Breaking Property News – 29/06/2023
Daily bite-sized proptech and property news in partnership with Proptech-X.
Latest base rate rise weakens already fragile housing market
The property market has now officially gone into a retrograde cycle becoming a buyer’s market, as the cost of property finance squeezes down selling prices. The Bank of England looking to dampen inflation, has in fact caused a situation where affordability means that vendors are taking a 7% haircut on their selling prices.
This downward spiral means that an industry sector correction is taking place, creating a schism for estate agents who have housing stock which if correctly priced sells quickly, whilst if not, there is zero activity. Widespread price reductions on the property portals, and lowering amounts of housing stock are the classic signs that the UK public are hunkering down.
It is not a case that buyers are looking for a bargain and so are being selective in what they buy, it is the amount of finance that they can now afford due to the higher lending rates, that is making them unable to pay premuim prices. The housing market is well known for its boom and bust cycles which had traditionally played out over an eight to ten year cycle. But with ultra low interest rates and the Bank of England’s quantitative easing, the present upward trajectory for house price sales has become elongated.
With the holiday season approaching fast, the biggest question is will September the traditional time buyers and sellers look to do business before the end of year cut off, be a productive sales time, or will the Bank of England have raised the base rate for the fourteenth time, causing more housing market chaos and further pushing prices down.
OPENBRIX LAUNCHES TLYFE APP
Press Release – London, June 2023 – OpenBrix, a leading proptech company, is thrilled to announce the official launch of its ground-breaking Tenant Lifecycle App, tlyfe. This innovative mobile application, now available on both the App Store and Google Play Store, revolutionizes the way tenants manage the entire lifecycle of their tenancy, providing a seamless and convenient experience like never before.
tlyfe is the first of its kind app designed specifically to empower tenants by offering an array of exceptional features. With tlyfe, tenants can now take control of their rental journey right from their smartphones, saving time, streamlining processes, and ensuring peace of mind throughout their tenancy.
Key features of thetlyfe app which can be down loaded here from the App Store or Google Play Store, include:
Pre-qualification: Tenants can prequalify themselves to enhance their chances of securing their preferred property choice. By providing essential information upfront, tlyfe assists tenants in securing their ideal rental property efficiently, including elements such as Right-to-Rent, verified ID, affordability check and pre-qual references.
Credit Builder: With the Credit Builder feature, tenants can improve their credit score simply by making regular rent payments. By reporting rental payments to credit bureaus, tlyfe helps tenants build a positive credit history, opening up more opportunities for financial growth.
Deposit Protection with TDS: tlyfe partners with Tenancy Deposit Scheme (TDS) to ensure secure deposit protection for tenants. This feature guarantees peace of mind, safeguarding tenants’ deposits in compliance with regulatory requirements.
Tenant Insurance: The comprehensive tenant insurance feature offered by tlyfe provides complete protection to tenants. With just a few taps, tenants can secure coverage for their belongings and liabilities, ensuring they are protected against unforeseen circumstances.
Tenant Loan Solutions: tlyfe understands the financial challenges associated with moving into a new rental property. To assist tenants with spiralling move-in costs, the app offers tenant loan solutions, making the process of securing funds quick and straightforward.
“We are incredibly excited to introduce tlyfe, the Tenant Lifecycle App, to tenants,” said Adam Pigott, CEO at OpenBrix. “tlyfe empowers tenants with a user-friendly platform that simplifies their tenancy journey and offers an array of indispensable features at their fingertips. With tlyfe, tenants can navigate the entire tenancy lifecycle with ease, from finding their dream home to managing essential tasks and protecting their interests.”
OpenBrix is committed to leveraging cutting-edge technology to revolutionize the real estate industry. By launching tlyfe, OpenBrix aims to enhance the tenant experience, ensuring transparency, efficiency, and convenience throughout the rental journey.
To experience the future of tenant management, download tlyfe now from the App Store or Google Play Store.
About OpenBrix
OpenBrix is the next generation multi-functional, fully interactive prop-tech platform at the cutting edge of technology and the real estate industry. The OpenBrix suite of applications helps to bring harmony to the property sector, seamlessly connecting consumers, agents and suppliers on one single platform.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
How Technology is Changing the Prime Property Viewing Experience
Average two-year fixed mortgage rate for 60% LTV now cheaper than five-year rate
How UK Property Investors Can Manage Exchange Rate Risk When Buying Off-Plan Overseas
Foxtons Lettings Market Index – March 2025
UK’s mid-market firms show improved business growth in March but economic uncertainty continues
