Countrywide
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Latest property news
Humberts launches first dual online and high street lettings service
Humberts has launched the UK’s first switchable online-only and traditional managed lettings service for landlords. The announcement comes five months after the company said it would be relaunching its lettings operation headed up by high-profile industry executive Suzanne Diamond (pictured, below). The new online offering is called Humberts Lettings Direct and will charge landlords £199 plus VAT for advertising on Rightmove and OTM as well as deposit and first-month rent collection, referencing, contract management and legal protection insurance. Humberts says the £199 will then be deducted from any fees charged should a landlord then switch to the traditional approach. But rather than the company build its own technology, 175-year-old Humberts is partnering with proptech start-up Propoly. Propoly started up three years ago as Nanoget before changing name and joining angel investment firm Pi Labs, initially presenting itself as an alternative to lettings agents for landlords and tenants. The company’s board includes non-executive director Margaret Longden (pictured, right), who is Countrywide’s Retail Programme Director and who, from 2010 onwards, helped expand the PLC’s lettings business. Also, Countrywide holds 366,034 Series A shares in Propoly. White label technology Humberts is using a white-labelled version of Propoly’s technology, which is essentially a messaging platform…
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Latest property news
Countrywide digital roll-out helps it retain market share
The half-year results for Countrywide reveal it has hung on to market share despite an overall contraction in the UK sales market, helped mainly by the roll-out of its digital ‘low fee’ proposition. Its market share dipped slightly from 5.1% to 4.9% but it increased its slice of the mortgage distribution market. The company also reduced costs by £19 million, helping generate £11.8 million in cash between January and June, up from £1.6 million last year. “We are building a stronger business for our future and remain on track with our goals to broaden our digital capability, reduce our operating cost base and strengthen our balance sheet,” says CEO Alison Platt (pictured, left) “Based on our current performance and the outlook for housing transactions in the UK, we expect our results and our leverage for the full year to be within the range of market expectations.” But like Foxtons which also reavealed half-year results today, the softening sales market helped reduce income at Countrywide by 10% during the first half of the year, and profits are down by 26%. Tough year for Countrywide “As anticipated, the first half of 2017 was tough for the Group compared to the same period…
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Latest property news
Half of foreign buy-to-let landlords have quit UK
The number of foreigners who own buy-to-let properties in the UK has more than halved over the past seven years, it has been revealed. But despite this dramatic drop, they still earn £5.4 billion a year in rent half of which comes from London properties. Countrywide, which conducted the research, says this decline in the number of overseas landlords is down to both a steady increase in tax on property investors, and stalling capital growth particularly in London. “The growth of the private rented sector since 2010 has not been driven by overseas investors,” says Johnny Morris, Research Director at Countrywide (pictured, left). “As well as having to contend with increased stamp duty and the annual tax on enveloped dwellings (ATED), overseas investors also saw the removal of capital gains tax exemptions in 2015.” Countrywide also says the proportion of UK property owned by overseas landlords has dropped from 12% to 5%, a record low. And in Greater London the reduction has been more dramatic from 26% to 11%, the research says, while in prime Central London the proportion has dropped from nearly a third in 2010 to less than a quarter now. Asians largest group Countrywide says the reduction…
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Latest property news
Countrywide CFO Jim Clarke retires, replaced by former G4S finance chief
Countrywide’s long-serving Chief Financial Officer Jim Clarke is to retire in July, making way for Himanshu Raja, who joins the company’s board on Monday and will take up position in August. Jim Clarke (pictured, left), who has in the past also taken the role of media commentator for Countrywide and recently led a share placement of nearly £40m to fund the company’s hybrid estate agency roll-out, has been with the company since 2007. His background before joining was in the hospitality and fitness sectors first at pub chain JD Wetherspoon and before that at David Lloyd Leisure. His retirement comes almost exactly two years to the day since two of his former colleagues, Bob Scarff and Nick Dunning, resigned from the company just nine months after Group Chief Executive Alison Platt took the helm. Clarke was also one of eight senior management figures who sold shares options worth millions in 2015 following the company’s return to the stock market in 2013, in his case worth £2.4 million. He is being replaced by Himanshu Raja who until last year was Group Chief Financial Officer of security firm G4S where he earned £1.7 million a year. He has been on sabbatical since…
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Latest property news
John D Wood grows as Faron Sutaria goes
Countrywide has completed its merger of two subsidiary brands, expanding John D Wood & Co. by a third, while closing the Faron Sutaria brand which was established 40 years ago.
