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eMoov was no ‘punt’ says CEO’s son and former employee
Russell Quirk’s son has pitched in to defend his father and sought to soothe the disappoint felt by staff and both private and institutional investors who sunk millions into the company. Callum Quirk worked at eMoov with his father as initially a marketing assistant and later its product consultant. Before that he worked at Crowdcube, the funding platform where eMoov raised much of its money. This included £1.15 million raised in July from staff, family, friends and past customers and £2.62 million in 2015. Callum confirms eMoov continues into administration but says it made “a significant contribution to giving traditional entities a well-needed wake-up call”. He also says he regrets the ‘unfortunate time’ for investors including ‘ordinary people’ and the staff with their ‘finances on the line’, but he also claims that: “It should be recalled that both funding rounds were also backed by established VCs with financial information and forecasts outlining the future prosperity of the business. “This was no ‘punt’ but an investment with one’s own capital at risk. “Everyone should be fully aware that there is never a guaranteed pot of gold when making investments despite any noted previous success.” But his father now has a swansong…
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95% of property valuations will be completed accurately online by 2023
Read how tech academic Professor Andrew Baum has predicted that 95% of property valuations will be completed accurately online by 2023.
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Rightmove and Zoopla challenger Rummage4 launches after nine years in development
Big property portal challenger Rummage4 officially launches and reveals its new CEO – former Jefferies analyst Anthony Codling.
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The Negotiator Awards 2018 – a truly spectacular event
The UK's premier awards for the residential property industry on Friday night saw 34 awards bestowed on the best agents and suppliers in the UK property industry.
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Rent reductions increasing as tenants negotiate harder, says ARLA
The number of private rented sector tenants negotiating rent reductions has jumped to the highest since records began, it has been revealed, driven by an increase in stock levels during the run up to the festive break. The Association of Residential Letting Agents, which conducted the research via canvassing firm Opinium, says 3.7% of tenants negotiated a rent reduction last month, up from 2% during September. This is the highest ratio recorded since ARLA began collecting rental supply and demand data in 2015. Landlord increases The number of landlords increasing rents has reduced, too. In August ARLA says 40% of its member agents reported landlords hiking rents, a figure which has now dropped to 24%. This appears to be driven by an increase in rental stock. ARLA says the average number of properties available per agent has increased year on year by 9% and stood at 198 properties last month. Demand is also not keeping up with supply. ARLA says that on average the number of tenants chasing these 198 properties is 71, up from 63 in September. But ARLA’s Chief Executive David Cox (left) says these rent reductions are likely to be seasonal and that rents will ‘creep back…
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JLL extends partnership with homeless charity Crisis
As part of JLL’s Building a Better Tomorrow sustainability agenda, JLL is extending its partnership with Crisis, the national charity for homeless people, for a further two years.
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Tenant fees ban bill set to finish parliamentary journey before Xmas break
Read how latest date for final debate on the Tenant Fees Bill in the Lords point to the legislation receiving Royal Assent earlier than expected.
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Investigation shuts down multi-million ‘Ponzi’ property scheme
A property investment company, which operated a ‘Ponzi scheme’, shut down by the High Court for misusing close to £20m of investors’ money.
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Housing market just about clinging on, reports Bank of England
The property market has been softening across the UK as homes take longer to sell in particular higher up the property ladder, the Bank of England has reported. Its latest quarterly assessment of the UK economy reveals fewer transactions and weaker house price inflation in many areas and a continuing shortage of stock. But the bank says that the housing market remains strongest in the north and in particularly Scotland, and that in general sales of newbuild homes are stronger than resales, helped at the lower end of the market by Help to Buy. The report also says that cheaper homes are selling best while more expensive properties are struggling, reflecting the impact of recent Stamp Duty changes on the housing market. “Some house builders reported slightly weaker demand and the need for greater use of incentives, especially for higher-priced properties,” the report says. The Bank of England also says the rate at which new homes are being built slowed in some regions, although the construction of homes for the student market remains strong. It also says sales of new cars, white goods and homewares have weakened significantly, which the bank blames in part on reduced housing market activity. “In…
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Majority of house hunters now say broadband speed is ‘key’ to making offer
Research by Strutt & Parker reveals significant increase in importance of decent broad speed among home buyers.
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