people to come forward after it was […]

Irish firm promises to revolutionise property auctions with first UK online sale

An Irish business promises to revolutionise property auctions when it launches its first UK online auction next month. BidX1, which took over veteran London firm Andrews & Robertson last month, takes a step away from the traditional auctioneering model by making its online technology available to everyone. All bids will be logged and displayed on […]

Council fines its own sales and letting agency, forcing it on to official blacklist

February 19, 2018

Email to a friend Print A local authority has fined its own sales and letting agency, so that it now appears on an official blacklist. Westminster Council’s CityWest Residential has been fined £15,000 for three breaches under the Consumer Rights Act. Its failures included not advertising fees charged to tenants. The fines were imposed after […]

Government paves the way for single ombudsman with new housing consultation

The Government is moving closer to introducing a single ombudsman to cover the whole of the housing market, following an announcement over the weekend that it is holding a consultation into the way in which property redress is handled. Housing Secretary Sajid Javid revealed details yesterday of the eight-week consultation, which relates to the housing […]

Mystery as provider loses regulatory status for tenancy deposit replacement scheme

One of the UK’s first deposit replacement scheme is currently unable to take on new business. Deposit replacement insurance scheme Dlighted has temporarily lost its regulatory registrations as it seeks a new provider for its protection product. Dlighted, set up by letting agent Ajay Jagota, offers an insurance product paid for by landlords instead of […]

Average asking prices rise in all but one region, Rightmove figures suggest

Average asking prices have risen in every region of England, Wales and Scotland bar one, according to new figures from Rightmove. The portal’s House Price Index shows that average asking prices are up by 0.8% (or £2,414) to £300,001 for the month running from January 7 to February 10. At the same time, it revealed […]

Lets with Pets: Labour plan for tenants to have right to keep animals ‘needs to be done in the right way’

The charity that runs the Lets with Pets scheme, which informs pet owners, landlords and letting agencies about privately renting with pets, has welcomed Labour proposals to make it a default for tenants to keep animals at home but has warned it needs to be done “in the right way”. The Labour party published the […]

EYE NEWSFLASH: Yopa launches no sale, no fee option

February 14, 2018

Email to a friend Print Online estate agency Yopa is to launch a no sale, no fee option. The company will charge a flat rate fee of either £1,495 or £2,695 depending on where clients live. That’s more expensive that its traditional fee structure, which costs either £839 or £1,399, with the option to pay […]

Anger as agents say that delay in getting OTM share certificates means losses

Two agents have complained that they have been kept in the dark about their share certificates for OnTheMarket – and effectively prevented them from cashing in their holdings quickly. OnTheMarket has totally denied with-holding any information from its members, saying it has consistently kept them updates. The agents have businesses in different parts of the […]

Anger as agents claim they were unaware of delay in getting OTM share certificates

Two agents have complained that they have been kept in the dark about their share certificates for OnTheMarket – and effectively prevented them from cashing in their holdings quickly. OnTheMarket has totally denied with-holding any information from its members, saying it has consistently given them updates. Meanwhile, it was announced this morning that the 100-plus […]

Complaint about Purplebricks’ standard fee claim informally resolved by advertising watchdog

A complaint about Purplebricks and its description of the standard fee it charges has been informally resolved by the Advertising Standards Authority (ASA). The ASA said it received a complaint about the hybrid agent’s website, which made reference to “our standard fee £849”. The complainant challenged whether the claim could be substantiated Purplebricks’ website as […]

Market could be shifting back to increased transactions in 2018, Land Registry numbers suggest

After a slump in residential transactions in 2017, could new official figures indicate the start of the pendulum swinging back in the other direction? That’s the contention from buying agent Garrington Property Finders, after studying the most recent numbers from the Land Registry. The Land Registry’s latest sales volume figures, released as part of its […]

House Network: ‘Our agents will ride naked on a unicycle to the homes of disappointed clients’

House Network, which claims to be the UK’s first online estate agency, has launched a new advertising campaign in which it promises that its agents will ride naked on a unicycle to the homes of clients it disappoints and give them their money back. The campaign, called “Sworn to sell”, and produced by Minimart, depicts […]

Number of first-time buyers reaches a decade-long high but buy-to-lets stumble, figures suggest

The number of first-time buyers in the market has hit a decade-long high, according to new figures. Nonetheless, growth in the mortgage market still looks set to be subdued this year, thanks largely to the faltering buy-to-let market. UK Finance has revealed that the number of first-time buyers (365,000) last year was the highest since […]

Hybrid agent: ‘We have not even begun to capitalise on market disruption’

