Estate Agent Sorry For Calling Covid A 'Blessing In Disguise' For The Housing Market

An estate agent’s firm has apologised for an advert in which it called coronavirus a “blessing in disguise” for its effect on the housing market. “What a year it’s been for everyone in Chorlton and Old Trafford,” the promotional leaflet by Manchester-based JP & Brimelow reads. “So much uncertainty, so much worry about jobs and of course concern over health. However, the property market has actually fared very well this year. More of us have spent more times in our homes, and I think it’s fair to say that the role our homes play in our lives has increased greatly in importance.” Read more on the Huffpost website.

https://www.huffingtonpost.co.uk/entry/estate-agent-blessing-in-disguise-covid_uk_600ee26dc5b6d64153addb73

Housing Market Reopens

Landlords can now hold viewings and allow tenants to move in and out of rental homes – provided they follow social distancing measures. The changes to the rules -­ amendments to the Health Protection (Coronavirus, Restrictions) regulations in England – means estate and letting agents’ offices can open; viewings are permitted; show homes can open; removal companies and the other parts of the sales and letting process are re-started with immediate effect. Housing Secretary Robert Jenrick said more than 450,000 buyers and renters have been unable to progress their plans to move since March. Read more on the RLA website.

https://news.rla.org.uk/housing-market-to-reopen/

Estate Agents: Coronavirus – Parliamentary Written Answer

Neil Coyle: To ask the Secretary of State for Housing, Communities and Local Government, whether estate agents are classified as key workers for the purposes of the Government's response to the covid-19 pandemic.

Christopher Pincher: Estate agents are not currently classified as key workers. All estate agency workers should work from home wherever possible to support their existing clients, and follow Government guidelines on hygiene and social distancing.

http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2020-03-24/34358

Housing Recommended For Another New Regulatory Body

Housing could have another regulatory body, if proposals in a newly released report to professionalise the way property agencies do business for the government get the go-ahead. The report on regulation of property agents calls for estate agents, letting agents and managing agents to hold “compulsory” formal qualifications and abide by a code of practice policed by a watchdog they pay for. Currently, anyone can operate as a property agent regardless of qualifications or whether they are a member of an official body. Read more on 24housing.

https://www.24housing.co.uk/news/housing-recommended-for-another-new-regulatory-body/

Housesimple To Sell Homes For Free

The UK’s 5th largest single-brand estate agency, Housesimple, has announced that it aims to save sellers over £3,000 in commission by selling homes for free. The free service, which has been trialled in selected postcodes in Yorkshire since January 2019 and the North West since April 2019, will now be rolled out permanently across these markets before the business makes its move into other regions in the coming months. Sellers will continue to receive local expert valuations, photos and floorplan, ads on Rightmove, Zoopla and others, a ‘for sale’ board, negotiations and sales progression, and the support of a dedicated team from valuation through to completion. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/business/housesimple-to-sell-homes-for-free.html

7,000 Estate Agents At Risk Of Going To The Wall

More than 150 estate agency firms went insolvent last year and as many as 7,000 are at risk as high street operators face the triple whammy of online competition, a sagging property market and cuts to letting fees. A study by accountants Moore Stephens found that 153 estate agency firms went insolvent in the year to May 2018, a small increase on the 148 the year before. But it found that more than 7,000 estate agents “currently show signs of financial distress”. Read more on the Guardian website.

https://www.theguardian.com/business/2018/jul/01/7000-estate-agents-at-risk-of-going-to-the-wall-says-study

Buyer Demand Hits Pre-Brexit Levels

The latest data and analysis from estate agent, haart, has revealed that during February, house prices across England and Wales rose by 0.4% on the month and fell by 2% on the year. The average house price now sits at £228,395. New buyer demand for homes rose by 20% on the month and by 14% annually. The number of properties coming onto the market has risen by 15.3% on the month, however is down by 3% on the year. This month there are 15 buyers chasing every property across England and Wales. The market has become less efficient this month, as the number of transactions has decreased as the number of viewings has increased. Meaning that buyers are choosing to look at more properties before they buy. Read more on the Property Reporter website.

