BREAKING PROPERTY NEWS – 13/07/2022
Daily bite-sized proptech and property news in partnership with Proptech-X.
Homesearch announce new partnership with Propertymark
PRESS RELEASE: Property data and estate agent prospecting platform, Homesearch has announced that it has secured a new partnership with Propertymark, enhancing support for its estate agent members and boosting growth innovation across the industry.
Under the new partnership, Homesearch will collaborate with the industry body on a range of initiatives, helping agents better utilise proptech and maximise market data to generate new leads, win more instructions and increase revenues.
Agents can expect to benefit from a series of educational webinars and industry events, whilst the partnership will play a pivotal role in helping Homesearch grow its market presence in Scotland.
Having recently launched north of the border, Homesearch will work with Propertymark to equip Scottish agents with the tools needed to stay ahead of the competition – culminating in the Scottish National Conference event held in September.
Giles Ellwood, CEO and co-founder of Homesearch, said: “This partnership aligns one of the most important voices in the sector with one of the UK’s leading proptech businesses. We want to support the industry and help estate agents drive tangible business growth, no matter what the market conditions.”
One of the key facets of the partnership will be guiding agents on how to use big data to access both on and off-market properties across England, Wales and Scotland – not just the small percentage of stock listed on portals.
Giles added: “Working with Propertymark taps into our core ambition to drive real innovation across the whole property industry.”
Nathan Emerson, Propertymark CEO, said: “We’re pleased to venture into a new partnership with Homesearch. We want to introduce our members to a range of technology that can aid their practise and Homesearch seems to be at the forefront of data analysis to assist agents in the pursuit of those elusive new instructions.”
Number of lifetime mortgages sold soars by nearly 30% in March compared to 2021 figures
PRESS RELEASE: Freedom of Information data collected by Quilter, the financial adviser and wealth manager, reveals that 29% more lifetime mortgages were sold in March than they were in the same month a year earlier.
According to the data from the FCA, in March 2022, 5,052 lifetime mortgages, a form of equity release, were sold across all loan to value (LTV) bands while in the same month in 2021, 3,930 were sold.
The data also shows that in total the average number of lifetime mortgages were 31% higher than the average in 2020 and 21% higher than 2021. However, the 2022 average is only based on three months of data.
The data also reveals that the most popular LTV band for lifetime mortgages is 10-20% with an average of 988 mortgages sold per month since 2020.
Comparatively, on average 53 lifetime mortgages in the 50-60% LTV band were sold each month since 2020.
A lifetime mortgage is a type of equity release, a loan secured against your home that allows you to release tax-free cash without needing to move out. Lifetime mortgages are available to homeowners aged 55 or over. You can take the money as a lump sum or as series of lump sums.
A lifetime mortgage is just one type of equity release with the other product called a home reversion plan. This plan enables you to raise money by selling all or part of your home while continuing to live in it until you die or move into permanent residential care.
Karen Noye, mortgage expert at Quilter:
“These figures show that equity release is soaring in popularity. While there is a place in the market for these types of products its essential that people use them for the right reasons. The cost-of-living crisis is biting, and it is worrying to think that people are ripping equity out of their homes just to pay their monthly bills.
“One of the benefits of equity release is that if you don’t want to leave your home then this product can allow you to release capital but still live in your property.
“However, lifetime mortgages do carry a significant risk that you may end up owing far more than you borrowed when the home comes to being sold. This is because this type of mortgage charges compound interest and if you don’t keep up with regular payments then the entire sum will compound. Therefore, you should be cautious when working out whether this product is right and make sure you seek professional advice to decide if it’s the right choice.”
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