Author: Antony Antoniou

Antony Antoniou MAPD, has been involved in property for over two decades, in developing, sales and rental. With an inherent love of property and a comprehensive knowledge of Northampton and the surrounding area, he is well placed to deal with all aspects of the sales process, from sourcing, valuing, marketing and sales progression.
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Stamp Duty tax break MUST happen, surveyors tell government

Stamp Duty tax break MUST happen, surveyors tell government

A large majority of property professionals polled by the Royal Institution of Chartered Surveyors say a stamp duty holiday would be an effective way of kick-starting the housing market.

RICS has welcomed the re-opening of agents’, conveyancers, surveyors and removal company offices but it warning that the government must do more to bolster demand and house building.

Some 62 per cent of those responding suggest a stamp duty holiday would help the market recover post-pandemic, by lifting sales and leaving prices relatively unchanged.

On average, respondents anticipate sales would rebound to their previous levels in around nine months.

In its monthly snapshot of housing market activity for April, RICS says that – unsurprisingly – a net balance of 93 per cent of respondents reported a decline in new buyer enquiries over the course of the month, dipping further from a net balance of 76 per cent in March.

New instructions also continued to fall, with 96 per cent of contributors reporting a drop rather than rise in new properties being listed for sale. This is the weakest net balance reading since the inception of the RICS measurement in 1999.

As far as prices are concerned, following a run of three successive months of positive readings, the RICS headline house price balance fell into negative territory with a net balance of 21 per cent noting a decline in prices.

Some 35 per cent of the survey participants believe that when the market reopens, prices could be left up to four per cent while around four in 10 take the view that prices could in fact fall by more.

They suggest that a recovery in prices could take a little while longer than sales levels, with respondents suggesting, on average, prices will recover in 11 months.

“Not surprisingly, the latest survey shows that housing activity indicators collapsed in April reflecting the impact of the lockdown. Looking further out, there is a little more optimism but the numbers still suggest that it will be a struggle to get confidence back to where it was as recently as February. Moreover, whether this can be realised will largely depend on how the pandemic pans out and what this means for the macroeconomic environment” explains Simon Rubinsohn, RICS’ chief economist.

“There are, of course, other options available to government as they reopen the market, notwithstanding stamp duty options such as reducing or removing stamp duty for downsizers that would kickstart market fluidity, and we look forward to continuing conversations as the market starts to move again.”

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Company gurus to advise agents on new strategies post-Covid

Company gurus to advise agents on new strategies post-Covid

An estate agency is running a series of five webinars aimed at helping agent discover new business strategies for the post-Covid era.

The series – called Re-imagining Your Business and run by Fine & Country’s Nicky Stevenson – is open to all agents.

In the first session today business guru Pete Wilkinson will be sharing his so-called 1-3-5 Action Plan to focus agents’ priorities.

Subsequent events will involve Josh Phegan, described by Fine & Country as a “coach for high performance agents.”

Jon Cooke, chief executive of epropertyservices – parent company of Fine & Country and the Guild of Property Professionals – will outline his thoughts on what it takes to be a strong leader and why now, more than ever, it is incredibly important in driving forward successful estate agency businesses.

The remaining webinars will be led by  Peter Loverdos, former board level executive at Romans, who is now a business consultant; and Jennifer Scott-Reid on maintaining self-belief and confidence in challenging times.

“Whilst physical interaction with buyers and sellers have been on hold, we have all evolved our way of working and embraced virtual viewings, valuations and learning” explains Nicky Stevenson.

“Many have also evolved their thinking and used lockdown as an opportunity to re-imagine what estate agency will look like going forwards.

“As we now all prepare for lockdown restrictions to be eased, over this five-part series we will be reviewing essential topics enabling agents to thrive in a post lockdown world.”

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Homesearch Property Valuation

Every now and then, something comes along that stands out from the crowd, it could be a toll that can make life so much    easier, that you could soon, find yourself wondering how you managed without it.

I recently spoke to  Simon Gates who is the head of training & development at Homesearch.

Simon explained in great detail the benefits of using the Homesarch market        appraisal tool.

This is a simple tool that helps agents collate data about a property that could take hours in minutes.

Everything that you need to create a professional, comprehensive report for your clients at the tip of your fingers.

During our online meeting, Simon gave me a live demonstration of the tool. He used one of our recently sold properties as an example. It is a simple as entering the address of the property, then the tool goes to work, preparing an in-depth report in minutes.

As we all know, the majority of automated valuation tools are all too often, wildly inaccurate, so what makes this one so different?