http://www.propertyreporter.co.uk/property/buyer-demand-hits-pre-brexit-levels.html

Countrywide's Shares Dive As Profits Fall

Shares in Countrywide, the UK's largest estate agent group, lost 20% after it warned of tough times in the market. Countrywide, whose brands include Bairstow Eves and Gascoigne Pees, made a £208.1m after-tax loss in 2017, versus a £17.5m profit in 2016. said about 150 head office jobs would go. The firm has been hit by a slowdown in the housing market as well as the rise of online agents such as Purplebricks. But by the close, the shares had pulled back to stand 1.6% down. The profit figures were also dragged lower by one-off costs as Countrywide continued to restructure the business. Read more on the BBC.

http://www.bbc.co.uk/news/business-43328796

UK Housing Market Gets Off To Subdued Start In 2018

Britain’s housing market got off to a subdued start in 2018, with sellers of £1m-plus homes in London finding it toughest to find buyers in January, according to a survey of estate agents. Across the UK as whole, the number of sales, new buyers, and properties coming onto the market all fell in January, the Royal Institution of Chartered Surveyors said. New buyer inquiries fell for a 10th successive month and the number of properties coming on to estate agents’ books slipped back to the record-low levels seen around the middle of 2017, signalling there will be no imminent pick-up in activity. Read more on the Guardian website.

https://www.theguardian.com/business/2018/feb/08/uk-housing-market-gets-off-to-subdued-start-in-2018-estate-agents-say

Ombudsman Abandons 'Broken' Housing Market

One of several organisations that resolves disputes in the property market has announced it is going to withdraw from the sector. Ombudsman Services said it would no longer offer "a broken solution to a broken market". It is one of at least four services that offers redress in arguments between property agents - including estate agents - and individuals. It said it would complete its withdrawal by 6 August 2018. Other services operating in the housing market include The Property Ombudsman, The Property Redress Scheme and the Housing Ombudsman. Read more on the BBC website.

http://www.bbc.co.uk/news/business-42949800

Housing Demand Slipped 20% In December

The latest data and analysis from NAEA Propertymark has revealed that the number of house hunters registered per estate agent branch fell by 20% in December, but first time buyers were quick to take advantage of the quiet market, with sales to the group increasing. A break down of the figures show that overall, demand for housing fell by 20 per cent in December, with 268 prospective home-owners registered per member branch, down from 333 in November. Echoing this, the number of sales agreed per estate agent branch fell to five – the lowest since December 2014 when there were also five agreed, and down from seven in November. Read more on the Property Reporter website.

http://www.propertyreporter.co.uk/property/housing-demand-slipped-20-in-december.html

Over Half Of Buyers, Sellers And Renters Have Issues With ‘Rogue’ Agents

New research from Propertymark today reveals that a worrying number of buyers, sellers and renters assume all estate agents, letting agents and landlords are regulated. Propertymark sampled those who have bought, sold or rented a property in the last five years about their experiences with letting agents, estate agents and landlords – to find more than half (54%) have faced issues. However, the research found that 37% of buyers and sellers, and 42% of renters didn’t consider whether their agent was part of a professional body before progressing with their transaction. Read more on 24housing.

http://www.24housing.co.uk/news/over-half-of-buyers-sellers-and-renters-have-issues-with-rogue-agents/

Return Of The Accidental Landlord

Tens of thousands of homeowners have become accidental landlords in the last year, as homes in the notoriously expensive South East and London struggle to sell. Around 80,000 homes formerly for sale in the previous six months have come up in the rental market this year, research from estate agent Countrywide reveals. The decision by owners to keep hold of properties and let them, in order to move home, has come despite a tax crackdown on buy-to-let - and Countrywide said one in 12 homes available in the rental market has previously been up for sale. Read more on the Daily Mail website.

