A new licensing scheme for estate agents is to be launched. aimed at protecting consumers from unqualified estate agents. According to the National Association of Estate Agents (NAEA), most estate agents are reputable but anyone can start up as an estate agent in the UK without qualifications or formal checks. The new scheme was described [...]
The average asking price for a home in the UK increased by 0.3% in June, compared with May, according to Rightmove. However, the sixth consecutive monthly rise left prices falling in real terms, with the Retail Prices Index showing an annual increase of 5.1% in June, compared with a year-on-year rise in asking prices of [...]
UK Google Maps users can now search for listings from estate agents and property websites directly from the maps. Available properties are indicated by a small circle that provides a link to a particular agent’s website. The new facility also means that potential home buyers and renters can enter a location and see the available [...]
The credit crunch has resulted in a “dramatic jump” in the number of professional negligence claims brought against surveyors and estate agents, according to a City law firm. Research from Reynolds Porter Chamberlain (RPC) reveals that there were 25 commercial and residential High Court cases against estate agents or surveyors in 2009, compared with one [...]
The Office of Fair Trading (OFT) is recommending a “shake-up” of the way in which most Britons sell their homes, including new legislation that encourages innovation in the estate agency market. Following a study of the home-buying and selling process, the watchdog concludes: “The housing market remains dominated by traditional estate agents with weak competition [...]
For every property on the market there are five potential buyers looking to snatch it up, new research has discovered. A study by the National Association of Estate Agents (NAEA) found estate agents had an average of 287 prospective buyers on their books in October. The average number of properties available at estate agents was [...]
In his latest quarterly review, Property Ombudsman Christopher Hamer has reported a fall of 30% in enquiries regarding house sales while lettings enquiries rose an annual 44%, reflecting the switch in emphasis in the property market slowdown. At the end of June, around 10,400 estate agents offices were registered under the Ombudsman’s code of practice [...]
The Royal Institution of Chartered Surveyors (Rics) has reported a positive change in house price expectations for the first time since May 2007. In its June survey of members, the net balance of surveyors reporting falling rather than rising prices improved from -43.8 in May to –18.1. The Institution points out that although the balance [...]
The Office of Fair Trading (OFT) has launched an online version of its register of dodgy estate agents. Firm’s listed have been given warnings or been banned from estate agency work and the list can be viewed at www.oft.gov.uk/estateagentregister The register can be browsed alphabetically or by date and also provides information on how to [...]
An investigation by Channel 4 News claims that up to £100 is being added to the cost of some Home Information Packs (HIPS) to line the pockets of estate agents. In one case cited by the programme, a homeowner was paying almost £150 more for a pack than the price originally quoted by the HIP [...]
New government legislation on Home Information Packs (HIPs) will cause home sellers ‘significant delays’ in getting their property to market, The Nottingham warned this week. The East Midlands-based building society warned that the new legal status of HIPs will make home-selling a ‘major logistical exercise’. From 6 April, all home sellers will be required to [...]
House prices continued to plummet in November, although the National Association of Estate Agents (NAEA) sees a flicker of hope amidst the gloomy statistics. The average price of a detached property fell from £291,592 in October to £287,922 by the end of November. Semi-detached properties dropped from £199,905 to £192,042, whilst flats fell from £118,334 [...]
Estate agents that have so far survived the housing market downturn can look forward to a review of the market by the Office of Fair Trading (OFT), in 2009. The watchdog has promised to take a comprehensive look at the sector and will be involving both consumer groups and industry bodies. In a similar study [...]
According to a report by property search website, Rightmove, homeowners are slashing their asking prices by £6,500 in a bid to sell their home. In the four weeks to November 8, the average asking price of a home in England and Wales was £223,000 - a 2.9% decrease on the previous month and the largest [...]
HBOS is closing 53 branches of it Halifax estate agency. The banking group, which owns leading UK mortgage lender, Halifax, recently reported a 72% fall in first-half profit and has also been embarrassed by its £4 billion fundraising, which attracted the support of only 8% of shareholders. It is now in the process of reviewing [...]