Unlike mainstream automated valuations, this tool does not just take a local average, or a previous sale price, it actually looks at the size of the property, the type of property, the size of the plot and similar properties in the area.

As an example, if there is a 4 bed house in a street of larger luxury properties, it will not over-value the house by taking the average of the street, it will seek out similar properties within a certain radius, and use those as comparables.

This enables the application to get a far more accurate calculation than other automated calculators, indeed the property that Simon chose was valued surprisingly close to the agreed sale price.

When the report is generated, it includes your own branding, contact details and other information, such as details information about the property, the sq footage, number of bedrooms, listed status and much more. Then it will add photos of comparable property and details of recently sold property.

It will produce a graph of property prices in the postcode district and a market analysis. On a local level, it will create a neighbourhood report with facts and figures along with a summary. Finally, it will include the agent’s profile and contact details. An amazingly accurate market appraisal tool at the click of a mouse.

What Homesearch say……

Homesearch is the essential source for comprehensive information on every single property in the UK. It’s a platform for relationships to be forged and potential to be unlocked.

Find more opportunities, give the best advice and provide your clients the information they need to move.

Homesearch helps position you as the absolute property expert. Harness the most advanced data available to proactively spot and convert new leads and opportunities, and confidently instruct, sell and let more

Impress your market, book more valuations and grow your business with fully branded, fully personalised and fully customisable reporting.

Data is never a substitute for dialogue, but when combined – they’re powerful. Give your clients the best possible view of the property landscape by fusing your local expertise with Homesearch insight.

Conclusion….

I was really impressed with this site, in these days where agents will be conducting more and more online valuations, the need for accurate information is of paramount importance.

The Estate Agency industry is a service industry, ‘SERVICE’ being the operative word, it is very important to demonstrate to sellers that you have gathered as much data as possible to value their property, but more importantly, to demonstrate HOW the valuation was calculated, on what basis, with what information and details of the information that was used.

In this respect, Homesearch does a wonderful job and will without doubt grow to be an invaluable tool used by agents throughout the country.

As more and more agents have access to accurate information about property, not only will they benefit from the advantages that this tool offers, but the public as a whole will benefit as they become accustomed to receiving a detailed, professional and accurate  valuation of their home.

Homesearch are also launching property listings soon, I am looking forward to seeing their what they have in store for us, when they do.

View an example report HERE

For further information visit homesearch.co.uk

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Agents in England can return to work tomorrow!

Agents in England can return to work tomorrow!

Housing Secretary Robert Jenrick is expected to announce tomorrow that the housing market in England can resume with estate and letting agents returning to work.

Previously it was the travelling to and from properties for “non-essential purposes” that was the key factor in restricting activity.

But an amendment to the Health Protection (Coronavirus, Restrictions) Regulations 2020 published this evening means travelling can be undertaken for a range of purposes including, explicitly, dealing in property. The precise wording reads:

in sub-paragraph (f), omit the words “travel for the purposes of”;

(v) for sub-paragraph (l), substitute—

“(l) to undertake any of the following activities in connection with the purchase, sale, letting or rental of a residential property—

(i) visiting estate or letting agents, developer sales offices or show homes;

(ii) viewing residential properties to look for a property to buy or rent;

(iii) preparing a residential property to move in;

(iv) moving home;(v) visiting a residential property to undertake any activities required for the rental or sale of that property;”;

A joint statement this evening from David Cox, chief executive of ARLA and Mark Hayward, chief executive of NAEA Propertymark reads: “It’s great news for consumers and the industry that the housing market is being opened up and people can let, rent, buy and sell properties again. The new regulations provide clarity to agents and will allow them to deal with pent up demand from consumers. It’s also a step to reinvigorating the housing market and will be a boost to the economy. Safety of course will be paramount, and we would encourage everyone to ensure that they follow Government guidelines closely to protect others and themselves.”

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Back-To-Work guidance for agents expected this week

Back-To-Work guidance for agents expected this week

The chief executive of NAEA Propertymark says he expects specific government guidance later this week for estate agents to return to work safely.

This follows the shock of yesterday’s 50-plus page document on return to work guidance which failed to address any agency-related issue.

“I was disappointed that the Prime Minister’s announcement didn’t contain any answers for estate agents” Hayward tells Knight Frank in an interview for the agency.

“We are in daily contact with the government and I am cautiously hopeful that there will be some sector-specific guidance this week. We are hopefully moving closer to something that resembles a functioning marketplace.”

