BREAKING NEWS – top 5 stories 25/06/2021
NUMBER OF SOLICITORS FINED BY SOLICTORS REGULATION AUTHORITY OVER AML LAPSES
It has just been announced, the SRA has fined a number of solicitors, due to their failure to have in place the correct procedures for anti-money-laundering. On a related point given that last year over £10M was paid out to cover the indiscretions of solicitors for a variety of reasons, it is worrying that many solicitors it would seem do not have even the most basic systems in place, which jeopardises the public and their own businesses.
Perhaps a case that in some ways the laws governing everyone carrying out commercial dealings with the public, in some way does not apply to solicitors, in the same way as it does to others in the real estate ecosystem.
YOUR WEEKLY NEWS ROUND UP
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.
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.
NATHAN EMERSON CEO PROPERTYMARK UNVEILS NEW CRM AND DIGITAL FUTURE
Propertymark have just unveiled their new CRM which will enhance its ability to service its member clients, and it is looking very much at the way technology will knit together with the needs of the modern property professional.
SEARCH SMARTLY RAISES 1.25M IN FUNDING
Based in Shoreditch SearchSmartly a solution based on artificial intelligence, which looks to help the property consumer ‘do property’ in a quicker more intelligent way, has just received a sizeable amount of funding. The company CEO is Tahar Dar.
ONE WEEK TO GO TO SDLT DEADLINE
With the end of Stamp Duty Holiday just around the corner, many agents have experienced a frenzy of action as buyers push to get their transaction over the line. Iain McKenzie, CEO of The Guild of Property Professionals, says that as expected, agents and buyers are rushed off their feet and doing
IS AIRBNB KILLING THE PRIVATE TENTAL SECTOR?
According to a report in the Guardian recently, they found that though there were only 62 properties in the Cornwall are listed on Rightmove for rent, Airbnb by contrast had over 10,000 listings for accommodation in the same area.
CLIMATE CHANGE COMMITTEE WARNS GOVERNMENT NEW HOUSING NOT FIT FOR PURPOSE
The CCC has recently advised the government that recent housing stock, may not be suitable for the likely ‘hotter’ conditions that housing will see in the medium-term future. In a counter initiative way, as new homes are being better insulated and trap heat, this could in the future impact on the wellbeing of those living inside them. Perhaps there is something to be said for draughty
Victorian properties after all.
16% OF HOMOWNERS EXPECT STILL TO BE PAYING MORTGAGE WHEN THEY ARE 65
In a recent survey conducted by Hargreaves Landsdown, it was reported that only 84% of people with mortgages expected to be mortgage free by the time they hit their mid-sixties. A sobering thought for those who will be reaching retirement age, currently 67 years for men.
GRENFELL TOWER SOON TO BE STRENGHTENED OR DECONSTRUCTED?
The badly damaged Grenfell Tower needs to be further strengthened either by support from the ground to the fourth floor or all the way to the top of the building, but if the Ministry of Housing
Summary Note on Grenfell Tower is read,
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/989624/Summary_of_Technical_Advice__May_2021_.pdf
it would seem that there is pressure for the tower to be deconstructed, by early 2022. If this occurs nearly half a decade will have resulted in the tower being razed to the ground.
LLOYDS BANK GETS INTO THE PRS VIA BLOCK OF FLATS IN PETERBOROUGH
In a pivotal move Lloyds banking has become a landlord, by setting up a company who will manage a block of flats for private tenants. In what is seen as a new way of doing banking, Lloyds is trying its hand as a provider of housing – on a rental basis. This move was signalled in the bank’s annual report last year. Will other banks follow their lead?
RENT CHECKS IN PERSON PUT ON HOLD FOR ANOTHER TWO MONTHS
Face to face – Right to rent checks have been pushed back by two months, they were to be phased back in now, following their curtailment during covid. This means checks by video conference calls will still be allowed, during the ‘Delta Variant’ phase of the pandemic.
WILL PROPERTY AGENTS GET GOVERNMENT BACKING TO WORK FROM HOME?
In what appeared an off the cuff comment, Minster Michael Gove whilst being interviewed by Radio Four made the comment that, “Now, I suspect – and I’m not advocating this, I’m just thinking of the future – I suspect it may be the case that we may see different workplaces allowing people to work from home at certain points as well as coming into the office. I think there may be changes to the way that we live.”
NEW INSTRUCTIONS COMING TO THE MARKET – ACTIVITY SLOWS
Having taken a number of soundings across the UK from agents, it would appear that the number of new listings at branch level is around 20% lower than is seasonally normal. Blame it on the Euro’s, blame it on other factors, the reality is with agent pipelines depleting, they need new stock to continue trading.
STAMP DUTY HELPS NEARLY 40% MOVE HOME
Though the final analysis is not yet in – it appears that nearly one in four people who moved during the so called SDLT holiday period, have in some way profited by the government initiative.
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