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Latest property news
New Year property market gets off to a roaring start, claims Rightmove
The first weeks of the New Year property market have begun well with increased numbers of buyers looking for homes and asking prices rising, says Rightmove. Its monthly snapshot of the property market reveals that the number of visits to its online listings of sales properties is up 9% so far this month compared to last year. Also, asking prices for newly-listed homes are up 0.7% compared to last year. But Rightmove warns that, despite the rise in interest during the New Year, buyers are extremely wary on price, and that the number of sales agreed during the final three months of last year was down by 5.5% compared to the same period the year before. Rightmove also hints that while in more normal times the current stretched buyer affordability and uncertain political outlook might have seen prices tumbling, a surge in first time buyers following the recent Stamp Duty reductions, plus a lack of supply in the market, is instead pushing prices up. “Considering some of the gales that buffeted the market in the latter part of 2017, these early readings for 2018 show that there is currently a good following wind of search activity,” says Rightmove Director Miles…
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Latest property news
Stamp Duty cut: first-time buyers rejoice, but experts warn of price rises
If Chancellor Philip Hammond thought his Stamp Duty cut for first time buyers announced during yesterday’s Budget would get a unanimous thumbs up, then things definitely aren’t going to plan. Firstly Robert Cote, Chairman of the Office for Budget responsibility, revealed that his organisation thought the tax cut would push up prices by 0.3% and that “the main financial gainers will actually be people who already own properties, rather than first time buyers themselves”. Treasury Chief Secretary has subsequently dismissed the OBR’s prediction and just a “minor increase”. But Mark Hayward, Chief Executive of the National Association of Estate Agents (NAEA) (pictured, left) also sounded a note of caution saying that although overall it was a positive move, it would increase house prices by pushing up demand for first time buyer properties. “We have seen this in areas where Help to Buy is offered, as it attracts a great deal of interest from first time buyers,” he said. Sarah Beeny, TV presenter and founder of online agent Tepilo (pictured, right), also weighed in, saying she thought the measures would not make a huge difference to the market. “Cutting stamp duty for first time buyers is unlikely to do much –…
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Cash splurge surge? Landlords buying without a mortgage spend £21 billion
The government’s energetic attempts to subdue the buy-to-let market have failed, according to the latest rental market index from Countrywide. It reveals that a record number of landlords are re-mortgaging their existing properties to buy new ones for cash. The company says 65% of buy-to-let sales over the past 12 months were cash purchases, totalling £21billion, which is £200 million more than last year and a third higher than in 2007 when Countrywide began tracking the market. Northern and Scottish landlords are the most likely to buy with cash. Nearly 80% of buy-to-let property purchases in the North East are for cash, followed by Scotland at 71%, although in London landlords are much more reliant on debt to buy their next rental property – only 42% of purchases there are cash deals. “Landlords have increased their housing wealth considerably over the last 10 years,” says Johnny Morris, Head of Research at Countrywide (pictured, below). “This means cash purchases are steadily becoming a bigger part of the market.” It’s a developing trend, the Countrywide research shows. Ten years ago mortgaged-backed purchases were twice that of cash sales, but now the tables have been turned. Over the past 12 months buy-to-let purchases…
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Latest property news
Hybrid rollout is delivering results, claims Countrywide CEO
Countrywide CEO Alison Platt yesterday made a robust defence of the company’s recently-launched digital hybrid offering, saying it has improved the performance of the businesses within which it’s been rolled out. In June last year Countrywide introduced what is essentially a parallel hybrid offering at the branches of several brands including Austin & Wyatt, Frank Innes and Spencers, where customers are offered a low-cost digital-only services both in-branch and on each agency’s websites, as well as their more expensive high street offering. Alison says the roll-out, which so far covers 25% or more of all its branches and is part of a strategy called Every Customer Counts, enables vendors to upgrade from Countrywide’s fixed-price online offering at any point to its full high street service, if they “feel they need the extra help and support”. “For the business, the brands where we’ve rolled out Every Customer Counts have seen better performance at every step of the journey, increased traffic, more valuations, better conversion, improved sales progression and increased revenue,” Alison said. Online mortgages The Countrywide CEO also revealed that the company will be launching its much-discussed online mortgage offering for both consumers and brokers and that leading tech firm Blenheim…
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Latest property news
A Question of Property: Russell Quirk, CEO of eMoov
Are online agents like yours really gaining market share? Yes, Rightmove figures show the share of online agents has increased from 2.5% in early 2015 to 6.5% today – that’s an increase of more than 100% in two years. We have data that shows, depending on area, the propensity for people to use an online agent is increasing at a significant rate. I believe it’s all about tipping point. If you talk to business experts, they believe it’s somewhere around 12% market share. We are rapidly moving towards that. Where’s this growth coming from? Look at Countrywide and Foxtons. Their listings and revenues are dropping while the decent online operators such as Purplebricks, Yopa and ourselves are growing our share and numbers in absolute terms in a market that is down by 30%. Some say it’s all fuelled by investors’ cash Yes, it is a question of cash but it’s also about proposition and execution – I think there will be two or three winners in this market. Investors are getting fickler and I know of one online agent which is struggling to raise funding now. But it’s more about that if there are ten competitors in a new market,…