February 13, 2018

Express Estate Agency, which claims to be the second biggest hybrid agent in the UK, says it has “not even begun” to capitalise on the disruption taking place in the world of estate agency. The Manchester-based business was founded by brothers Chris and Mark Brogan and business partner Sam Ballard in 2009 and has an […]

Urgent action needed on ‘McMafia-style’ residential property transactions, warning

Estate agents need to take urgent action to ensure they are fulfilling their anti-money laundering obligations, as new research suggested that residential property deals set off more red flags in the legal sector than any other activity. That’s the warning from anti-money laundering specialist Fortytwo Data, which said it had found that suspicious home transactions […]

‘Even estate agents hate estate agents’, claim

You might expect a respected estate agent to leap to the defence of his profession against the regular abuse it receives from the wider public. But that’s not the approach London estate agent John Horton has decided to take. In fact, he believes that many estate agents don’t even like each other and he has […]

Purplebricks adverts ridicule ‘thumb-twiddling’ agents

Hybrid estate agent Purplebricks has released a series of online adverts on the video sharing website youtube, which in some cases mock traditional estate agents. The five videos, posted last month, have racked up nearly 4m views between them. The short clips each address a question about the agent. One, which has had just over […]

Weight of intervention in rented sector means Government must think more strategically, new minister told

The huge amount of change being introduced by the Government in the private rented sector (PRS) means that it needs to think more strategically about its approach, a leading association has warned. The Residential Landlords Association (RLA) urged the new Minister for the Private Rented Sector, Heather Wheeler, to consider the way in which the […]

Agent told to stop using Codling report when touting Purplebricks sellers

February 12, 2018

An agent who used the new Jefferies research to tout Purplebricks vendors has been asked to refrain from sending out any more similar letters. The request came from Purplebricks head office after iMove, in Crystal Palace, London, sent out the touts – described by Purplebricks as being of the type that brings the whole industry […]

OnTheMarket fails to excite on stock market debut

OnTheMarket will start trading at 148p today, having failed to set pulses racing when it debuted on the AIM market on Friday. Shares in OTM fell during their first day of trading. According to Hargreaves Lansdown, they opened on Friday at 163.5p and closed at 148p – a drop of around 9.5%. The volume of […]

Landlord wins long-running case against agent after tenancy went wrong

A customer has won a payout from Sequence after the Connells brand was refused leave to appeal. In a long-running case, amateur landlord Saul Shevlin brought action against Sequence after a tenant moved into his property, holding all-night parties to the dismay of neighbours. He alleged professional negligence and breach of contract over the selection […]

‘Just 12% of agents understand Anti Money Laundering obligations’

Estate agents continue to be at risk of fines from HMRC for non-compliance with the Anti-Money Laundering regulations – with widespread confusion in the industry as to requirements. Latest research from agency software provider Landmark shows worrying gaps in understanding when it comes to AML. Just 12% of those surveyed scored 100% in a multi-choice […]

Agent who committed fraud to keep business afloat must pay thousands of pounds to victims, court rules

An estate agent who “borrowed” hundreds of thousands of pounds from clients and friends to keep his business alive after it “fell off a cliff” during the financial crash, must repay a slice of the money he gained from his victims. Russell Baker, 60, ran Ashby’s Estate Agents (Devon) in Bovey Tracey. He was given […]

EYE exclusive: Secret ‘Project UHA’ wins 10% coverage of UK in two months

February 9, 2018

Email to a friend Print The top secret estate agency initiative code-named ‘Project UHA’ has now gained traction in over 10% of the UK, it is claiming. Within two months of launch, the project – which will allow agents access to an online offering – says it has won commitments from over 300 agents. Each […]

OnTheMarket finally launches on stock market this morning

OnTheMarket’s long-awaited stock market flotation took place this morning. The portal is due to start trading on AIM at 165p per share when the market opens at 8am. After this morning’s admission, Schroder Asset Management will hold 6% of the shares, investor Jason Walker will hold 3.1%, and stock broker and investment management firm Albert […]

Forget the ‘spray and pray’ approach of panel managed conveyancing, agents are urged

Agents worried about low instruction levels, high fall-through rates and the growth of online competitors should forget the “spray and pray” approach of panel-managed conveyancing. Instead, they should concentrate on getting more deals through – and more quickly than the average, which has now risen to 16 weeks between offer and exchange. Peter Ambrose, who […]

Double-digit rises in new home sales and instructions for Connells

Connells has recorded a 15% year-on-year upswing in the number of homes it sells, while new instructions are up 22%. The company said it sold over 9,000 new homes in 2017, which was a record for the business. Connells has relationships with most of the UK’s major national house builders, as well as a number […]

Home owner mortgage arrears at record lows but more landlords struggling

Landlord mortgage arrears have begun to increase, new industry data says, while a separate new study forecasts that even if house prices were to fall as hard as they did in the last crash, a far smaller percentage of home owners would be affected by negative equity. Figures from banking trade body UK Finance show […]

