Category: News

One of the growing number of free to list property portals, Residential People, claims a record-breaking number of sales and letting enquiries in August.

The figures suggest it delivered 150,000 sales and lettings enquiries to its agents across the UK.

Director Christopher May says: “We have been established for well over two years now and have seen unprecedented support from agents since our inception. We have always endeavoured to deliver a viable alternative to fellow portals on the marketplace. This vision has been our driving force behind our launches in the UK as well as other key markets such as UAE, South Africa and India.”

The portal – which has a target of 10m listings by the end of 2021 and one million enquiries by the end of March next year – says it is now working on a new Artificial Intelligence platform which it describes as having been “co-developed with agents over the last two years.”

May says: “Our clever AI data platform is currently being beta tested and will be ready to launch in December. The platform will help local agents stand out in their respective areas like never before. We aim to not only offer agents more visibility but also provide them with powerful tools to help market their brand and increase their revenue exponentially.”

The portal says that because of the financial impact of Coronavirus on the industry, and the growing importance of brand awareness and financial stability, the new platform will “place greater emphasis on these aspects while striking a balance between driving down an agent’s marketing costs without sacrificing enquiries. “

And he adds: “Gone are the days of blind advertising such as door-to-door mail delivery and listing on expensive property portals. With our new platform, we guarantee that any agent who uses the system will dominate their chosen area within 12 months.The launch of the new platform is coming soon, and we urge interested agents to become early adopters to enjoy the preferential terms.”

Commercial People – the parent company of the residential portal – also operates a commercial property portal with the specific name Commercial People.

Last month the OneDome Group – which operates the OneDome and Nethouseprices websites, also free-to-list – reported a combined 1.7m unique monthly visitors in July, up from 1.5m in June.

During July the OneDome websites also generated 170,000 buyer and tenant leads for agents.

It says strong activity levels have been down to a combination of the stamp duty holiday and the continued release of pent-up demand following lockdown.

The regional agency group which master-minded the Say No To Rightmove campaign has made a big commitment to the future of High Street branches with a new 3,000 square foot office in a town centre.

The Acorn Group, which also operates the John Payne and Langford Russell brands in London and the south east, has launched the new office in the Kent town of Strood. It is the group’s 37th office.

Coronavirus had put a temporary halt to The Acorn Group’s expansion along the north Kent corridor which had seen it open eight new offices in the past two years – but now the expansion programme is back on course.

“This is the result of many months of hard work and planning” explains Rob Sargent, Acorn Group chief executive and leader of the Say No To Rightmove campaign.

“We are strong believers in the High Street model and our airy, well-spaced office is designed to be Covid-secure for the safety of both our staff and our clients” he continues.

“If anything, the events of 2020 have increased this migratory demand as homeowners and tenants, who have witnessed the perceived shortcomings of urban living, look to find a home with more space, inside and out.”

The government claims its stamp duty holiday has supported nearly 750,000 jobs thanks to the ripple effect in the economy.

A statement from HM Treasury says house sales rose 15.6 per cent in August following the introduction of the stamp duty holiday, following a 14.5 per cent rise in July – partly, at least, down to pent-up demand after the spring lockdown.

The increase in transactions came after Chancellor Rishi Sunak announced a temporary stamp duty holiday for residential properties worth up to £500,000 from July 8 until March 31.

The Treasury calculates the holiday means nine out of 10 buyers will pay no SDLT at all, with an average saving of £4,500.

The government calculates the 750,000 figure by including businesses across the housing supply chain and beyond, with the Bank of England estimating that households who move home being more likely to purchase durable goods such as furniture, carpets or major appliances.

It is expected that housebuilders, estate agents, tradespeople, DIY stores, removal and cleaning firms could all benefit from the increased activity.

“Every home sold means more jobs protected – helping us to deliver on our Plan for Jobs. But this isn’t just about the housing market” says a statement from Sunak.

“Owners doing up their homes to sell and buyers reinvesting stamp duty savings to make their new house feel like a home are also firing up local businesses, supporting, creating and protecting jobs across the country.”

To bolster its argument, the government cites figures from the Building Societies Association showing a sentiment change amongst buyers, while separate data from Checkatrade shows more than one in 10 Britons hope to buy before the end of June, with a third spending their saved stamp duty payment on improvements and renovations.

Recent speculation that the so-called Bank of Mum and Dad would be playing a reduced role in the housing market has been turned on its head by a new report.

Research from Legal & General and the business consultancy Cebr shows some 23 per cent of housing transactions this year are backed by ‘BoMaD’ with 24 per cent of borrowers now more reliant on money from family and friends than they were before the pandemic.

However the total given or loaned by parents and family members will reduce this year, in line with the reduced transaction volumes anticipated because of the lockdown throughout spring.

Despite this, the Bank of Mum and Dad will still be involved in 175,000 housing transactions within an estimated transaction value of £50.3 billion in 2020.

Of young purchasers questioned for the research, 65 per cent who had bought recently and received support from family and friends said it was unlikely they could done so without such help. One in five expected they would have had to delay their purchase by more than five years without the assistance.

Despite the stamp duty holiday for purchases under £500,000, just eight per cent of would-be purchasers say they are less reliant on family or friends for financial support as a result of the policy measures introduced to mitigate the effects of the coronavirus crisis.

Only 12 per cent have brought forward their plans to buy since the start of the pandemic.

Legal & General’s research shows that the virus has encouraged BoMaD lenders to be even more generous than usual. This year, family members and friends will lend an average of £20,000 towards deposits.

As a result of the crisis, 15 per cent of BoMaD lenders are now planning to give more than they would have done before the pandemic to help their loved ones.

Homebuyers in London are set to receive the most, with the average ‘loan’ being £25,800. This is followed by the East Midlands, where lenders have given a significant boost to the average BoMaD contribution this year, from £16,000 in 2019 to £24,100 in 2020.

Family and friends in the North East and Yorkshire are contributing the least, but on average are still lending a generous £13,800 to help loved ones buy a home.