It has come to light that not all homes being offered for sale have Home Information Packs (HIPs). According to the president of the Law Society, Paul Marsh, some estate agents and vendors, worried about the slowdown in the property market, are delaying the completion of HIPs until a sale has been agreed. The packs [...]
The downturn in the UK housing market has left homesellers and property developers exploring new ways of attracting buyers. With properties for sale now outnumbering potential purchasers by an estimated 15 to 1, estate agents and housebuilders are adopting an innovative method of securing purchasers with “try before you buy” schemes. According to a report [...]
Abbey Mortgages has been gathering the views of estate agents and homeowners on the duration of the current decline in UK house prices. In a survey of 100 estate agents, 61% said they were confident that house prices will stop falling within 12 months. Furthermore, 30% of this group believe that UK property prices will [...]
The Royal Institution of Chartered Surveyors (Rics) has published a report showing that during each of the months of March, April and May, the average estate agency sold 17.4 homes. The figure represents a 32% decline on the same period of 2007 and leaves house-sellers in England and Wales struggling to achieve sales in the [...]
Financial data provider, Debtwire, estimates that 150 UK estate agency branches are closing each week, as a result of the housing market slowdown. The number of branches across the country has fallen to around 12,000 from approximately 13,000 at the beginning of January and job cuts in the sector amount to approximately 4,000 since the [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
Think tank calls for council housing sell off
The Policy Exchange, a leading UK think tank, is calling for expensive social housing to be sold as it becomes vacant. This could raise £4.5 billion a year and the money could be used to create the largest social house building programme since the 1970s, the think tank suggests in a new report. Between 80,000 [...]
Barclays appoints new chairman
Barclays has announced the appointment of Sir David Walker as its new chairman. He will take over from Marcus Agius who resigned from the role after Barclays was fined £290 million by regulators in the UK and US for manipulating Libor, the interbank lending rate. The appointment of Sir David, a respected and experienced banker, [...]
Post Office stepping up mortgage offering
The Post Office is expanding its mortgage service with the introduction of mortgage specialists in its branches. Mortgages have been available from the Post Office since 2009, but applications have had to be made online or over the phone. It currently offers mortgage with deposits as low as 10 per cent and plans to enhance [...]
Help Loan closed after breaching money-laundering rules
Payday Loan company MCO Capital has been closed down by the Office of Fair Trading (OFT) and fined £544,000 after failing to check the identity of its borrowers. The firm, which traded as Help Loan, was targeted by criminals and cheated of more than £1.5m by the fraudsters due to its negligence. The criminals stole [...]
Health insurance becoming unaffordable warns Bupa
The rising cost of private healthcare is pushing health insurance in the UK up to unaffordable levels, according to international healthcare group Bupa. A lack of competition among private hospitals has led to the cost of treatment rising, and the insurer says that this could lead to health insurance becoming unaffordable. An increase in the [...]
Bank of England forecasts zero economic growth
The Bank of England does not expect the UK economy to grow at all this year according to its latest quarterly report. It had previously forecast growth of 2 per cent for 2012 but recent gloomy economic data has led to the growth forecast being revised downwards. The forecast for medium-term growth has also been [...]
Standard Chartered in money-laundering scandal
Standard Chartered has become the latest UK bank to be accused of illegal activity. It has been accused by the New York department of financial services of hiding $250 billion worth of illegal transactions with Iranian banks between 2001 and 2010. The US regulator claims that the bank, which has wholesale banking, corporate finance and [...]
Economy benefiting from PPI refunds
The UK economy is receiving a welcome boost from compensation paid by banks to customers who were mis-sold payment protection insurance (PPI). British banks have already paid out £9 billion after it came to light that they had been routinely mis-selling insurance policies designed to protect repayments on mortgage, loan and credit cards. With payouts [...]
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