BREAKING PROPERTY NEWS – 30/06/2022
Daily bite-sized proptech and property news in partnership with Proptech-X.
Zoopla names new members of its Lettings Advisory Board, selected to support its goal to help inform how industry responds to a fast-evolving policy environment for agents, landlords and renters
Zoopla, the UK’s most comprehensive property destination, is pleased to announce new members of its Lettings Advisory Board which will boost coverage from SME agents, franchises and the redress sector.
An independent, non-regulatory group, the Board aims to draw on the deep industry expertise of leaders and influencers across the lettings sector. The Board’s aim is to support the sustainable growth of the rental market and create a sector that maintains supply and supports renters, landlords and agents to evolve with the changing market and policy environment.
Zoopla is pleased to announce the expansion of the board to now include:
- Carrie Alliston, Lettings Director at Hunters
- Julie Ford, Founder of Gothard Rowe, More Than Mediation
- Maxine Fothergill, Managing Director of Amax Estates & Property Services
The Board now comprises 13 members who have been meeting over the last 12 months to discuss the needs of the lettings industry and how to make the rental market work better for everyone involved.
The primary focus of the work to date has been identifying key parts of the lettings and management process that require improvement and where agents and property software can unlock a better experience.
One important area over the last year has been engaging with Government on the Rental Reform Whitepaper. The Board set out detailed proposals to the Government outlining areas to improve the consumer experience of renting and how a rented property register could form the foundation of better protections for the quality of rental supply.
In time, this would evolve into a formalised decent home declaration for individual properties, displayed on property listings and giving consumers more visibility of the quality of features in the home and driving the agenda to improve quality in the sector.
As part of this engagement with the Government, the Board also provided insight into the volume of landlords leaving the rental market and how this is eroding supply at a rate much faster than new additions to the market through the Build to Rent sector. The Board believes that a healthy rental market needs an adequate supply of quality homes from as many sources as possible, as any erosion of the market size puts pressure on rents and can work against the push for improving the quality of homes overall.
Michael Cook, National Lettings Managing Director at Leaders Romans Group and Chair of the Lettings Advisory Board said: “It’s great to get subject matter experts onto the board such as Carrie, Julie and Maxine. All have an excellent track record and broad experience across the industry and myself and the rest of the board are looking forward to working with all of them. The board has recently made some strong representation to Government in line with our agenda for a more sustainable PRS and we will look to turn our attention to positively shape the detail and practicalities that goes into the Renters Reform Bill.”
Andy Marshall Chief Commercial Officer at Zoopla and Vice-Chair of the Lettings Advisory Board said: “We’re excited to expand the scope of the Board and welcome Carrie, Julie and Maxine. Each of them will bring a unique perspective to the group and will help ensure that have a truly representative picture of the market when engaging with the Government. I look forward to working together to continue our journey to create a more sustainable lettings sector for both consumers and agents.”
Prime London property market bounces back as homebuyers return in Q2
The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed that the prime London property market has rebounded in Q2, with homebuyer demand climbing on both a quarterly and annual basis.
The PCL Homebuyer Demand Index by Benham and Reeves monitors demand for homes valued between £2-£10 million and £10 million and above based on the ratio of properties listed online that have already sold subject to contract or gone under offer. E.g, if 100 homes are listed and 50 are already sold, the demand score would be 50%.
Prime Market – £2m-£10m
Across the core prime market, buyer demand has not only climbed by +1% in the second quarter of this year, reversing the decline seen in Q1, but it’s also up +1% on an annual basis.
Chiswick (51%), Barnes (51%) and Wandsworth (48%) are home to the current highest demand for prime properties.
Barnes (+7%), Highgate (+7%), Wandsworth (+6%), Wimbledon (+6%) and Maida Vale (+6%) have seen the largest quarter uplift in demand.
On an annual basis, Canary Wharf (+14%), Battersea (+10%) and Victoria (+8%) have enjoyed the biggest turnaround in buyer demand.
Super Prime Market – £10m+
While buyer demand across the very top end of the London market remains -1% down on an annual basis, there has been a notable +4% increase between the first and second quarters of this year.
Fitzrovia, Hampstead Garden Suburb and Wimbledon rank as the current hottest spots of the super prime market, with 25% of all homes listed at £10m or above already under offer or sold subject to contract.
While Fitzrovia and Hampstead Garden Suburb have also seen some of the largest quarterly growth, it’s Belgravia that has enjoyed the best Q2 performance, with buyer demand climbing by a huge 34% since the start of the year.
