NAEA Propertymark
-
Latest property news
Estate agents must step up to mark on money laundering, says senior government crime expert
Number of Suspicious Activity Reports from agents has increased but still represents a tiny proportion of all reports filed alongside those from banks and accountants.
Read More » -
Latest property news
Leasehold houses scandal: thousands are trapped as many struggle to find buyers, says NAEA
NAEA Propertymarket's report into the leasehold scandal published today reveals the shocking impact of the debacle on home owners.
Read More » -
Latest property news
37% more home buyers surge into property market during January
Every estate agent knows the weeks after the New Year can be some of the busiest for the property market but 2018’s have been bumper ones, it has been claimed. NAEA Propertymark says the number of house hunters registered with agents increased by 37% during January to an average of 367 per branch, up from 268 in December. This is the highest monthly figure since September last year. But such good news for agents comes at a cost for first time purchasers. The increased number of buyers has mainly been second steppers, the NAEA says, and first-time buyer activity dropped off as they have faced competition from other types of buyers during the New Year rush for properties. Supply has also increased, NAEA says, up from 33 properties per branch in December to 36 during January. The fall-off in first-time buyer activity ends a year of improvement in their numbers during 2017, which UK finance recently revealed had reached their highest numbers since the financial crash of 2007/8. “As we usually see in January, buyers and sellers have re-entered the market after the festive slow-down and triggered an uplift in the number of sales agreed,” says Mark Hayward, Chief Executive,…
Read More » -
Latest property news
Outdated house moving process to blame for sluggish sales, says NAEA
National Association of Estate Agents (NAEA) Chief Executive Mark Hayward says the creaking house moving process is one reason of the key reasons why sales volumes remains low “despite the fact that the supply of housing is up”. The comments follow NAEA research revealing that 80% percent of estate agents canvassed by the say the house moving process is out of date and just a week after the government announced it wants to reform the home buying and selling process and began a consultation process. Sajid Javid says he wants to hear from estate agents, solicitors and mortgage brokers on a wide range of issues but in particular about how to stop gazumping, reduce time wasting and preventing buyers from pulling out of deals before exchanging contracts. “The Government’s announcement last weekend that it will consult to reform the home-buying process couldn’t come soon enough, and we welcome it,” says NAEA Chief Executive Mark Hayward. “Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the twenty first century. “The current prolonged process means sales are stagnating despite the fact that the supply of housing is up, and there is…
Read More » -
Latest property news
London’s house prices drop for first time in EIGHT years
The once mighty London property market has been laid low and its house prices are now the weakest in the UK, the Nationwide has revealed. Its latest index reports that prices in the capital have fallen for the first time since 2005 and are currently down 0.6% year-on-year on a quarterly basis. Nevertheless the years of double-digit growth are still there to see. The average price in London is £471,761, more than twice the national average of £210,982. Softening prices “The softening of prices was initially led by the capital’s prime market, which was knocked sideways both by Brexit and in the wake of the introduction of higher rates of stamp duty for high-value homes,” says Nicholas Finn, Executive Director at Garrington Property Finders. “But it is now spreading from the central boroughs – which saw prices rise fastest during the boom – to other areas where the growth came later.” Despite London’s problems, across the UK average house prices are relatively stable, rising by two percent year-on-year and Nationwide says housing market activity overall – including mortgage approvals and housing transactions – has “strengthened a little”, it says. naea |propertymark agrees with this analysis, revealing in its latest figures published…
Read More » -
Features
House price indices: why we’re Living on ‘Hope Terrace’
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Lower rates of growth appear to be here to stay, but I don’t think the public or investors appreciate this major shift in property price growth fortunes; we need to be prepared for what happens when they do.”
