BREAKING NEWS – 5 top stories 10/02/2021

Estate Agent Networking Breaking News

CLADDING CRISIS DEEPENS

The cladding crisis, a problem where buildings are not fit for purpose due to their construction methods and materials, and a change in thinking following the Grenfell disaster is now becoming more intense. With a government spat likely to kick off later today, the housing minister wants to keep the lid on it, but MP’s being pressured by constituents are having none of it sensing blood.

A governmental fund of 1.6 BN has been apportioned to deal with the situation, but some are saying this would barely cover 10% of the cost of remedial works required nationally. Other problems are that there are not enough people to carry out checks to buildings, and of course many are in buildings which could be breaching fire safety rules.

It is not clear why in the cases where the homebuilders built and used flammable materials, they are not being held to account, especially as some have had record profits. Also many homeowners are trapped as their homes are not mortgageable, so they cannot move or even re-mortgage. The government is expected to make an announcement imminently.

IS FOXTONS ABOUT TO BE SOLD? DEAL OR NO DEAL

Foxtons is fast becoming an unlikely takeover target as the share price has increased by 40% in the last eight days, though there is no official commentary on this listed agency, we have been informed by some insiders that there is appetite to secure a London centric agency. With the Countrywide Plc deal almost over the line, Brexit ‘done’ and a potentially recovering London market, it remains to be seen who if any will be brave enough to attempt to buy this gem founded by Jon Hunt, who exited and decided to try America.

AVERAGE COST OF CONVEYANCING

Though based on a small sample pool, recent data indicates that typically in the UK fees for conveyancing to clients, stand at around £750 plus VAT on sale and purchase, perhaps this is why there is such a bottleneck at present.

The figures are of course for the work, not the additional disbursements and the usual high amount of SDLT which most buyers have been historically paying, and of course leasehold matters when a vendor has to pay extra funds for leasehold packs etc.

RIGHTMOVE SAYS NEW LISTINGS DOWN BY OVER 20%

It is official but not unexpected the level of new inventory to the market is stalling, many point to the SDLT holiday, the hard stop deadline of the 31st of March, Lockdown 3.0, talk of negative interest rates by the Bank of England, and the need for FTB’s to typically find an extra £10,000 more as a deposit to secure their first home, as property prices rose so much last year.

ROBERT MAY’S – RUMMAGE4 ABOUT TO GO LIVE

Founder Robert May, who I have a soft spot for as often he seems a lone voice of sanity and reality much like myself, is close to launching his property platform. With MR May it is all about the analytical detail, so expect good things from this site, though adoption the thing that makes a service or a product fly may be elusive without a huge marketing budget.

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More