Brexit
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Resources
Brexit + Election = slowing market
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “The issue is stock; NAEA Propertymark reports the lowest number of properties for sale since their records began in 2002. As a result, price growth may slow, but not ‘collapse’.
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Latest property news
Belvoir confident 3.3m EU nationals will stay after Brexit
Property franchise giant Belvoir says the EU referendum vote last year failed to impact its business, unlike many of its rivals. It also believes that the 3.3m EU nationals living in the UK will continue to have the same right to live and rent in the UK after Brexit as they do now, so there will be “no foreseeable reduction in the current level of demand for housing”. The comments came in Belvoir’s 2016 annual report published today, which also reveals that it is now the largest UK property franchise firm following its purchase of rival Northwood GB in June. “The Belvoir Group has not suffered any negative effects as a result of the EU referendum result,” the annual reports says. Started in 1995 and floated on AIM in 2012, Belvoir now has 302 branches within its network, 110 ahead of its nearest rival, Martin & Co. This includes a handful of corporate offices, 150-plus Belvoir franchisees plus the branches within its recent acquisitions. These have been Newton Fallowell in the East Midlands with 30 branches and Goodchilds in the West Midlands with 14 branches, both in 2015. Then last year Belvoir acquired Nortwhood GB with 87 outlets. This buying…
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Latest property news
Brexit vote has helped us, says Purplebricks CEO
Purplebricks CEO Michael Bruce says the uncertainty caused by the Brexit vote in June has been an opportunity for the company, which released its results this week. Speaking during an interview with London-based website DirectorsTalk, Bruce suggested that he saw “Brexit as an opportunity to grow our market share and get out there an educated the UK consumers that the cost of selling your house is too high, you’ve been paying it for too long, and that the unfair commission based model agency is not the one that you should choose”. “We have been very pleased to see that the UK consumer is making that choice, and that there is a seismic change happening in the estate agency [sector] and we’re at the forefront of that change – and we’re looking to capitalise on it.” The comments come after Purplebricks yesterday reported its first profit of £300,000 as well as a 119% increase in the number of Local Property Experts joining the company over the past six months. “This shows that more and more people from the industry want to join Purplebricks to offer a better quality of service,” says Bruce. “It’s why we’re the most positively reviewed estate agent in the…
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Features
Brexit: Gloom, doom or boom?
Andrew Symington, Managing Director, Symington Elvery looks at Brexit and the long term impact on residential property.
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Features
Can tech finally make sales progression more transparent?
Technology is making sales progression easier for all parties, it is claimed. Nigel Lewis talks to specialists leading the digital charge to keep the chain together.
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Latest property news
Home moves to shrink by 200,000 following Brexit vote, says L&G chief
The Brexit vote may lead to some 200,000 transactions being knocked off the number of homes sold this year according to Legal and General Building Services’ managing director Steve Goodall. Speaking at a recent conference organised by Mortgage Finance Gazette, Goodall (pictured, below) said the UK long-term average was 1.5 million transactions a year, topping out at 1.6 million during the “heady heights” of 2006/7 before the financial crisis, then dipping down to 900,000 and now running at 1.2 million. “Because of what happened over the summer – i.e. the referendum vote for the UK to leave Europe – this year we night see a flatlining of transactions,” he said. “The equivalent number of transactions over the last three months may have actually dropped to around one million per annum.” Goodall also said transactions should be much higher overall, pointing out that current levels of transaction should be measured against the growing number of households in the UK. Therefore, he calculates, the market should be running at 1.7 or 1.8 million transactions a year not 1.2 million. “There are more people yet there are fewer housing transactions,” he said. The conference was attended by a mixed bag of industry leaders including Karl…
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Resources
House prices and sales hold steady
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “It’s time for agents to be the ones that inform and educate on local property markets.”
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Housing Market
Post Brexit vote market is still buoyant…but only just
The number of properties on the market has increased by 1% since the Brexit vote but the number under offer has dropped by 2.5% and national asking prices are down by 2% reports Jackson-Stops & Staff. The agent has given its verdict on the post-Brexit vote market after looking at 500,000 properties for sale across the UK. “Three months after the UK’s historic vote to leave the EU, the property market remains alive and active [and] there are more properties on the market today than on the day of the Brexit vote,” says chairman Nick Leeming. Predictions during the EU referendum of a bloodbath in London after the Brexit vote have proved to be inaccurate, the JSS research suggests, as it reveals that asking prices in the capital are down by only 3% since mid-June and that “properties priced below £1m are still seeing high levels of interest”. London’s £2m+ prime market is in less good shape. Only 7% of properties in this price bracket are under agreed offer compared to 36.1% nationally, the JSS research reveals. Leeming says this is down to a range of factors including reduced confidence in the prime property following Brexit and the increased Stamp…
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Features
Brexit
A catchy new word that many thought would be trending today, forgotten tomorrow. My goodness, how wrong we were.
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Guest Blogs
BREXIT: how will your business manage the fallout?
BREXIT: how will your business manage the fallout? Good agents can keep on making money almost regardless of what the market is doing, says Adam Walker.
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