Agencies & People
News covering the businesses, activities, people and personalities in estate agency and letting agency and wider residential property industry.
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Zoopla acquires price-comparison website uSwitch
Zoopla Property Group (ZPG) has announced that it is to buy online price comparison site uSwitch in a deal worth up to £190 million. ZPG, which also owns a number of other websites such as Prime Location and Smart New Homes, said the agreed deal, at £160 million plus a performance-based earn out of up to £30 million, believe that the deal will help it deliver a wider property service to people seeking the best deals online. uSwitch, owned by Ulysses Enterprises Limited, enables consumers to find the best deals from utilities such as electricity and phone bills. It had revenues of £62.9 million and earnings of £16.2 million last year with 50.3 million online visits. It claims to have saved customers £112 million last year on energy bills alone. ZPG said that the deal to acquire uSwitch will allow its members to benefit from increased engagement with home movers and greater insight into their property requirements along with enhanced exposure to the further differentiated ZPG audience. ZPG is also developing new products that will create revenue opportunities for its members around home services switching. Alex Chesterman (left), Founder & CEO of Zoopla Property Group said, “This is a transformational…
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‘Lack of evidence’ gives tenants advantage in disputes
A high volume of tenants are continuing to win deposit scheme disputes due to a lack of evidence, according to Imfuna Let, which has commented on the issue in light of statistics from the Tenant Deposit Scheme Annual Review 2014. According to the Review, since the tenant deposit schemes initiative came into force in 2007, tenants have won 100 per cent of a deposit more often than landlords. The figures reveal that renters have received the full deposit in 20.25 per cent of cases, compared to 18.21 per cent for landlords. Furthermore, the dispute amounts have leapt from £736 in 2010-2011 to £860 in 2013-2014. Cleaning remains the most common cause of dispute, appearing in 53 per cent of all cases. This is followed by damage (46 per cent), redecoration (29 per cent), arrears (16 per cent) and gardening (14 per cent). “Despite the best efforts of the deposit schemes, landlords and agents are not being awarded 100 per cent of the deposit as often as tenants,” said JaxKneppers, Founder and CEO of Imfuna Let. “It is worth asking ourselves why landlords have failed to improve their success rate at disputes over the last few years? One obvious reason is…
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Agents happy with OTM
Three months on from the launch of OnTheMarket (OTM) it has been claimed that the property portal is struggling to prove a hit with consumers, but estate agents listing properties on the website insist that they remain happy with OTM. Citing the latest data from Hitwise, the Zoopla Property Group (ZPG) claim that OTM’s website traffic has been in decline for the last few weeks, after peaking in mid-March, and that those agents that list their properties on the website are not receiving good value for money. Lawrence Hall (left) of ZPG commented, “At the end of the day, OTM is simply a marketing channel like any other and will need to ensure that its audience levels justify its fees. This is even more the case for OTM given that it has required its members to give up a huge audience. It is hard to see how agents can justify paying anything meaningful for marketing on OTM at these current traffic levels.” Ian Springett (right), Chief Executive of OnTheMarket.com, insisted that claims by ZPG that traffic to OTM is falling are “simply inaccurate both in terms of absolute numbers and trends”. “As flattering as it is to receive so much…
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Zoopla and Rightmove provide ‘competitive advantage’ – Connells
A detailed analysis of email leads delivered by Zoopla and Rightmove throughout 2014 show that the level of duplication between the two major portals is lower than previously thought, the Connells Group has claimed. Internal data from Connells reveals that of all consumers who sent email leads through the major portals, 93.8 per cent were unique to either Zoopla or Rightmove with only the remainder duplicated between the top two portals. What’s more, Connells claims that for the highest value market appraisal leads, 99.9 per cent were unique, with just 0.1 per cent duplication. David Plumtree (left), Group CEO Estate Agency Connells Group, said, “With the recent launch of Agents’ Mutual we were keen to confirm the value delivered to our network by the major property portals, reaffirming the low level of duplication of leads between the two main players, which has continued into 2015. “The value of being on both Zoopla and Rightmove is clear, and remains the best choice for our customers and network of agency offices in 2015.” As a shareholder in Zoopla, the Connells Group has opted not to sign up to OnTheMarket.com (OTM), which launched earlier this year. Meanwhile, Zoopla Property Group (ZPG) has confirmed…
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Countrywide further expands lettings business
Countrywide Residential Lettings, part of the UK’s largest estate agency and property services Group, has acquired four successful lettings businesses over the past three months. The recent acquisitions include Property Links in Plymouth; Anderson Residential a full service lettings agency in Sutton Coldfield; the large portfolio of HE Lettings in Lincolnshire and All in One Move in Swindon. As part of Countrywide plc, all four acquired businesses will benefit from the Group’s shared marketing services, property market insight due to economies of scale and shared services from local lettings agency brands. Nick Dunning, Group Commercial Director, Countrywide plc, said, “The acquisitions we made in quarter one, 2015 are in line with our selective acquisitions strategy, which is focused on delivering the best growth and success for all parties involved. These acquisitions significantly increase our regional footprint and fill in the geographical gaps in our portfolio. Current market conditions offer ongoing opportunities to acquire lettings businesses and scope to enter new markets as well as expand our presence in existing markets.” Over the past five years Countrywide has invested over £80 million in acquiring more than 100 lettings businesses throughout England and Scotland. During that period, Countrywide has opened over 100…