New Housebuying Rules Will Clamp Down On Gazumping

A clampdown on gazumping and other tactics that cause misery to housebuyers and sellers is being drawn up by the government as part of a renewed attempt to reduce the stress of buying a home. New rules to stop people from cutting their offer at an advanced point in a sale, and “time wasting” by bidders with no realistic hope of completing a purchase, will also be examined as part of a review of the rules.  Previous attempts by ministers to improve the process have come to little. However, Sajid Javid, the communities secretary, is now launching an eight-week call for evidence from estate agents, solicitors and mortgage lenders in an attempt to make house buying “cheaper, faster and less stressful”. Read more on the Observer website.

One In Five High-Street Estate Agents Risk Going Bust

One in five UK estate agents are at risk of going out of business amid a growth in online companies, new research shows. Almost 5,000 estate agents are showing signs of “financial distress”, said accountancy firm Moore Stephens. Traditional companies are likely to have higher property and staff costs and are struggling to compete with low-cost, fixed-fee online agents, said the report. The growth in property websites has also undermined the role of estate agents, it suggested. The study follows a slump in profits announced last week at two of the UK’s biggest estate agents. Read more on the Guardian website.

House Sales Surge Due To Interest-Only Worries

New research from equity release referral service, Key Partnerships, has revealed that many homeowners are being forced to sell their homes to pay off interest-only mortgages ahead of looming repayment deadlines. The report found that more than two out of five estate agents (43%) say the number of customers forced to sell to pay off interest-only mortgage debts has increased over the past two years. Mortgage debt issues are particularly affecting older customers trying to downsize to less expensive houses to release cash. Key’s research found 73% would-be downsizers are paying off mortgages. Estate agents are regularly asked for advice and guidance on mortgages and remortgages by clients – 58% say clients want support on mortgages. Read more on the property reporter website.

General Election Hurt Demand And House Prices

The National Association of Estate Agents says the General Election led to a drop in the number of registered house hunters per branch by eight per cent in May - and it also reports a sharp fall in the number of homes selling above asking price. The NAEA says the number of house hunters registered per estate agent branch fell from an average of 381 in April to 350 in May - “unsurprising as political uncertainty ahead of the election stalled buyers” says the association. Only three per cent of properties sold for more than asking price in May, down four per cent from April and the lowest level since October. Read more on Letting Agent Today.

Estate Agents Struggling To Find Homes To Sell

The average number of homes for sale by each estate agent has fallen to a record low, with agents in parts of the country gloomier than at any time since the financial crash, according to a report by the surveyor’s professional body. The Royal Institution of Chartered Surveyors (Rics) said the number of properties sitting on estate agents’ books fell to just 43 per branch in March, the lowest figure since the body started collecting the data in 1978. House prices were broadly flat across the UK during March rising strongly in north-west England, but declining in London. Read more on the Guardian website.

11 Chasing Each Property On Estate Agent Books

A surge in demand from home buyers in the UK means that there are now 11 buyers chasing every property for sale through estate agents, new research shows. Despite the current low levels of supply being offered through estate agents, the number of prospective buyers is still rising, according to the latest data from national association NAEA Propertymark. Its latest report shows that the average number of prospective buyers registered per member branch in January was 425, a 10% rise from December 2016 when estate agents registered 386 on average. Read more on Property Wire.

Property Market Has Peaked

The boss of one of Britain’s biggest estate agent chains appears to have called the top of the property market, saying there has been a big slump in demand from buyers after the nation has “reached the limit” on house prices. Paul Smith, whose company operates Haart, Felicity J Lord, Spicer McColl and Darlows chains across the UK, said there was “trouble in paradise” and sellers would have to cut prices to find buyers.  Smith warned that prices may be peaking after a 12% year-on-year rise to a record high of just over £234,000 for an average home, nearly nine times the average UK income. Read more on the Guardian website.