BREAKING NEWS – top 5 stories 24/06/2021

Estate Agent Networking Breaking News

CMA TURNS UP THE HEAT ON NEW HOME LEASEHOLD SCANDAL

After two years of setting up an investigation, where the CMA (competitions and Marketing Authority) looked closely into the widespread practice of making some new homes subject to a leasehold agreement, where charges could be racked up, making some properties unsaleable, and owners facing huge bills they had not expected – Persimmon has now broken cover and said it will remedy the situation.

It will allow buyers to have the option to buy the leasehold interest, so they are in charge, and remove clauses that are considered unfair. The CMA has made it clear that is other NHB do not fall in line they can expect to be prosecuted.

Many buyers bought properties, oblivious to what the leasehold provision tied them into, and many of the freeholders became freeholders to the leases as they were a good financial return. I wonder if the solicitors who did the original conveyancing will get caught up in this debacle.

CRM REAPIT BEGINS JOINT CONVEYANCING TRIAL WITH LAW SOCIETY

Mighty Reapit with CCO Paul Starkey, are starting a test phase of the use of the Law society’s new baby the TA6 Part 1 transaction form. This follows government thinking that buyer’s should have a deeper knowledge of property upfront. It remains to be seen how my little estate agent brethren will take to it.

8TH JULY – YOTI HOST TECHNOLOGY TRENDS AND STRATEGY IN THE PROPERTY SECTOR

Soon YOTI will be hosting a Webinar outlining where the property industry is going, the CEO Robin Tombs, and Real estate Technology luminary Gary Barker will be there, with myself, it will be a really useful insight into what is going on. Insight, humour and all your friends, see you there.

To listen in between 11 and 12 – on the 8th of July –

https://zoom.us/webinar/register/4116233108572/WN_Vv8AVhq_Qc-zZSLNLjsklw

PETER EVERETT LEAVES OFFR AND NOW IS TO BE COMMERCIAL DIRECTOR AT YOPA

YOPA is looking to beef up its ability to grow, with the news that ex-Offr man Peter Everett is going to be heading up their strategy. Previously Peter was at Hamptons for a long period.

INSTRUCTIONS DOWN BY 25%

In the latest analysis of homes coming to the market, comparing the same period, instructions are down by 25%, this may be the Euros, end of stamp duty holiday, or holidays themselves, but at this rate a slowing of new stock to the market, traditional in late July, might mean that the steam is at last coming out of the market.

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

Damaged timber from Dry Rot
Estate Agent Talk

Mould and damp – what you need to know ahead of winter

With the winter months just round the corner, problems with damp and mould can become far more prominent. Autumntime is when many people turn on central heating systems and choose to close windows, preventing fresh air ventilation needed to allow damp air to leave a property. Unfortunately, the combination of warm and damp air can…
Read More
Breaking News

Rental price and average salary tracker – September 2025

London and South East see biggest dips in required rental salary year-on-year London and the South East saw the sharpest dips year-on-year in the average salary needed in order to rent the average home in that area. London saw a 4.2% drop, whilst the South East saw a decline of 2.9%. Yorkshire and Humberside saw…
Read More
buying at auction uk
Breaking News

The cities where buying beats renting – with just a 5% deposit

British first-time buyer mortgage payments are typically 17% cheaper than renting, even with a low 5% deposit The average 5% deposit is £11,412 based on a typical first-time buyer property price of £228,233 Among major cities outside London, the biggest gap between owning and renting is in Glasgow, where buyers could save more than £4,750…
Read More
Rightmove logo
Breaking News

Rightmove’s Weekly Mortgage Rates Tracker

Average rates for 2-year and 5-year fixed-rate mortgages   Term Average rate Weekly change Yearly change 2-year fixed 4.51% +0.00% -0.37% 5-year fixed 4.55% +0.01% +0.01%   Lowest rates for 2-year and 5-year fixed-rate mortgages   Term Lowest rate Weekly change Yearly change 2-year fixed 3.77% +0.05% -0.07% 5-year fixed 3.97% +0.10% +0.29%   Average…
Read More
Rightmove logo
Breaking News

Data and commentary from Rightmove on stamp duty reforms

Colleen Babcock, Rightmove’s property expert said: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder. “Our data shows that only 5%…
Read More
Breaking News

Second-time buyers dominate demand for longer term fixed mortgage deals

Second-time buyers are dominating demand for longer term fixed mortgage deals, fresh data from Moneyfacts Analyser can reveal. Of those looking for fixed term deals on moneyfactscompare.co.uk: Almost two-thirds (58%) of second-time buyers who compared mortgage deals using the moneyfactscompare.co.uk website were considering terms of three years or longer in the 30 days to 1…
Read More