Property sector sounds a note of caution with Renter’s Rights Bill
Housing Minister Matthew Pennycook has suggested the Renter’s Rights Bill could be enacted “within the first half or around summer next year” following its introduction in Parliament on 11th September 2024. But property commentators have warned the reforms could impact the supply of private rental housing, and further burden the courts system. The Bill is […]
Near-term property pipeline ‘relatively solid’ say RICS
The final quarter of 2024 will be positive with buyer demand and sales activity on the rise according to the latest sentiment survey from the Royal Institution of Chartered Surveyors (RICS). The latest Residential Property Monitor for August 2024 shows a rise in the number of people looking to buy homes, with a net balance […]
Grenfell report recommends Building Safety Act definitions reviewed
The phase II report of the Grenfell Tower Inquiry has recommended key definitions laid out in the Building Safety Act are reviewed a a matter of urgency because of their current ‘arbitrary’ interpretations. The report, which was published on 4th September 2024, lays bare the failings of government and industry in protecting the residents of […]
Where have all the Conveyancers Gone?
In the last few years the number of UK Conveyancing firms has dropped significantly – where are they, and what does this mean for the market as a whole? The IRN ‘UK Residential Conveyancing Market Report’ released in November 2023 made for sobering reading. According to its numbers, the number of conveyancing professionals undertaking transactions […]
Mortgage lending could tail off toward the end of the year
Strong mortgage application figures in Q4 2023 and Q1 2024 has seen an uplift in mortgage lending into the second half of 2024 but a dip in application volumes could see lending dip again toward the end of 2024; with a knock on impact on transactions in 2025. UK Finance’s Household Finance Review for Quarter […]
Insurers raise flag for new build flood risk
New research from the Town and Country Planning Association (TCPA) has warned a ‘lack of transparency, inconsistency in approach, and poor visibility of the flood mitigation in place’ is undermining the insurance sector’s confidence in the planning system and threatens its ability to underwrite new builds for flood risk. The research, commissioned by the joint […]
New government set to drive record level of landlords out of the sector
A combination of mooted increases in Capital Gains Tax, EPC minimum standards, interest rate rises, and increasingly legislation and regulation on rental properties is said to be contributing to record numbers of landlords selling up. Data provided by property portal Rightmove suggests there is a general trend toward properties previously being available for rent, now […]
Ordnance Survey and Digital Task Force collaborate on planning
Ordnance Survey (OS) has agreed to work with Digital Task Force for Planning to support the Government’s planning reforms and promote ‘transformative changes for the benefit of the public.’ Utilising their expertise in digital, OS and Digital Task Force for Planning will collaborate to “…empower planners to prioritise communities and promote multifunctional land use in both […]
Home equity hits record £5.7tn
The recovery of house prices in the UK and the increasing number of un-mortgaged and wholly owned properties has driven the value of equity in the UK housing stock to £5.7tn. 78% of the average property is owned in cash with over 55’s holding an average of £321,213 equity in their homes. Their collective property […]
Market poised for Autumn upturn?
The property market has stalled a little over the Summer with transaction volumes down slightly month on month, and static new listings and overall stock but could be poised to see an Autumn uplift with the average number of prospective home buyers registering with estate agent branches on the increase, up to 71 in July […]
Property portals and online conveyancing ranked as most positive property market innovations
Property portals like Rightmove, Zoopla and OnTheMarket, cloud based property management system, and online conveyancing have been ranked as the most positive technology innovations in the property market according to a recent industry poll. Conversely Digital and instant AML and ID verification and chatbots for website customer service are considered to have had the least […]
Manchester tops first time buyer hotspots
Manchester tops the list of places in the country (outside London) for first time buyers (FTBs), followed by Slough and Sandwell according to research released by Halifax. Leicester, Reading, Knowsley and Luton all feature in the top 10 list compiled from figures across 2023. 49% of all homes bought nationally with a mortgage were purchased […]
Q&A reveals what is in, and out, of the Leasehold and Freehold Reform Act 2024
A question & answer document provided by the Association of Leasehold Enfranchisement Practitioners (ALEP) has revealed what is included, and more importantly what is not included, in the Leasehold and Freehold Reform Act 2024. The act scraped through Parliament on the final day of the Conservative government ahead of the General Election in July. Despite […]
For Sale – Rightmove subject to REA Group takeover interest
Property portal Rightmove has confirmed listed Australian company REA Group is considering a ‘possible cash and share offer’ for the business – the value of which could be as much as £4.4bn according to reports. In a statement published today (2nd September) REA has said there are ‘clear similarities between REA and Rightmove in […]
Law Society outline TA6 consultation next steps
The Law Society of England and Wales have written to all those who registered for the TA6 consultation to outline plans and timescales for the next steps of the process. The Law Society have engaged a third party company to conduct the research and report back its findings ahead of any proposed amendments to the […]
New Homes Accelerator to “unblock up to 300,000 new homes”
Deputy Prime Minister Angela Rayner has announced the creation of a taskforce to accelerate the building of thousands of partially built new build homes and thousands more stuck in the planning system. The New Homes Accelerator brings together teams from the Ministry of Housing and Homes England and will work across government and with local […]
Summer tempers transactions but demand on the up
Summer appears to have tempered property transaction volumes with a marginal month-on-month decrease for the second month in a row, falling by less than 1% from 91,220 in June 2024 to 90,630 in July 2024 according to the latest HMRC UK monthly property transactions commentary. But with the election a distant memory and a cut […]
Speed up cladding remediation deputy PM tells regulators
An industry roundtable convened following the major fire at flats in Dagenham has been told regulators and partners must speed up the remediation of unsafe buildings. Deputy Prime Minster Angela Rayner and Building Safety Minister Rushanara Ali attended the roundtable, which also hosted West Midlands Mayor Richard Parker, Deputy Mayor of Greater Manchester Paul Dennett […]
Successful cyber attacks up 77% year on year
The legal sector has seen a 77% increase in the number of successful cyber attacks increase by 77% over the past 12 months, from 538 in 2022/23 to 954 2023/24. The increase has been driven by the sensitive and personal nature of information held by firms, including financial information which can be sold on the […]
1m leads an indicator of market demand
A million leads proves there is confidence in the property market says the boss of an estate agency lead generation app. ValPal is a property valuation app which sits on estate agents websites enabling home movers to generate a valuation of their property based on historic home data, property market trends, and a host of […]
