Winkworth reports sales down 18% as market difficulties bite

first_imgThe difficulties of the property market in prime London and its suburbs and commuter towns have been laid by bare by the latest results from franchised network Winkworth.Its head office operation has reported its network’s gross revenues for the first half of the year down by 9% year-on-year to £21.4m, sales down 18% to £11.7m and lettings down 2% to £6m.The bright spots of the figures are property management  revenues, which increased by 15% to £3.7 million, and the central London market where the weak pound has driven increased investment in property by overseas investors.“Prices have remained steady in the more domestically-focused outer London markets, supported by low interest rates and high employment, but affordability issues continue to affect transactions,” says Dominic Agace, Chief Executive Officer of Winkworth (pictured, left).The company also says the strength of its brand is more than a logo, and that despite soft transactions and reducing prices in many areas of London and beyond, Winkworth-sold properties achieved average prices 2% higher during the first six months of the year, compared to the same period last year.“With the sales market subdued, our investment in the lettings and management side of the business has continued to pay dividends,” says Dominic.“Despite an increase in supply post the buy-to-let mini boom weighing on rental prices, lettings and management revenue grew by 4% and increased from 40% in H1 2016 to 45% of total gross revenue for the franchised office network.”Winkworth has also been busy growing its franchise network with new seven new offices signed up so far this year. These are in Kingsbury in North London, Milford On Sea in Hampshire, Cheltenham in Gloucestershire, Surbiton in South London, Sunningdale in Surrey and Dartmouth and Brixham in Devon.Dominic Agace winkworth September 13, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Winkworth reports sales down 18% as market difficulties bite previous nextWinkworth reports sales down 18% as market difficulties biteBut franchised network agency says London is showing signs of revival as weak pound attracts overseas investors.Nigel Lewis13th September 20170913 Viewslast_img read more

Commons committee measures up property industry for Brexit risk

first_imgHome » News » Housing Market » Commons committee measures up property industry for Brexit risk previous nextRegulation & LawCommons committee measures up property industry for Brexit riskHouse of Commons panel worry about number of ‘other nationalities’ both working in industry and renting homes.Nigel Lewis21st December 20170933 Views The effect Brexit is likely to have on the property industry has been revealed by a House of Commons committee.Its research, published today, shows that 3% of the UK’s 43,000-strong sales, lettings and property management related workforce are EU nationals and 1.5% are non-EU nationals – or nearly five percent of the workforce in total.Based on ONS figures, the committee therefore concludes that if many of these people were to leave the UK and return to their home countries, it would not pose a threat.“The work of UK-based estate agents is primarily domestic and is generally not highly dependent on EU labour,” the report by the House of Commons Committee on Exiting the European Union says.Brexit: EU rentersMore problematical is the high number of ‘other nationalities’ who rent properties in the UK, the Brexit report suggests.It quotes the most recent English Housing Survey, which points to nearly a quarter of all privately rented accommodation being inhabited by EU nationals or those from outside Europe.The ‘other nationalities’ highlighted in the report also own 3.4% of all owner-occupied properties, although this is much higher in central London’s prime districts, and 8.4% of local authority – and 7.4 of housing association – provided rental accommodation.The report also highlights some interesting facts about the UK property including that 18.8% of all private residential stock is rented, that there are 93,000 businesses in the UK involved in commercial and residential property which between them turnover £62.8 billion and employ over half a million people.Within the residential sector, the report says, there are 20,309 estate agents in the UK employing 161,000 people helping turn over £11.7 billion.Read the full report.House of Commons letting agents ONS Brexit estate agents EU European Union December 21, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

BBC Panorama to put no-fault evictions under spotlight tonight

first_imgHome » News » BBC Panorama to put no-fault evictions under spotlight tonight previous nextRegulation & LawBBC Panorama to put no-fault evictions under spotlight tonightProgramme will look at why there has been such a big increase in the use of Section 21 notices over the past decade.Nigel Lewis20th February 201802,982 Views The darker side of the rental sector is to come under the spotlight this week when the BBC’s Panorama programme looks at Section 21 no-fault evictions.This is to include comments from Landlord Action’s Paul Shamplina that the increase in their use is in part down to the government’s recent tax changes, and that banning Section 21 evictions would only compound the current housing shortage, not help alleviate it.Due to be broadcast today at 8.30pm the programme is to look at whether tenants should be better protected from this type of eviction process, and why so many landlords employ it.No fault evictionsThe issue has been high on the political agenda for some time – no-fault evictions were effectively banned in Scotland on December 1st last year, and the Labour party has said it will introduce similar, more secure tenancies in England and Wales if it gains power at the next election.The most recent research into no-fault evictions by the Joseph Rowntree Foundation shows that the number of tenants evicted each year was 10,000 more in 2015 than in 2003, and that this increase is “almost entirely” down to the more frequent use of Section 21 notices.Called ‘Evicted for No Reason’ the programme, fronted by BBC reporter Richard Bilton, features an interview with Paul Shamplina (pictured, left).“When asked to appear on Panorama, I felt a necessity to present the landlords’ side on why so many use no-fault Section 21,” says Paul.“The term ‘no fault’ is really a bit of a red herring. There is always a reason why a landlord ends a tenancy, but it’s a far cry from the headlines showing that landlords use it just to throw tenants out.“If a landlord has a good tenant, the last thing they want to do is get rid of them. However, in our experience, the main reasons for serving Section 21 notices are for rent arrears, tenants requesting to be evicted so they can be re-housed or, most recently, because landlords wish to sell their property owing to impending tax liabilities.”Panorama Paul Shamplina BBC Richard Billington February 20, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

