BREAKING NEWS – top 5 stories 26/07/2021
Daily bite-sized proptech and real estate news in partnership with Proptech-X. Today, Stanton looks at Savills, RICS, ViewRabbit and more.
- Former Savills estate agent launches new platform ViewRabbit
- UK Government issues updated home moving guidance
- Savills Research: Prime residential rents
- Housing market begins to cool despite heatwave
- RICS investigation: the mystery deepens again
Former Savills estate agent launches new platform ViewRabbit
ViewRabbit, a new property viewings platform, has found a different way of approaching viewings, offering buyers the chance to secure early access with Priority View, a paid-for service.
When properties are first put on the market, the most “credible and committed movers” can jump the queue through pay-to-view slots allocated by agents. The platform, launched by an ex-Savills estate agent, effectively lets agents monetise viewings by selling £30 slots for high-demand properties.
The company website states: “It’s so frustrating to miss out on a property because it was snapped up before you had a chance to see it. Especially if some of the people who did view were not as serious as you.”
UK Government issues updated home moving guidance
Last week, the UK Government issued new guidance for property professionals and home movers. The guidance has been issued to provide advice in accordance with the roadmap out of lockdown.
The Government make it plainly clear that this new guidance does not mark the end of caution. While many legal restrictions will be lifted we’re still not back to normal.
With the marked increase of positive cases and the shackles off for most of the nation, they stress that continuing to act with restraint will be key to avoiding yet another wave.
The guidance states: “All parties involved in home buying and selling should prioritise agreeing amicable arrangements to change completion dates where someone in a chain or their family member is self-isolating or has tested positive for coronavirus.”
“Those who identify as clinically extremely vulnerable are able to move home. However, they should consider their personal situation and the circumstances of their move and may wish to seek medical advice before deciding whether to commit to or go ahead with a move.”
Read the guidance in full here.
Savills Research: Prime residential rents
New research by Savills has revealed that demand in the commuter belt continues to be high and that as tenants start reassessing their needs and searching for more space post-pandemic, “houses have seen stronger increases than flats across the capital and also the wider commuter belt.”
Among the findings, Savills highlights the +7.2% annual rental growth across the prime commuter belt, with South West London continuing to perform with a +3.5% annual growth. On the rentals side, there has been a +1.0% quarterly rental growth returning to prime properties across London.
Read the full research article here.
Housing market begins to cool despite heatwave
We may have had a mini heatwave in recent days, but many agents are now seeing a slowing of buyer sentiment in the property market.
The scarcity of property coming to the market has meant new listings are becoming very optimistic, though optimism not shared by the picky buyers who sense a housing market in transition.
One agent said that the number of viewings and offers, which had been at an all-time high, has now become a normal level. With the schools now off, it would be the usual holiday type market.
RICS investigation: the mystery deepens again
Now onto its second QC looking into allegations made by four NEDs, who were then shown the door by RICS, we learn that for a second time there will be delays in presenting the outcome of the investigation.
It is still unclear why the first QC stood down whilst the original investigation was in mid-flow, and there does seem to be an opaqueness now surrounding proceedings.
Given that RICS is a listed company with a professional membership base, I am sure both The City and all the other stakeholders will be glad when the truth of the situation comes out.
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