BREAKING NEWS – 5 top stories 21/01/2021

SLIGHT DIP IN NON DOMS PURCHASING IN CAPITAL

According to recent data from Search Acumen’ there has been a 5% dip on the amount of property bought in the capital by overseas buyers, this might be the impact of leaving the EU or it could of course be Covid-19 upsetting the supply chain, with investors unable to fly and buy.

The bigger picture will appear in the coming months, especially as extra taxation hits non-domicile buyers in the Spring when new slabs of taxation are imposed by HMRC.

WILL COVID-19 CLOSE THE DOORS FOR AGENTS?

Following the sad death of Sales Manager Gavin Wilkinson, at the Southern Norfolk branch of WH Brown, due to complications arising from Covid-19, many agents are wondering what the best way forward is? Some agencies have a policy of all the team working from home, with no physical viewings taking place, others have teams going into offices.

With record levels of deaths being recorded, there still seems a lot of pressure for the government to announce its view on the real estate sector, as some industry commentators are questioning if estate agency is an essential service.

TWO NEW PROPERTY PORTALS LAUNCH – BOTH ON A QUEST TO BE A LOCAL SOLUTION

Looking to service the upmarket area of Sutton Coldfield and the environs nearby three agents have set up, ‘Localmove’ to try to wrestle back some control from the main portals. This comes in the same period that ‘WeAreTheMarket also launched, again with the idea of having a micro-handle on presenting inventory to the public.

RENTS STILL RISING DESPITE THE PANDEMIC

Despite the amount of arrears now accruing by many landlords as tenants battle to pay the rent, according to the Office for National Statistics, rents in England & Wales are still moving upwards.

‘Private rental prices paid by tenants in the UK rose by 1.4% in the 12 months to November 2020, unchanged since October 2020. Private rental prices grew by 1.4% in England, 1.6% in Wales and 0.6% in Scotland in the 12 months to November 2020. The South West was the English region to see the highest annual growth in private rental prices (2.3%), while the South East saw the lowest (0.9%).’ Source ONS.

HOUSING SECRETARY PROPOSES YET ANOTHER REGULATOR

In what may be one of his final pieces of work, if he gets shuffled by Boris Johnson, Jenrick has countenanced the setting up of a regulator to look into the suitability of materials used in construction, with the power to take them out of the supply chain, or penalise builders jeopardising the safety of those who will inhabit the properties built.

Coming off the back of the problems caused by the Grenfell debacle, the Housing secretary commented the inquiry, ‘has heard deeply disturbing allegations of malpractice by some construction product manufacturers and their employees, and of the weaknesses of the present product testing regime.’

If you have a view – please let us all know by emailing me at [email protected] – Andrew Stanton Executive Editor – moving property and proptech forward.