BREAKING NEWS – 5 top stories 18/12/2020

Estate Agent Networking Breaking News

SEASONAL UPTICK ON PROPERTY PORTALS – REALLY?

Every year property portals, and this year it is ZPG championing the fact that there is an annual spike of activity around Christmas and the New Year on all platforms. Whilst this is true, there is a massive disconnect between Aunt Lizzy tuning into her favourite property website and drooling over a bungalow in Bude, in between sherry trifle and the Queens speech, and actual transactional business.

Whilst ZPG pours agents cash into their own brand advertising – with quirky TV advertising, I think the sad reality that 60% plus of England is in Tier three may make January 2021, a no-go zone for market activity.

HIGH STREET OR HIGH RISE

The High street buckling under pressure before Covid-19 due to online retail, high rents etc may now find that the move to repurpose commercial units into multi-level housing will be a bit easier.

There has just be announced new governmental consultation around class E buildings and whether they can come into the residential fold, perhaps saving the bacon of commercial landlords facing financial ruin due to voids. Class E covers a lot of hospitality centric businesses ravaged by lockdown, cafes, coffee shops etc.

It also covers closer to home financial services, and retail. Maybe the high street will become more high rise a pattern that has been increasingly prevalent.

ANTI-MONEY LAUNDERING WHO CARES?

In a blistering report complied by the Treasury it has come to light that a significant percentage of agencies dealing with real estate with a capital value in the top echelon, are not complying with basic AML.

This takes the form of either not making annual application to HMRC, or allowing their membership and disclosure lapse by not paying the annual fee levied on all agents and those in the property sector who need to register. Yet again asking the question, why is there not enough policing of statutes? And why are agencies who fail to comply not immediately closed until they comply as the cost is minimal to register.

UK PROPTECH ASSOCIATION NEW BOARD

The UKPA recently announced its new look with Dominic Grace, Ami Kotecha and Alex Edds joining the board. They will strengthen the existing team of Kristjan (The Viking) Byfield, Helen O’Reilly, Louisa Dickens and Sammy Pahal, with James Dearsley still very much in the mix – having been a founding member.

With real estate becoming increasingly a digital affair, many agents would do well to see what the UKPA can offer in terms of advice and collaboration.

OVER THE POND OR OVER HERE?

Forbes publication, looking forward into the 2021 property market in America has pundits giving very similar views to the UK. Confidence high, brisk market but in themes that reflect the under currents here, Tendayi Kapfidze, LendingTree chief economist comments,

‘There are some downside risks to this outlook. The economy will be recovering as vaccines lead us down the path of normalcy, but the labour market could remain weak. A tepid labour market recovery would be accompanied by tepid income growth.

Job losses are moving up the income scale and transitioning to permanent losses from temporary. Lending standards are likely to tighten further as the end of forbearance and foreclosure moratoriums are a wild card, potentially weighing on home prices in some areas. The rent crisis is another wild card and could bleed in the owner-occupied market via adding supply or affecting the financial markets.’

Maybe all that is certain, is there is no certainty and with as much potential good news around vaccines and the dawn of a new year – 2021 looks to be a difficult call to make for everyone.

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate. Want to contact me directly regarding one of my articles or maybe you'd like a chat about future articles? Email me via editor@stagingsite.estateagentnetworking.co.uk

You May Also Enjoy

How to add value to your home
Estate Agent Talk

5 Top Tips for Running a Business From Home

Have you ever wanted to start and run your own business from home? Although it’s an incredibly rewarding experience, it can be tough to set up and know where to start, especially if you have no business experience or background! Whether you want to run a small business, or have grand ambitions for eventual expansion,…
Read More
Estate Agent Talk

The Importance of Time Management for Real Estate Investors

Time is one of the most valuable assets for real estate investors, especially when juggling multiple projects, clients, and market trends. Without a strong grip on time management, getting bogged down in tasks that don’t drive growth is easy. You see, every minute spent on admin tasks or low-value activities is a minute that could…
Read More
Estate Agent Talk

Transforming Your Condo into a Next-Gen Smart Home Experience

Gone are the days when we must get up to press a button on the TV to adjust the volume, use actual keys to unlock doorknobs, or turn a knob to control the air conditioning unit's thermostat. These days, all we have to do is sit pretty on our couches, let technology do its work,…
Read More
Breaking News

Nationwide House Price Index for October

Annual house price growth slows in October UK house prices rose 0.1% month on month in October Annual growth rate slowed to 2.4%, from 3.2% in September Headlines Oct-24 Sep-24 Monthly Index* 529.6 529.0 Monthly Change* 0.1% 0.6% Annual Change 2.4% 3.2% Average Price (not seasonally adjusted) £265,738 £266,094 * Seasonally adjusted figure (note that…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker – 31/10/24

  The average 5-year fixed mortgage rate is now 4.64%, down from 5.36% a year ago The average 2-year fixed mortgage rate is now 4.91%, down from 5.81% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.66%, down from 5.44% a year ago The average 60% LTV 5-year fixed mortgage…
Read More
Breaking News

Breaking Property News 31/10/24

Daily bite-sized proptech and property news in partnership with Proptech-X. Labour’s first Budget – A missed opportunity for meaningful change A property industry insider view of  the Autumn budget   Rachal Reeves the new Chancellor of the exchequer unveiled a £40 billion taxation budget in her autumn statement. Reeves says it is a moment of ‘fundamental choice’…
Read More