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Online estate agents take 10% of market for first time within sub-£200k sector
Research by TwentyCI suggests online estate agents are gaining traction among budget home movers and particularly in the NW, West Midlands and Yorkshire.
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Online estate agent convicted of £5,000 fraud
Online estate agent Claire Louise Ainsworth has been convicted of fraud totalling £5,000 in her absence after failing to turn up to court. The online agency she runs is based in the Lancashire town of Oswaldtwistle and redirects its website to Rightmove microsite where it lists nearly 60 properties, and has sponsored several local events in the past. The 35-year-old was accused of fraud by false representation after pocketing £5,000 while brokering a house sale, a charge her legal representative says she denies. The hearing at Blackburn Magistrates Court (pictured, above) heard that Ainsworth told the vendor of a property that an offer of £80,000 had been received, but told the prospective purchaser the asking price was £85,000 and, when the sale went through, she took the £5,000 difference for herself. The court heard also heard that she told the buyer to pay £80,000 online to the vendor’s solicitor and £5,000 in cash to herself. After hearing evidence and representations from her defence and the prosecution, magistrates have now convicted of the fraud and she will be sentenced at a later date. Ainsworth did not turn up to the hearing. Paolo Passerini, defending, said on the day of the trial…
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Are you ready? New Anti Money Laundering rules go live TODAY!
Extra AML responsibilities for letting agencies become law today after being passed by parliament just before Xmas.
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Restrictive covenants – what can be done?
In a recent application, the owners of a freehold property in East Dulwich sought to challenge restrictions on the use of their property which had been imposed by a former owner of the property in 1984. At that time, the property had been converted from a single double-fronted, two-storey Victorian residential property into two self-contained freehold residential units, divided vertically and accessed from the road through a single central front door into a communal hallway – with separate internal doors serving each property. The Tribunal noted the circumstances in which the restrictions had been imposed and the effect on potential sales of No.141a, as well as the absence of reciprocity between the homes. The owners of No.141a made an application to the Upper Tribunal to discharge or modify the restrictions, which is an option available under s.84 of the Law of Property Act 1925. The application was opposed by the neighbours at No.141, who enjoy the benefit of the covenants as successors to the original party who had imposed the covenants. The restrictions The restrictive covenants are for the benefit of No.141, without any reciprocal covenants being imposed on the owners of that property. The covenants are as follows: not…
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Why did Connells close its Bury St Edmunds branch?
Locals are puzzled by closure given improving footfall into the town centre and a new flagship Debenhams store.
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Chill wind blowing through the market
Headlines Rightmove: “Buyer numbers hold steady as speculative sellers stay away.” Home.co.uk: “Reluctant vendors cut supply and boost home prices.” NAEA Propertymark: “FTB sales hit seven-month high ahead of Brexit deal” RICS: “Uncertainty causing buyers and vendors to hesitate” Nationwide: “Little change in UK house price growth in October.” Halifax: “Annual house price growth slows to 0.9%” LSL Acadata HPI: “Wales and the North move ahead while the South and Midlands edge downwards.” LCPAca Residential Index: “Modest rally in prices and sales.” Hometrack: “UK city house price inflation is +2.4%, half the average growth rate over the last five years (4.8%).” It’s unlikely that this will change, especially if we hit a recession that’s driven by poor economic performance in the UK. Key facts Average prices across the indices vary from mortgaged-only prices from the Nationwide HPI of £215,368 through to marketing prices (ie not necessarily sold) from Rightmove of £306,712 and actual prices from LSL Acadata HPI of £299,047. Average sold prices from the UK HPI stand at £234,853. There is a 42% difference between the highest average price from LSL which include cash sales and the lowest from Nationwide which reflect mortgaged homes. UK, England and Wales data…
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Bank of England reveals difficult three months for property market
The industry will be hoping that the latest report by the bank's agents around the country will be the last of its kind for a while ahead of a post-election bounce.
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Leading London agency Douglas & Gordon returns to profit
Company has also revealed that its new hybrid operating model is proving popular with customers despite its lack of high street footprint.
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Suspended sentence for young agent caught up in ‘money mule’ fraud
23-year-old negotiator working in Essex changed his name in order to help launder stolen cheques.
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The Negotiator Awards 2019 – The Greatest Show!
The race to the (big) top ended on Friday night with the winners announced and trophies presented by Tom Allen, for the UK's leading awards for estate and letting agents.
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