Tag: estate agents

Licensing scheme for estate agents to be launched

Licensing scheme for estate agents to be launched

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 [...]

November 18, 2010 | 0 Comments More
Rightmove: asking prices set to fall

Rightmove: asking prices set to fall

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 [...]

June 22, 2010 | 0 Comments More
Estate agents link with UK Google Maps

Estate agents link with UK Google Maps

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 [...]

June 21, 2010 | 0 Comments More
Mortgage lenders pursue estate agents and surveyors over losses

Mortgage lenders pursue estate agents and surveyors over losses

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 [...]

May 5, 2010 | 0 Comments More
Watchdog recommends “shake-up” of estate agency market

Watchdog recommends “shake-up” of estate agency market

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 [...]

February 19, 2010 | 0 Comments More
Five buyers for every house on the market

Five buyers for every house on the market

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 [...]

November 9, 2009 | 1 Comment More
Property Ombudsman sends warning shot over estate agents’ fees

Property Ombudsman sends warning shot over estate agents’ fees

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 [...]

July 15, 2009 | 0 Comments More
More surveyors report rising prices

More surveyors report rising prices

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 [...]

July 14, 2009 | 0 Comments More
OFT launches online register of dodgy estate agents

OFT launches online register of dodgy estate agents

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 [...]

June 23, 2009 | 0 Comments More
Estate agents profit from secret HIP commission

Estate agents profit from secret HIP commission

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 [...]

May 19, 2009 | 1 Comment More
New HIPs law will slow down house sales

New HIPs law will slow down house sales

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 [...]

March 19, 2009 | 2 Comments More
House price slump continues

House price slump continues

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 [...]

December 19, 2008 | 0 Comments More
OFT to check out competition among estate agents

OFT to check out competition among estate agents

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 [...]

December 8, 2008 | 0 Comments More
Asking prices slashed by £6,500 but homes still not selling

Asking prices slashed by £6,500 but homes still not selling

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 [...]

November 17, 2008 | 0 Comments More
Halifax Estate Agents to close 53 branches

Halifax Estate Agents to close 53 branches

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 [...]

August 26, 2008 | 0 Comments More
Homesellers and estate agents dodge HIPs

Homesellers and estate agents dodge HIPs

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 [...]

August 4, 2008 | 0 Comments More
Vendors tempt buyers with “try before you buy”

Vendors tempt buyers with “try before you buy”

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 [...]

July 14, 2008 | 0 Comments More
Estate Agents and homeowners retain housing market optimism

Estate Agents and homeowners retain housing market optimism

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 [...]

July 9, 2008 | 0 Comments More
House sales slump to 30 year low

House sales slump to 30 year low

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 [...]

June 10, 2008 | 0 Comments More
Estate agents close 150 branches a week

Estate agents close 150 branches a week

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 [...]

May 6, 2008 | 0 Comments More