Director of Benham and Reeves, Marc von Grundherr, commented:
“It’s been a fairly slow start to the year for the prime London market and there’s no doubt the uncertainty caused as a result of the Ukraine conflict has added to the post-Christmas lethargy that traditionally dampens buyer appetites during the first quarter of the year.
But since then we’ve seen a real mark of intent from high-end buyers, with demand for prime homes starting to climb, particularly across the super prime market.
While the more peripheral areas that gained pandemic popularity are still in high-demand, we’ve also seen a strong uplift in appetite for prime homes in Canary Wharf and Victoria, which is extremely promising where the overall health of the city is concerned.
In addition to these more professionally focused hubs performing well, demand is also returning to the traditional prime heartlands of Belgravia and Fitzrovia and this is a sure sign that we’re in for a strong year ahead.”
| Table shows demand for properties in each area at the £2m and above and the quarterly and annual change | ||||
|---|---|---|---|---|
| Area | Prime category | Q2 2022 | Q Change | Annual change |
| Barnes | Prime SW London | 51% | 7% | 5% |
| Highgate | Prime NW London | 43% | 7% | 4% |
| Wandsworth | Prime SW London | 48% | 6% | -3% |
| Wimbledon | Prime SW London | 44% | 6% | -6% |
| Maida Vale | Prime C London | 20% | 6% | 6% |
| Fulham | Prime SW London | 30% | 4% | 3% |
| Hampstead Garden Suburb | Prime NW London | 15% | 4% | -4% |
| Chiswick | Prime SW London | 51% | 3% | 6% |
| Canary Wharf | Prime E London | 20% | 3% | 14% |
| Victoria | Prime C London | 22% | 3% | 8% |
| Regents Park | Prime C London | 12% | 3% | 4% |
| Kensington | Prime C London | 18% | 3% | 2% |
| Islington | Prime N London | 42% | 2% | 4% |
| Chelsea | Prime C London | 17% | 1% | 1% |
| Putney | Prime SW London | 36% | 1% | -7% |
| Belgravia | Prime C London | 20% | 1% | 6% |
| St John’s Wood | Prime C London | 11% | 1% | -2% |
| Marylebone | Prime C London | 7% | 0% | 3% |
| Mayfair | Prime C London | 8% | 0% | 0% |
| Pimlico | Prime C London | 13% | 0% | 0% |
| Notting Hill | Prime C London | 20% | -1% | -10% |
| Holland Park | Prime C London | 23% | -1% | -2% |
| Knightsbridge | Prime C London | 12% | -2% | 0% |
| Fitzrovia | Prime C London | 6% | -2% | 1% |
| Richmond | Prime SW London | 38% | -5% | -3% |
| Wapping | Prime E London | 13% | -7% | -3% |
| Battersea | Prime SW London | 23% | -7% | 10% |
| Clapham | Prime SW London | 44% | -25% | 3% |
| Overall average | 25% | 1% | 1% |
| Table shows demand for properties in each area at the £10m and above and the quarterly and annual change | ||||
|---|---|---|---|---|
| Area | Prime category | Q2 2022 | Q Change | Annual change |
| Belgravia | Prime C London | 12% | 34% | 2% |
| Fitzrovia | Prime C London | 25% | 25% | 25% |
| Hampstead Garden Suburb | Prime NW London | 25% | 17% | 1% |
| Highgate | Prime NW London | 17% | 17% | 17% |
| Marylebone | Prime C London | 9% | 9% | 7% |
| Victoria | Prime C London | 11% | 5% | 1% |
| Mayfair | Prime C London | 3% | 3% | 3% |
| Knightsbridge | Prime C London | 10% | 2% | 4% |
| Kensington | Prime C London | 5% | 1% | -5% |
| Wimbledon | Prime SW London | 25% | 0% | 25% |
| Maida Vale | Prime C London | 0% | 0% | 0% |
| Pimlico | Prime C London | 0% | 0% | 0% |
| Battersea | Prime SW London | 0% | 0% | 0% |
| Regents Park | Prime C London | 0% | 0% | -8% |
| Chelsea | Prime C London | 9% | 0% | 1% |
| St John’s Wood | Prime C London | 0% | -4% | -7% |
| Holland Park | Prime C London | 0% | -6% | -21% |
| Notting Hill | Prime C London | 0% | -20% | -9% |
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