BREAKING PROPERTY NEWS – 16/11/2021
Daily bite-sized proptech and property news in partnership with Proptech-X.
- Boomin launches ChainMaker tool to help agents and clients
- Rightmove’s latest House Price Index report hints at Christmas fire sale
- Will COP26 be the start of joined-up thinking on carbon emissions?
Boomin launches ChainMaker tool to help agents and clients
Boomin, the next generation property portal founded by Michael Bruce, has just announced its latest digital service, ChainMaker. Set to help residential property sales when they fall through, enabling buyers to register interest in ‘sold subject to contract’ properties.
ChainMaker is an excellent initiative, where data meets real estate at the micro-level, leveraging solutions that all stakeholders can benefit from. The concept behind the application is that there will be a ready to go list of second-string buyers should a sale falter at any stage before the exchange.
At present, sales that fall through are a huge collective pain point for agents, leading to loss of potential income. So too for buyers and sellers, with typically 26% to 32% of sales failing depending on the type of housing market conditions.
With 1.2 to 1.4 million properties completing each year, losing 30% of these sales prior to an exchange is a costly and nerve-wracking outcome for all involved. ChainMaker looks to address that.
Boomin are now using new software to solve problems residential agencies have had for decades, much like how the banking app Revolut is digitally re-plumbing the antiquated practices in banking by adding speed and transparency and a UX worthy of the modern age.
Michael Bruce said: “ChainMaker goes to the very heart of what we are trying to achieve as a business; using technology to re-establish the direct connection between local agents and customers, whilst providing support and a boost to housing market activity levels.”
Rightmove’s latest House Price Index report hints at Christmas fire sale
Rightmove recently published its November 2021 House Price Index, revealing some interesting takeaways ahead of Christmas. The index states that we’re likely to see the biggest price drop since January, with sellers hoping to tempt buyers before Christmas.
Tim Bannister, Rightmove’s Director of Property Data said: “Despite the soaring property market and consequent shortage of choice of homes for sale for prospective buyers, new sellers have given buyers an early Christmas present by dropping their average asking prices by 0.6%.
“Sellers who come to market this close to the distractions of Christmas often have a pressing reason to sell, so naturally price more attractively to grab the attention of prospective buyers who may be otherwise occupied. We expect this downward price trend to be relatively short-lived, though sellers who are in a hurry will continue to need to attract buyers for most of December as well.”
Some of the key takeaways from the index are as follows:
- The price of property coming to market drops by an average of 0.6% (-£2,044) compared to last month, the largest monthly fall since January
- The number of people browsing properties on Rightmove during the post-Christmas Day festive period has been increasing every year, with visits on Boxing Day last year 54% higher than the previous year
- The number of people beginning the selling process by requesting a valuation from an estate agent via the Rightmove website was 14% higher in October than the same period last year, a sign of building momentum
- With the current price lull expected to last until Christmas, buyers who have seen their affordability sorely stretched in 2021 may also benefit by securing a fixed-rate mortgage before the widely anticipated interest rate rise
Read the House Price Index in full here.
Will COP26 be the start of joined-up thinking on carbon emissions?
Almost as a sidenote to COP26, there was a fringe event calling for national governments to globally address carbon emissions in the building of the property asset and its ongoing functionality.
Aptly enough the discussion was put together by Stora Enso, which provides prefabricated and wood-based systems to the construction industry.
Speaking for the company, Lars Völkel commented that a lot of the emissions were hard-baked into the materials and processes that go into the component parts of buildings.
Völkel said: “Most of these embodied emissions are released before the building is used. Our industry has an inescapable duty to do better for the planet, for all of us, and we call upon the world’s governments to support us in doing so with regulations and building standards fit for the modern world.
A collective made up of Stora Enso, WEB Limited Group, the World Business Council for Sustainable Development, the World Green Building Council, Lendlease and Google debated how the construction industry can better solve the problems it creates, looking for ways to soften the impact of construction.
Völkel stated: “A striking 10% of global carbon emissions are said to come from materials and construction processes.” With an alarming figure like that, it’s unsuprising that the focus is well and truly on this area.
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.