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Countrywide non-exec resigns, share rally ends
One of Countrywide’s six independent non-exec directors has resigned from its board and, the company says, a search for a replacement is now under way. Richard Adam (pictured, right) joined Countrywide’s board in June 2014 and was appointed as Chairman of its audit and risk committee in August that year – a role he has agreed to continue until its AGM and results in April next year. He will also continue to head up its Remuneration and Nomination Committee. “The Board of Countrywide wishes to thank Richard Adam for his significant and continuing contribution to the Board and its committees since joining Countrywide,” says Peter Long, Non-Executive Chairman of Counrywide Plc. “The whole Board wishes Richard well for the future.” As well as being a non-exec at Countrywide, he also holds the same position at builder Countryside and two other companies, while also being Group Finance Director at building and services giant Carillion. Countrywide shares The news of his departure would appear to have nudged shares in the company downward – which dropped 0.7% yesterday after Adam’s resignation was announced at £1.12p, ending a week-long rally in its share price that has seen it rise by 10% since last Friday.…
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Latest property news
Countrywide signs with ZPG for another three years of ‘partnership’
Countrywide has revealed this morning that it is to renew its listing with Zoopla and PrimeLocation for another three years for its multiple brands, which between them have nearly 1,000 branches across the UK. The new agreement starts on January 1st next year and covers both sales and lettings, although Countrywide CEO Alison Platt says she wants to maximise “the strategic benefits from their partnership”. Alison’s signature on the new contract means ZPG has passed an important test a year after Countrywide sold its remaining stake in ZPG for £29.2 million. It was one of the three key agent groups to invest in Zoopla in 2010 alongside LSL and Connells. The extent of this new partnership has not been revealed but is likely to see Countrywide leverage its listing power to access deals for some of ZPG’s other property-related businesses such including recently-acquired market analytics firm Hometrack and consumer finance portal www.money.co.uk and utilities switching portal uSwitch. “As the leading property services business across the UK, Countrywide is pleased to have cemented a refreshed and extended relationship with ZPG,” says Alison Platt. “The benefits to our Group and to our brands are significant and give us a strong platform to…
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Latest property news
Countrywide’s next Open House set to be largest yet
Countrywide has kicked off its latest national open house event which, despite recent branch closures and operational streamlining, is set to be the biggest yet. This will be the 15th time the company has run the event since launching it in 2010, the most recent one being in March earlier this year, and before that last September. “We can’t tell for sure how many vendors and tenants will sign up to include their properties within us until the last moment, but it’s shaping up to be big this year,” a spokesperson told The Negotiator. “The good thing about this event is that it takes places across a vast range of properties – owners of million pound mansions throw their doors open for our Open House as well as homes from the rest of the market.” During the most recent Autumn event 29,000 viewings took place at 6,000 properties available to buy or let over the weekend of 25th-26th September. This means on average nearly five people attended each open house. During the inaugural Open House, during December 2009, Countrywide’s brands booked 27,000 viewings across 11,000 properties. This Autumn’s Big Open House is taking place on the weekend of 30th September-1st…
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Countrywide’s CEO Alison Platt takes new role focussing on sales and lettings
Countrywide CEO Alison Platt (pictured, right) is to focus her efforts on the company’s main property businesses and leave other areas to her new finance chief, it has been revealed today. The announcement follows recent speculation about Sam Tyrer (pictured, below), the company’s Managing Director of Retail and London, whose name was removed from the Countrywide senior team list, and whose LinkedIn profile gives an end date for her employment at the company. Retail focus At the time of joining Countrywide Sam was seen as one of the company’s new non-property, retail-focussed young innovators. Her arrival was part of Alison Platt’s drive to change the business from one dominated by long-serving property seniors into a more modern ‘integrated’ company. Sam was recruited by Alison two years ago to reshape the businesses’ sales and letting operations and was instrumental in launching its hybrid/online sales operation. But Countrywide now says there is to be a new organisational structure with Alison focussing on sales, lettings, financial services and commercial property. All the company’s UK-wide sales and lettings territories will report to Alison, including Hamptons International and its London and SE upmarket brands and City agencies including John D Wood. Countrywide’s new Chief Financial…
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Latest property news
Are govt’s landlord tax chickens coming home to roost?
When agents warned the government that its anti-landlord tax measures would lead to higher rents, they were dismissed as scaremongers. But Countrywide’s latest rental index shows that the predictions weren’t far off the mark in London, the South and Scotland. Rents in London were higher by 2.1% in July compared the last year driven by an 18% drop in properties available to rent, and the number of properties coming on to the market from landlords in the South has halved since 2015, helping drive the national average rental increase up from 1.1% to 2.2%. And the rate at which new rental properties are coming on to the market is slowing across some parts of the UK; down 18% in London, -6% in the East of England and -5% in the South. North vs South But other parts of the UK are seeing a dramatic increase in the number of rental properties coming on to the market, including in Yorkshire & Humberside (+37%), Wales (+22%) and the North West (+21%) suggesting that landlords are shifting their investment focus away from London and the South. The research may be good news for first time buyers. In London the proportion of homes being bought…
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