BREAKING NEWS – top 5 stories 11/03/2021
RIGHTMOVE ON THE BLINK
Last week I noticed that my local agent was having problems uploading new stock to Rightmove. Having made an investigation into it – Rightmove suggested it was an isolated incident and it was possibly the agent and their system that created the problem.
Now from information that Rightmove has sent out – agents have only prescribed times that they can edit and upload their inventory, which of course creates problems. Apparently Rightmove says that this action is tied into data breach concerns. All we know is that several agents have contacted us very uptight that that they are now facing new higher bills from Rightmove and less service.
HABITO ONE LAUNCHES A 40-YEAR FIXED RATE MORTGAGE PRODUCT
Habito has set up ‘Habito One’ a mortgage product that allows borrowers to have a four-decade long mortgage cycle. Perhaps, at the heart of the strategy is to stop borrowers from re-tuning their mortgages every two years, which is the typical period that mortgagees look at their mortgage options.
The Bank of England are talking about negative interest rates, and with the current interest rate at present 0.1, is a 40-year deal at 5.35% a good deal with a 10% deposit? Or even the lower rate of 4.2% with a 40% deposit? – if for the next decade the base rate is nominal?
Maybe I am old fashioned, but 25-year mortgages were all the vogue, then 30-year terms crept in especially for first time buyers, but if you start to do the compound mathematics – 40 years of repayments is a lot of capital.
GOVERNMENT EXTENDS EVICTIONS UNTIL START OF JUNE
In what is increasingly becoming a game of cat and mouse – the Housing secretary has further extended the ban on evictions until June. In the rental sector that will mean that it will be late October onwards before tenants who need to be evicted will actually be faced with this prospect.
This is not really helping the landlords or the tenants, and of course there are many strands to this from tenants in arrears to tenants who are anti-social. The grim reality is that the giveaway Chancellor probably needs to inject some capital into this for the sake and health of the PRS.
BRISTOL INVESTS IN MODULAR HOUSING
Nearly 200 modular constructed homes will be built in Bristol, half of the stock being affordable the other for private residential. Legal and General Modular Homes are supplying the prefabricated housing, in a joint partnership with Bristol local government.
PIERS MORGAN WALKED – 200M WIPED OFF ITV SHARE VALUE
Though not a property related piece, as Personality news is a real thing, and as I am an influencer, I thought it sensible to run this news headline, as it strikes at the heart of what is happening in and around reporting, freedom of the press and news in general.
The loss of a key influencer can really sting, as can having them on your team. And real news rather than fake news is increasingly hard to come by as the world of Press releases, rather than investigative journalism takes hold.
I feel everyone has a right to air their views, and everyone has the right to agree and disagree, and those who do not defend this will be the losers and not only financially. The loss or resignation of the old-fashioned news reader hardly causes a ripple, but big personalities who deliver news and opinions are now the big hitters.
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.