Online agent founded by teenager aims to sell £1bn of homes this year

February 8, 2018

An online estate agent whose 19-year-old managing director founded the business just last year is targeting sales of over £1bn worth of homes by the end of this year. Doorsteps, which was founded by Akshay Ruparelia while he was still in school, now lays claim to being the 14th largest estate agent in the UK, […]

Belvoir on the prowl for more independent agent acquisitions

Belvoir is on the hunt for more businesses to bring into its franchise model, as smaller independent agents look to exit. The company is predicting that there will be more consolidation in the sector as independent rivals struggle with the complexities of increased regulation and the prospect of a ban on tenant fees in 2019. […]

Estate agency burgled twice by prolific thief criticises ‘ridiculous’ jail sentence

An estate agency that has twice been burgled by the same thief has criticised the “ridiculous” sentence handed down to him, amid fears that he will return again. Michael Patterson, 50, forced his way into Madina Property Services’ office in Longsight, Manchester, last September and stole two envelopes containing nearly £6,000 worth of payments made […]

Agent looks to go head-to-head with EweMove and Purplebricks with franchise network launch

An agent is looking to turn himself into a franchise founder. Sean Dickson, a former agent with Rochester-based RedDoor Homes, has set up a company called Easy Online Agent that will aim to provide the technology and support services behind a new franchise network. Dickson, who left RedDoor Homes last year, fronted the agency’s award-winning […]

Housing minister gets in another Twitter spat with property journalists

New housing minister Dominic Raab has accused a respected property industry title of “fake news” just hours after he attacked another journalist’s article questioning his absence from a key ministerial meeting on housing as “tripe”. Raab took to Twitter yesterday morning to claim Inside Housing was “peddling fake news” for asking why he wasn’t at […]

MPs back legislation to make all homes comply with minimum EPC band C

February 7, 2018

Email to a friend Print MPs have backed a proposed Bill that could see all domestic properties bought up to a minimum energy performance certificate (EPC) rating of C by 2035. Sir David Amess, Conservative MP for Southend West, proposed the Domestic Properties (minimum energy performance) Bill during a Ten Minute Rule Motion yesterday. Such […]

Dramatic slump in buy-to-let lending blamed on Government intervention

Regulatory intervention has led to a huge 80% slump in buy-to-let investment. That’s according to the Intermediary Mortgage Lenders Association (IMLA), which has charted a steep drop from £25bn of net investment in the sector in 2015 to just £5bn last year. IMLA said tax changes had deterred landlords from investing and created difficulties re-mortgaging. […]

‘New type’ of agency botches sale of home after giving sellers wrong advice

A property professional from an unidentified “new type” of agency is alleged to have caused the sale of a couple’s home to be delayed by months. The agent apparently advised that the sellers go straight to market – as they did. For the next six months, they had just two viewings, while it turned out […]

Spicerhaart targets more high street branch openings after acquisition of independent firm

Spicerhaart will use its recent acquisition of the three-branch Brian Holt group in the midlands as a springboard to open a network of high street branches in the region. The business said it would set up a new region in Warwickshire under the haart brand, following its purchase of Brian Holt, which was announced earlier […]

Avocado toast lovers rejoice! NLA points to falling rents

The rent charged by one in five landlords in outer London is lower now than it was a year ago. That’s according to the National Landlords Association (NLA), which declared the finding good news “for avocado toast lovers” – an apparent reference to a PR campaign by Strutt & Parker which backfired badly last year […]

Ombudsman quits property sector saying housing market is ‘broken’

February 6, 2018

Ombudsman Services is to quit the property sector, saying it no longer wants to officiate arbitration services as “a broken solution to a broken market”. The service has over 8,000 member businesses – not branches – in total, with the overwhelming number being 6,500 RICS firms. Its withdrawal leaves just two organisations offering redress to […]

New complaint about Purplebricks goes in to advertising watchdog

There have been three new developments concerning under-attack Purplebricks. In the first, well-known estate agent Trevor Kent has complained to the advertising watchdog about a Purplebricks TV advert. Kent, a former president of the NAEA and high-profile media pundit, is challenging Purplebricks’ claim that they are “not just online estate agents”. He is arguing that […]

Another bruising day for Purplebricks as market reacts to BBC radio investigation

Purplebricks’ share price endured another bruising day after the markets were given their first chance to react to the Radio 5Live investigation in which the firm’s UK CEO Lee Wainwright appeared. Shares dropped 7.2% (30.2p), having fallen nearly 15% on Thursday and Friday last week. The firm’s share price closed yesterday at 388.4p. The fall […]