Read More » -
Latest property news
Top high street firms outperform online agents, research shows
The top-performing high street agents in the UK outperform online agents in all areas including achieved asking price and time taken to sell, it has been revealed. Research by consumer advice website HomeOwnersAlliance.com found that the top 1,000 best performing agents achieved on average 100.35% of their asking price, “suggesting that sellers can still maximise their home’s potential by selecting the correct local agents”. These agents also have a much better sales success rate than online agents, the research reveals, and sell 82.42% of homes listed with them compared to 51.98% by online and hybrid agents. “Sellers who look carefully at their local market before listing their home for sale will probably still be better off instructing the best high street agent in their area,” says Paula Higgins, Chief Executive of the HomeOwners Alliance. But for those looking for a quick, easy sale with surprisingly high rewards, online agents are an excellent and rapidly-improving option.” But the performance of online agents versus the whole high street market compares less favourably for traditional agents. Asking price The research reveals that online agents achieve a higher percentage of the asking price than their high street competitors despite charging on average £850 in…
Read More » -
Latest property news
Who are the industry’s best learners? Propertymark reveals all
NAEA Propertymark has held its first annual industry training awards under the new Propertymark Qualifications brand at a hotel in central London. The Propertymark Qualifications Award winners 2017 at Le Meridian hotel in Piccadilly celebrated the best learners in the lettings, sales, commercial, property, investors and auctioneer sectors. The scheme, formerly known as the NFoPP Awards, celebrates the highest-achieving candidates and overall winners in categories who have demonstrated an exceptional commitment to learning, as well as companies. Ten winners (pictured, see list below) were awarded trophies by a judging panel that included David Mackie, President of NAEA Propertymark; Nik Madan, President of ARLA; Melfyn Williams, Chairman of Property Qualifications’ governing body; David Hughes of sponsor MOL and Michael Smith, Head of Qualifications. “Propertymark Qualifications Awards are a key point in the year when the industry comes together to celebrate a commitment to education. This evening we have focused in on early career potential and outstanding achievement in lifelong learning,” says Mark Hayward, NAEA Propertymark Chief Executive. “The right approach to education makes a good agent really stand out; fostering an appetite for learning and combining that with professional experience both in relation to individuals and embedded within the culture of a…
Read More » -
Latest property news
Rejected Propertymark Vice President candidate says process is “undemocratic”
One of the agents nominated for the role of Propertymark Vice President says he is disappointed with the way the election is being conducted. Penzance agent and long-time outspoken critic of the industry’s status-quo Chris Wood (pictured, left), managing director of PDQ Properties, says in the past there were half a dozen people who eventually stood for the post after being nominated, and who were then voted on. He says that this time around he was told nominations for the post would have to be approved by a panel and then interviewed before standing for election. “I was happy to play along with at first because I assumed there had been a change in the rules – but I can’t see that there have been any,” says Chris. “I attended the interview and then received a letter that I had been unsuccessful from Christopher Hamer [the current executive chairman] on the day the candidates were announced.” Not democratic Chris says he disagrees with this way of filtering candidates and that it was “not democratic”. “I’ll happily stand and face my peers in a vote, and if I get voted off for being a gobby so-and-so and occasional loose cannon then that’s…
Read More » -
Latest property news
House buyers rejoin the market, but where are the properties for sale?
The number of house buyers increased significantly during January, the latest data from NAEA Propertymark has revealed. It says that while property supply remains at its lowest since July last year, the number of buyers increased by 10% compared to the month before, although the number of first time buyers decreased. “January saw a surge in buyers looking to kick off the New Year with a new home – but competition is rife with an average of 11 buyers chasing each property,” says Mark Hayward, Chief Executive of NAEA Propertymark (pictured, left). This increase in the number of home movers looking to buy has not fed through to sales yet; the number agreed per branch rose by just one to eight, on average. The significant imbalance between supply and demand – 425 prospective buyers per branch versus 38 properties for sale – drove up agreed prices and seven percent sold for more than their asking price, the highest level since April last year. “The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand,” says Mark. “When the…
Read More »
