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

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More