Hayward says he expects the guidance, which will come from the Ministry of Housing Communities and Local Government, will answer questions that many in the industry have.

“People are confused. If tradespeople are now allowed into the property, why not estate agents? The government is telling people to go to work if they need to, does that include doing market appraisals?”

He hopes there will be “some sort of slackening” of the rules and said leaked details from last week would hopefully form the basis of any announcement.

Measures under consideration included masks, hand sanitiser and alcohol wipes being required during viewings, which could be limited to two people plus the agent.

Other measures under discussion could mean owners or tenants are asked to vacate the building and those viewing would be asked not to touch surfaces. Also under discussion was the banning of open house events and limiting viewings to 20 minutes.

John Rockel, Head of Strategy and Operations at Knight Frank, says that while the resumption of business under social distancing restrictions would be challenging “it can be done safely for staff and customers and we’re ready for it”.

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Don’t give in to buyers wanting viewings, agents told

Don't give in to buyers wanting viewings, agents told

There’s been a surge in buyers wanting to view properties – but agents must sit on their hands and wait for government clearance.

That’s the advice from NAEA Propertymark overnight as it responds to the frustrating government guidance issued yesterday on how businesses emerge from lockdown.

To the disappointment of some in the industry, the government’s 60-page document which was released yesterday utterly ignored the housing market and agency sector.

Most analysts felt the nearest business category defined in the document was “non-essential retail” which may open sometime after June 1 so long as safe processes can be agreed. However at the same time the guidance suggests domestic cleaners can visit a home with immediate effect – which could be a loophole for agents to exploit.

A statement from Propertymark last evening says: “Consumers’ demand for viewings has increased today with potential buyers across the UK contacting members.”

But it warns that the guidance first set out by the government on March 26 – and explicitly ruling out physical viewings – remains in force and must be adhered to.

There is evidence that the lockdown is being circumnavigated by some agents; within minutes of the government document being publish yesterday afternoon, Estate Agent Today was told of a London agency chain allegedly showing viewers around properties surreptitiously; and in Devon, one agent told EAT that he had allowed a buyer to view a property after the owner stepped out.

However, the NAEA – although clearly frustrated that recent discussions with government have not led to any date for lifting agents’ lockdown – says the guidance set out over six weeks ago still holds.

“Consumers that are demanding viewings are leads to be nurtured until the point at which a face to face viewing – if that is the final hurdle – can once again be executed safely. This nurturing can involve video viewings and vendors conducting a more amateur viewing by phone around the house, where 360-degree software is not available” continues the association.

And NAEA Propertymark states: “It remains the case that where staff can carry out work from home this is Public Health England’s preference, freeing up space on public transport for those who cannot work remotely. When the time comes, agencies may choose to return staff to branches on a rotational basis combining branch and home-based work to accommodate re-opening with the required social distancing.

“Although Propertymark does not yet know exactly when the Government will allow estate and letting agency premises and auction houses to re-open, business managers must make appropriate preparations within the information that is available now.

“This will vary across premises and companies but key common areas are: arranging sufficient stocks of personal protective equipment and easy to access cleaning products and sanitiser but also considering whether there is sufficient space between work stations and preparation for minimising the hazards of frequently touched areas such as door handles, taps, kitchens, and toilets.”

Meanwhile another omission from the government document has been picked up by the Winkworth franchise chain.

“The key to keeping the second-hand and new build homes markets active is for banks to allow valuers to go back to work to allow mortgages to progress. This could be done with strict social distancing, hygiene and wearing of masks and other protective clothing rules in place. The government needs to consider this as a priority” explains Dominic Agace, chief executive of Winkworth.

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Cleaners can enter homes now – so why can’t estate agents?

Cleaners can enter homes now - so why can't estate agents?

Domestic cleaners can now re-enter private homes under new Coronavirus return-to-work guidelines – the very guidelines which appear to stop estate agents doing the same thing.

The new safety guidance for cleaners suggests that they obviously need to notify their clients in advance of their arrival at the home. They should also wear gloves and face masks as appropriate.

When they come in they should wash their hands for the stipulated 20 seconds, and do so again if necessary during the visit – especially if they cough, sneeze or blow their nose.

They must maintain a safe distance of two metres or more from occupants remaining in the property during the visit and ensure good ventilation by opening windows as appropriate.

Property expert Russell Quirk has raised the question on social media as to why an estate agent, surveyor or other property professional can’t visit properties under similar conditions.

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OnTheMarket says Covid crisis could be catalyst for change in portals

OnTheMarket says Covid crisis could be catalyst for change in portals

The acting chief executive of OnTheMarket says the Coronavirus crisis could indirectly create a catalyst for change in the portals marketplace.