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Latest property news
Countrywide’s hybrid rollout
While there’s enormous ‘noise’ around ‘online-only’ and hybrid agents such as Hatched and Purplebricks, Countrywide has been quietly rolling out its online activity across swathes of the UK.
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Latest property news
Company landlords surge to take a fifth of the market
The number of company landlords has increased by 6% over the past three months to a record 20% of the market, it has been revealed by Countrywide. The figure is the highest proportion recorded by the company since it began collecting data seven years ago. The punishing reductions in tax allowances that began being phased in earlier this month, as well as the recent extra Stamp Duty for buy-to-let properties are leading many landlords to bring their properties into a limited company structure. “Companies are generally taxed more favourably, particularly with recent changes by government to tax relief, so in many cases landlords can make cash savings by operating through a company rather than as an individual,” says Johnny Morris, Research Director at Countrywide (pictured, left). The trend is clearest in London where Countrywide says 27% of rental properties are owned by a company landlord, he says. Top and bottom The figures also reveal that the increase in company landlords is most evident at the top of the market, and at the bottom. This would suggest that large-portfolio landlords who own multiple properties in the poorer parts of the UK, and the those who own prime rental properties, are behind…
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Latest property news
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Auction House London partners with Countrywide A new partnership deal means that Auction House London will now sell all future auction properties listed by Countrywide in the capital.
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Latest property news
John D Wood finishes gobbling up Countrywide stablemate Faron Sutaria
42-year-old London estate agency Faron Sutaria has disappeared for good following the completion of its merger with John D Wood. The company’s former shopfronts have now been replaced with John D Wood branded facades (see right and below). The move is part of parent company Countrywide’s plans to rationalise its branch network, which the plc says has so far saved it £3.5 million. The merger of Faron Sutaria was originally announced last month and since then its seven branches being added to the John D Wood network. These include its former branches in South Kensington, Sloane Square, Earl’s Court, Notting Hill, Fulham Broadway, Shepherd’s Bush and Islington. “I am delighted to have spearheaded the recent modernisation of John D Wood & Co. and now the merger of Faron Sutaria, bringing these two London estate agencies together,” says Tim van der Schyff, Head of Lettings at John D Wood. The new offices, refurbished in the fresh modern style John D Wood & Co. have [now been] rolled out across the network, look fantastic and are being very well received by our customers, colleagues and visitors.“ John D Wood also recently had six other Countrywide stablemates added to its network, and Alan de Maid, Hetheringtons,…
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Guest Blogs
Can smaller agents take on the hybrid agent big hitters?
After watching the recent Haye vs Bellew Heavyweight boxing fight, it became to me clear that bigger isn’t always better when it comes to the hybrid agent. During my time working agency side, I gained first-hand experience of the shift in customer expectations. Unrivalled customer service is imperative but now it needs to be coupled with a reduced and fixed price tag. This has brought about the rise of the online-only and hybrid agent. We’ve seen an exciting couple of weeks in this space. Countrywide, the heavyweight champion, has now tested its hybrid offering and continues to roll it out. LSL, the contender, is hot on Countrywide’s heels, declaring its interest in the online/hybrid market and hinting at revealing its hand shortly. In the Purple corner… deep pockets and the ‘commisery’ (or ‘commisery TM’ we hasten to add) led campaign has helped Purplebricks secure a stake in the UK market and embark on Australian and soon American adventures. It’s advertising succeeding in two things, raising awareness of the brand and educating the public on a fixed fee service backed by a convenient consumer facing dashboard. Three heavyweights These three heavyweights are slowly lining up knock out blows. How can a…
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