New algorithm plugs the Land Registry gap

first_imgHome » News » New algorithm plugs the Land Registry gap previous nextProptechNew algorithm plugs the Land Registry gapRevolutionary, deep-learning algorithm has been developed to identify and uncover more than 1.1m extra residential titles missing from HM Land Registry.The Negotiator13th December 201801,250 Views A revolutionary, deep-learning algorithm has been developed to identify and uncover more than 1.1m extra residential titles missing from HM Land Registry, approximately 4.6 per cent of all residential properties across England and Wales.The specialist AI technology is the brainchild of Lumière Property, a south-east based proptech company, which is using their geospatial algorithms to identify gaps in Land Registry data and examine the planning potential of sites for development.According to Lumière Property, it has only been mandatory to register all land transactions since the late 1990s and HM Land Registry only has 85 per cent coverage of the land in England and Wales – but by 2030 it aims to have all land registered. This means properties that have not changed hands since the end of the 90s may be missing from records.“Since we rely on Land Registry cadastral data, these omissions restricted our ability to pinpoint thousands of development sites with great potential,” said Chris Rowland-Smith, Managing Director of Lumière Property.“We are really excited at the prospect of using our new AI software; it’s an incredibly smart application and a significant breakthrough. We’re used to working in areas of dense housing stock so the 15 per cent of missing titles accounts for a substantial number of as yet untapped sites,” says Rowland-Smith.geospatial algorithms Land Registry proptech Lumiere Property AI technology December 13, 2018The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Times research suggests links between high estate agent fees and over-valuations.

first_imgHome » News » Agencies & People » Times research suggests links between high estate agent fees and over-valuations. previous nextAgencies & PeopleTimes research suggests links between high estate agent fees and over-valuations.Newspaper’s researchers looked at 200,000 recent sales transactions and concluded that some agents with high fees tend to over-value homes.Nigel Lewis8th April 201902,546 Views Research among 200,000 recent house sales listed on Zoopla has revealed a link between how much agents charge to sell a home and the valuation they give in order to win the instruction.Over the weekend The Times said its research suggested that several leading estate agents including Foxtons, Chancellors, Hamptons International, Romans and Barnard Marcus have been over-valuing homes by a up to a fifth to win instructions while also charging some of the highest percentage fees.Foxtons, which charges a 3% sales fee, is highlighted the most within the article which reveals that two thirds of its listings are reduced prior to a sale.The report also claims that the ten agents which overvalue the most charge twice as much on average as the ten agents who overvalue the least.Two of the agents named in the report, Foxtons and Chancellors, both said they ‘price properties competitively’ and ‘strive to get the best price for their customers’.The NAEA told The Times it agreed that the research did not ‘put the industry in a good light’.But Marcus Bradbury-Ross (below) of buying agent The London Resolution thinks the criticism is unfair.“The first time any property is accurately valued is by a valuation surveyor at any future point of mortgage, or for tax reasons, or divorce, or another time when a professional opinion is required,” he says.“Therefore, to blame estate agents outright is partly unfair. There are some estate agents who are disreputable, unscrupulous and out for every last buck.“There are also some very decent and fair estate agents. The fact that it has been discovered that there is a great number of seemingly “over-priced” property only illustrates the need for greater checks and balances.”Read the article in full.  home valuations hamptons internatinal Marcus Bradbury-Ross NAEA chancellors The Times estate agent fees April 8, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

‘Brevity is the soul of wit’! Could you write property descriptions like Shakespeare?

first_imgDo your property descriptions have a lyrical quality to them? Then perhaps you should have entered a competitor run last week by The Spectator magazine which asked its readers to write descriptions in the style of their favourite writer.Hundreds were received including brochure details written in the style of novelist Ernest Hemingway, playwright Harold Pinter, authors Oscar Wilde and Jane Austen as well as poets Sam Taylor Coleridge and Dylan Thomas. And the results are in.Five winners were picked including arguably the best one by David Silverman, who wrote his brochure blurb in the style of the greatest writer England has produced –  William Shakespeare.Here at The Negotiator we thought it was worth reproducing should any of our readers wish to polish up their writing style and emulate the bard:Oh, what a treasure and a bargain’s here!A little more than bijou, less than big;A little more than shabby, less than chic.The finest architects in all the world,Whether for modern, rustic, period-rustic,Edwardian-Mock-Tudor-period-modern;The décor’s quirky — yet there’s method in it:Kelly Hoppen never more refined,Llewellyn-Bowen ne’er more beautified —(That’s an ill, a vile phrase: ‘beautified’ ) —Yet now, since brevity’s the soul of wit:A plague! A plague on all the other houses!If it were sold when ’t’is sold, then ’t’were wellIt were sold quickly: Yea — cash buyers only,For neither borrowers nor lenders be.Exchange the contracts and, upon our charge,Cry ‘God! I’ve bought an overpriced garage!’To read more literary prose in the style of a property description, read the other entries here.property details property descriptions Val Shakespeare September 9, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » ‘Brevity is the soul of wit’! Could you write property descriptions like Shakespeare? previous nextAgencies & People‘Brevity is the soul of wit’! Could you write property descriptions like Shakespeare?The Spectator magazine has asked its readers to sell property in the style of their favourite author. Would your property blurb pass muster?Nigel Lewis9th September 20190637 Viewslast_img read more