Clive Beattie – the portal’s long-standing chief finance officer who is currently substituting for the sacked Ian Springett – says that as a result of the virus “we’re seeing a very vocal agency community arguing that this is a time for change, arguing against a return to ‘the old normal.’”

Although he does not refer directly to the Say No To Rightmove campaign, Beattie insists that OnTheMarket is ripe to benefit from that change, echoing the familiar comment that OTM was “founded by agents and founded for agents” and has provided the competition that he claims the portal market had been lacking for some years.

In an interview with the Edison TV business channel Beattie quotes figures dating back to January for the portal with some 13,500 advertisers representing about 12,500 branches and around 1,000 new build advertisers. In that first month of the calendar year OTM enjoyed a record 30m visit generating 126 leads per advertiser on average, he claims.

Beattie did not give any more recent figures – even for the February or March period before   the pandemic – but admitted that when the lockdown was announced traffic was “lower than it was” but had “rebounded” in the past fortnight, albeit not to pre-virus levels.

Beattie – whose performance was markedly different in tone and attitude to that of Springett on similar media appearances – said that future developments in the agency industry generally and his portal in particular were likely to take the form of additional services to agents.

He pointed to a recent deal, announced just before Christmas, in which OTM made a strategic investment for a 20 per cent share in Glanty Ltd the owner and developer of the PropTech lettings platform teclet. That deal was a cash purchase of £797,000, spread over 10 months from December plus an option to acquire the remaining 80 per cent of Glanty.

“It’s no surprise that there may be an acceleration of technical projects to help agents work differently and more efficiently” as a result of the Coronavirus crisis, Beattie claims.

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Mortgage holidays could be extended to up to a year

Mortgage holidays could be extended to up to a year

The Financial Conduct Authority is reported to be considering offering homeowners up to 12 month’s mortgage holidays.

Currently 1.2m mortgage payment holidays have been offered by lenders to customers impacted by the Coronavirus crisis – that’s equivalent to one in every nine mortgages.

These were expected to be short term.

However The Times this morning says the holidays could be for up to 12 months in a bid to avoid widespread arrears and eventually repossession.

The number of payment holidays currently in place more than tripled in the two weeks between March 25 and April 8 with an average of some 61,000 being granted each day.

For the average mortgage holder, the payment holiday amounts to £260 per month of suspended interest payments, with many benefitting from the option of extending the scheme for up to three months.

Now it appears a longer holiday is on the cards as the virus crisis has further impact on jobs.

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Rightmove launching biggest-ever marketing campaign – no news on fees

Rightmove launching biggest-ever marketing campaign - no news on fees

Rightmove says it’s to launch its biggest ever national marketing campaign in a bid to kick-start the market once lockdown eases.

The news comes in a 10-point plan from the portal, sent to all of its agent members this morning.

No comment is made in the plan about future fees but commercial director Miles Shipside says: “We recognise that agents will have a difficult period after existing pipelines complete. While we’re only five weeks into our four-month 75 per cent discount, we’re closely monitoring the situation as we’re profoundly aware that our customers’ revenue growth is critical to the way we all move forward in these uncertain times … We’d like to thank all of you that have been speaking to us about your hopes and fears for the market and how we as Rightmove can help you prepare for the future.”

Rightmove says each of the 10 points will be developed further with agents in the coming weeks.

The 10 points are:

– Special Relaunch Email Alerts to over two million home-hunters who have active alerts set up;

– A video strategy to promote leads and make “cost-saving efficiencies in order to cut the number of unsuccessful physical viewings”;

– Re-assuring home movers that viewing is safe – the portal says it’s “working with government to use Rightmove’s unparalleled reach to educate buyers, sellers, and tenants to feel confident”;

– Sharing early local sales demand indicators with agents;

– Faster qualification of tenant leads;

– Detailed analysis of the source of leads that result in a sale or a let;

– An “introductory rate” with external suppliers Moneypenny and Viewber;

– Training for the new normal and social distancing through webinars;

– Biggest ever national marketing campaign “using the strength of our brand and investing in our biggest ever national advertising campaign”;

– And a new property details page which will offer more focus on agents’ brands, photos and video content.

Shipside tells agents: “We’ll play our part in helping you to get the market in your area moving again, and to do that more innovatively and efficiently. More detail on these actions will be published with time for you to take full advantage of them. Many of these actions are inspired by your comments to us, so please keep making suggestions on what will help you most.”