BREAKING PROPERTY NEWS – 16/08/2021

Estate Agent Networking Breaking News

Daily bite-sized proptech and real estate news in partnership with Proptech-X. Today, Stanton looks at QC Alison Levitt’s RICS report, Proptech’s rapid maturation, and Rightmove’s August predictions.

 

  1. QC investigating RICS produces 400-page report
  2. Proptech comes of age
  3. Rightmove says that August is giving mixed messages

 

QC investigating RICS produces 400-page report

RICS has been handed a 400-page report compiled by QC Alison Levitt, who was tasked to look into a number of allegations made with regard to actions that occurred in 2018. These centre around the dismissal of four directors, and matters of a financial nature.

The whole process of looking at the inner workings of RICS has been hampered by delay, Levitt being the second QC to be appointed to carry out the investigation. Peter Oldham was the first QC to take the mantle but suddenly fell on his sword in April 2021, citing professional reasons for why he could not continue.

Also, unexpectedly in June 2021, COO Violetta Parylo resigned with immediate effect.

For anyone who does not know the background, in late 2019, four directors of RICS, Bruce McAra, Simon Hardwick, Steve Williams and Amarjit Atkar, were sacked. This took place after the four had said they felt uneasy about the way in which a report into RICS’ treasury management procedures had been dealt with.

They were specifically referring to a report by an accountancy firm that had stated that RICS was at possible risk of “unidentified fraud, misappropriation of funds and misreporting of financial performance.”

It has been widely reported that, in asking for evidence from the RICS membership, QC Alison Levitt has received a tremendous amount of intel. It is hoped that clarity regarding the whole matter will soon be evident.

 

Proptech comes of age

Following a recent analysis, digital transformation in the real estate space now seems to be nearing a plateau, maturing with some clear direction and big players looking to get a financial lead. In the UK alone there have been a number of consolidations in the commercial real estate and lettings industry.

All the talk declaring software will disrupt things has now become more muted and nuanced. Much of the thinking and development around this has been centred on scalable solutions that can drive financial advantages for the companies adopting them.

So far this year at least fifty new proptech companies have launched in the UK alone, and globally there have been over 1,200 new property technology companies emerging in various real estate sectors.

The good news is that the UK, with a cluster of activity based in London and other major cities, now seems to be leading the charge with only New York having a bigger proliferation of proptech companies.

 

Rightmove says that August is giving mixed messages

Rightmove has just announced that the average asking price has dipped slightly in August for the first time this year. Now, this might be a seasonal tweak by agents advising vendors to be more cautious with pricing. Or perhaps is it a fundamental pivot from a vendors’ to a buyers’ market.

In July Rightmove stated on its monthly marketing bulletin that there was a lack of property, and this had been fuelling house prices as agents were without stock to sell.

“Our analysis shows that the shortfall of 225,000 homes for sale comes from 140,000 more sales being agreed and 85,000 fewer new listings than the long-term (2014-2019) average for the first half of a year.

The net result of this major imbalance between supply and demand is that the average number of available properties for sale per estate agency branch is at a new record low of 16 properties, compared with the previous low before 2021 of 25 properties and a longer-term average for this time of year of 31.”

One Rightmove director, Tim Bannister, was quick to play down the emerging August downward pricing spiral: “…sellers dropping their asking prices can ring economy alarm bells, especially when it’s the first time so far this year, so it’s important to dig underneath the headline figures.”

With September only two weeks away and the second part of the SDLT holiday due to wrap up at the end of that same month, and schools back in early September, a lot will be riding on the amount and the velocity of the sales market as it ticks into the last month of Q3, a traditionally brisk 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