Watch out for money laundering surge during Coronavirus, RICS warns estate agents

first_imgHome » News » COVID-19 news » Watch out for money laundering surge during Coronavirus, RICS warns estate agents previous nextCOVID-19 newsWatch out for money laundering surge during Coronavirus, RICS warns estate agentsInstitution says the financial chaos and business uncertainty created by the pandemic will lead to more attempts to circumvent AML and other rules.Nigel Lewis26th May 20200799 Views Estate agents face an increase in money laundering and terrorist finance activities within the property market during the Coronavirus crisis, the Royal Institution of Chartered Surveyors (RICS) has warned.The organisation has issued a guidance document to alert firms that they made face extra anti-money laundering (AML) and corruption risks at this time, and to help them maintain appropriate controls.“In particular, firms should consider whether the current economic climate may make them or their customers more susceptible to financial difficulties or other pressures, thus creating risk and potential weaknesses for criminals to exploit,” the document says.This includes being put under pressure to ignore or circumvent due- diligence checks in order to speed up transactions, being offered bribes, greater exposure to mortgage fraud and criminals using their ill-gotten gains to buy property.Agents are also warned to keep an eye on their lettings activities too including tenants trying to sell properties they do not own and landlords leaning on agents to circumvent regulations and in particular property licensing schemes.RICS says estate agents should be particularly careful about the risks of cybercrime as more communication with clients and within firms is done digitally during the crisis, and to be wary of intercepted emails and criminals posing as solicitors.Christine O’Rourke, Head of Conduct Standards at RICS, says: “Last year, we set mandatory professional standards following our work with the UK Government and Transparency International to reduce the risk for the UK property market and increase market confidence.“When money laundering is estimated to account for up to 5% of global GDP, our updated guidance supports RICS professionals to uphold their standards through COVID-19 challenges as they adapt to the new business and economic climate.”Read the RICS guidance.  coronavirus RICS Royal Institution of Chartered Surveyors May 26, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

USS Independence at Port of St. Petersburg on Labor Day Weekend

first_img USS Independence at Port of St. Petersburg on Labor Day Weekend For the first time in city history, a naval warship will be docking at the Port of St. Petersburg and be made available for public tours…(tampabay)[mappress]Source: tampabay, August 12, 2011; View post tag: Petersburg View post tag: port View post tag: Weekend View post tag: USS View post tag: Navy August 12, 2011 View post tag: day Training & Education View post tag: Naval View post tag: Independence View post tag: Labor View post tag: St. View post tag: News by topic Back to overview,Home naval-today USS Independence at Port of St. Petersburg on Labor Day Weekend Share this articlelast_img

Russia: BSF Sailors Lend a Helping Hand to Flood-Struck Krasnodar Residents

first_img View post tag: A. Russia: BSF Sailors Lend a Helping Hand to Flood-Struck Krasnodar Residents View post tag: sailors Back to overview,Home naval-today Russia: BSF Sailors Lend a Helping Hand to Flood-Struck Krasnodar Residents View post tag: residents View post tag: Naval Training & Education Share this article View post tag: News by topic View post tag: Lendcenter_img View post tag: Krasnodar View post tag: Hand View post tag: BSF View post tag: Helping July 12, 2012 View post tag: Flood-Struck View post tag: Navy PM Dmitry Medvedev discusses with his deputies issues related to the tragic events in KrasnodarThe Black Sea Fleet (BSF) sailors of the Russian Federation is rendering relief work to citizens of Krasnodar region…(rusnavy)[mappress]Source: Russian Navy, July 12, 2012; Image: Russian MoDlast_img read more

Russia: CF Ships Finish Scheduled Exercise

first_img View post tag: Navy View post tag: Exercise Russia: CF Ships Finish Scheduled Exercise View post tag: ships Caspian Flotilla (CF) surface ships have finished a scheduled exercise which included anti-mine, counter-terror, antiaircraft, and antiboat drills…(rusnavy)[mappress]Source: Russian Navy, August 22, 2012; Image: Flot View post tag: CF View post tag: News by topic Share this articlecenter_img View post tag: Naval View post tag: finish Training & Education August 22, 2012 View post tag: scheduled Back to overview,Home naval-today Russia: CF Ships Finish Scheduled Exercise last_img