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Odds shorten on estate agent winning seat in May
Bookmakers have slashed the odds on Kevin Hollinrake, Managing Director and Co-Founder of Hunters Property Group, being elected MP for Thirsk & Malton after his nearest rival, and existing MP for the North Yorkshire, announced last week that she will not be seeking re-election on 7th May. Anne McIntosh (left), the Conservative MP, confirmed she will not run as an independent in the General Election, after she was deselected by her party. She said she would focus on returning a Tory government by campaigning for candidates in marginal seats instead. McIntosh has been the MP for Thirsk & Malton, North Yorkshire, since 1997, and was previously an MEP. She commented, “Many have asked me to stand locally in some capacity. I am honoured but my place is within the party and I would never put personal ambition ahead of the best interests of the country, which can only be served by another Government led by David Cameron. “To all those who have so loyally supported me and who have expressed disillusionment and a sense of being disenfranchised, I urge them to put aside their disappointment and ask them to consider that the alternative would not be good for the constituency,…
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Agents prepare for a knockout event
The estate and letting agents taking part in a charity white collar charity boxing event – Rumble with the Agents – met each other last week for their first group training session. The sporting event, which took place at the world famous Peacock Gym and was filmed by Channel 5 as part of a wider documentary, offers the agents the opportunity to try their hand at a boxing whilst raising money for The Rainbow Children’s Trust, a leading organisation providing emotional and practical support to families who have a child with a life threatening or terminal illness. Being billed as the biggest white collar boxing event ever brought to the property industry, ‘Rumble with the Agents’, which is due to take place at The Holiday Inn in Finchley Central, north London, on Thursday 21st May 2015, has so far signed up 10 fighters. The confirmed agent boxers taking part in the event are: Simon Welch- Savills Simon Hills- Life Residential Dave Ronson- The Heron Group Simon Peters- Panther Securities Kevin Pearcey- Winkworths- Willesden Nick Vent- Winkworths- East Dulwich Scott Hume- Infiniti Properties Paul Shamplina- Landlord Action Kendall Fleming- Life Residential Ahmad Baghbani- Fraser and Co Paul Shamplina (fourth from left,…
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Countrywide Residential Lettings Celebrate ‘100 Deals’
Countrywide plc has capitalised on the growth of the UK rental market and significantly increased its regional footprint. Over the past five years Countrywide has invested over £80 million in acquiring over 100 lettings businesses throughout England and Scotland. During that period, Countrywide has opened over 100 offices in a number of key town and city locations. In celebration of succeeding more than 100 acquisitions during that period of time, Countrywide Residential Lettings held a celebratory boat trip last week. The boat trip launched from Embankment Pier, London and began with a Champagne reception followed by a River Thames tour of London Countrywide employees enjoyed a gala dinner. Commenting on the event, John Hards, Managing Director, Countrywide Residential Lettings: “Countrywide has a unique ability to grow businesses by ensuring they operate autonomously, retain their local heritage and benefit from Countrywide’s ongoing investment and support. “We have built a very strong and successful network of branches in the UK, via strategic acquisitions and new branch openings and we are delighted to be able to celebrate ‘100 Deals’. We would like to thank DWF legal businesses who sponsored the event. “Countrywide Residential Lettings value the importance of all our acquisitions and it…
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LSL acquires major stake in Thomas Morris
The acquisitions arm of LSL, LSLi, has acquired a significant shareholding in Thomas Morris estate agents which covers Cambridgeshire, Hertfordshire and Bedfordshire. Four of the seven previous partners have now exited the business as a result of the major stake snapped up by LSLi, the holding company for several estate agency brands based largely in the Home Counties with a combined network of 57 branches made up of wholly owned and franchise branches, including Intercounty, Frosts, JNP, Goodfellows, Davis Tate, Lauristons, Lawlors, Hawes & Co and Thomas Morris. Simon Bradbury (left), who along with Russell Sansby and Kevin Thomas, is remaining with Thomas Morris, keeping hold of an equity share, said: “Our experience with LSLi over the last few months has been extremely positive. “What we’ve found most appealing about the whole experience is that we will continue to run Thomas Morris but we also now have the backing of the second largest estate agency group in the UK, who understand our business, and which means that together we will continue to invest in Thomas Morris. “Most importantly the deal provides added security and additional opportunities for all the staff at Thomas Morris. We’re all really excited about the future.”…
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Tenant bargaining power grows
New figures from the National Landlords Association (NLA) show that tenants are securing a larger proportion of private rented homes in the UK at below, rather than above, advertised rents. The data shows that 16 per cent of private rented homes are let to tenants at below advertised rents, with eight per cent of homes being let to tenants at above the asking price. Three quarters (76 per cent) of private rented homes are let to tenants at the advertised rent. The difference means that tenants in the UK are benefitting from a net proportion of 8 per cent – or an estimated 320,000 – homes let at below advertised rents. The NLA’s analysis found that more than a quarter of new tenancies in central London (27 per cent) are agreed at lower than advertised rents, with the North East and outer London close behind (both 22 per cent). However, just nine per cent of properties in the East Midlands are let to tenants below the asking price. Yorkshire and the Humber and the South West are close behind on 11 per cent. At the other end of the scale, more tenancies in outer London are agreed above the advertised…
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