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Em Morley

Zoopla Removes £9.99 Property Reports

Published On: July 21, 2015 at 5:00 pm

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Property reports on Zoopla that cost £9.99 have been removed from the website after a “short trial.”

Last week, we revealed that an agent doubts the viability of the reports: /zoopla-introduces-property-buyer-reports-at-9-99/.

Soon after, it seemed that the reports had attempted to be removed from Zoopla, but they could still be found online.

Zoopla Removes £9.99 Property Reports

Zoopla Removes £9.99 Property Reports

Vectis, a member firm of the Royal Institution of Chartered Surveyors (RICS), compiled the reports.

The RICS comments: “Underpinning our royal charter remit is the mandate to act in the interests of consumers and the RICS applauds innovative thinking and welcomes new products and services that can enhance the professionalism of the sector and add value for the consumer.

“Vectis Chartered Surveyors ran a short trial of a buyer report with Zoopla.

“Following that trial, RICS identified elements of the report, which is not an RICS product and does not include a physical inspection of the property, that could be improved to better meet customer need.

“Vectis and Zoopla share RICS concerns that too many buyers fail to appreciate that a mortgage valuation is not a survey.

“Better informed buyers are more likely to have a survey done to learn more about the home they are buying.”

The RICS explains: “A tool that helps buyers clearly understand their options could prove useful in an era when some mortgage valuations are being provided from the desktop, without any inspection of the property at all.

“Following the trial period, RICS will liaise with Vectis as it improves the report, to deliver useful information to the consumer and improve understanding in the sector.

“The report is not a survey and is not intended to replace a survey, whereas the RICS Home Survey Suite of Condition Report, Homebuyer Report and Building Survey provide buyers with accurate and informed advice following a physical inspection of the property.

“Property professionals can easily guide buyers on the difference between a mortgage valuation and a survey with the RICS, with the RICS, valuation is not a survey, short video.”1

Find the RICS video here: http://www.rics.org/uk/knowledge/consumer-guides/home-surveys/.

A Zoopla spokesperson adds: “It was always a short-term limited trial, which has now ended.”1

1 http://www.propertyindustryeye.com/zoopla-trial-of-9-99-property-reports-ends-abruptly-after-rics-intervention/

Residential property transactions increase

Published On: July 21, 2015 at 4:28 pm

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Residential property transactions rose during the last month and were also up on the same period twelve months according to a new report.

Latest HMRC Property Transactions figures show that the number of transactions between May and June increased by 4.7%. This represented a 3.2% rise on the same period last year.[1]

Non-adjusted residential transactions were 15.7% higher in June than they were in May and 5.8% higher than in May 2014.[1]

Post-election bounce

Duncan Kreeger, director of West One Loans, commented, ‘it’s not just the housing market that is enjoying a post-election bounce, with non-residential transactions enjoying almost double the monthly improvement.’ He also said that, ‘on an annual level the contrast is even more marked, with an increase almost three times larger than the mainstream residential market.’[1]

Kreeger believes that, ‘this shows that it is not just homeowners wanting to take advantage of the current favourable economic climate and low interest rates on offer, but businesses and developers too.’ He went on to note, ‘with Bank of England Governor Mark Carney suggesting last week that interest rates could rise around the turn of the year, it makes sense for individuals-and commercial ventures-to act soon if they want to capitalise on the current situation.’[1]

Residential property transactions increase

Residential property transactions increase

Upward tempo

Peter Rollings, CEO of Marsh and Parsons, agreed with Mr Kreeger, stating, ‘property sales jumped to it in June as the UK housing market gets back into the swing of things after some recent disruptions to the tempo. This has started to make up for any shortfall in the months preceding the general election-and we’re seeing growth on an annual basis once again.’[1]

Mr Rollings notes that, ‘in London, supply of properties for sale and buyer demand are head-to-head, squaring up for steady price growth over the rest of the summer. Confidence is returning to the capital once again, particularly below £1million and buyer registrations are building as aspiring homeowners seize hold of low mortgage rates and other incentive schemes currently available t I them.’[1]

[1] http://www.propertyreporter.co.uk/property/property-transactions-up-32-year-on-year.html

 

Another Agent is Expelled from the Property Ombudsman

Published On: July 21, 2015 at 4:02 pm

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Another agent has been expelled from the Property Ombudsman (TPO) within a few days of MT Properties Central in Birmingham being banned.

Now, Allen & Crane Estates has been excluded. The firm, based in Burnham near Slough, deals with sales and lettings.

Both companies have been expelled after failing to follow TPO’s code of conduct for letting agents and for subsequently not paying an award. Both agents have been banned for a minimum of two years.

Failure to settle the awards means that the agents will be unable to join either of the two other redress schemes, which would mean that they would be trading illegally and could be put out of business.

However, if they pay the outstanding awards, they will be able to join another scheme.

Another Agent is Expelled from the Property Ombudsman

Another Agent is Expelled from the Property Ombudsman

Allen & Crane was a member of TPO from May 2007, but withdrew its membership whilst the complaint was being considered.

Instead, it joined the Property Redress Scheme (PRS), which was unaware of the disciplinary action against the agent at the time.

The PRS has since suspended Allen & Crane’s membership and this will not be reinstated until the £1,600 award has been settled.

TPO excluded Allen & Crane after landlords complained about a number of issues regarding the agent’s actions when letting their properties.

The Ombudsman, Christopher Hamer, upheld all of the complaints.

The agent allowed tenants to move into the property without the landlord’s knowledge and without evidence of reference checks, meaning that it was breaching paragraphs 7b and 7g of TPO code of practice.

There was also a delay in the agent providing the landlords with a copy of the tenancy agreement.

Other issues include the agent’s failure to obtain a security deposit or a valid guarantor agreement, failure to provide regular and clear statements after rent was paid in irregular instalments, and their inability to prove that they had inspected the property regularly or upon check-out.

It was also said that Allen & Crane was difficult to communicate with.

Following the investigation, TPO awarded the complainants a total of £1,600 in compensation. Allen & Crane Estates has still not paid this award.

Hamer explains the case: “The shortcomings in the service provided by Allen & Crane Estates that I identified, particularly with regards to the lack of referencing and security deposits, are serious, and are matters which have significantly disadvantaged the complainants. I therefore supported the complaints that have been made.

“Agents cannot avoid paying awards if they jump from one scheme to another. Under the guidance of the Department for Communities and Local Government, the three approved redress schemes will not accept into membership any agent that does not meet its obligations to another scheme.”

He continues: “Allen & Crane’s membership with PRS has now been suspended and will not be reinstated until they receive confirmation from TPO that the award has been paid in full and the issue has been resolved.

“Once the agent has met their obligations to the first scheme, they are free to join another. Paying an outstanding award clears things up.

“Once they have paid their fee and the two years have passed, as in this case, the agent is free to re-join TPO.”1 

1 http://www.propertyindustryeye.com/expelled-agent-moved-tenants-into-property-without-landlords-knowledge/

Property Premier League revealed

Published On: July 21, 2015 at 3:36 pm

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With the start of the new Premier League season less than three weeks away, Raheem Sterling sitting atop a mountain of cash and dream team managers frantically honing their squads, an online estate agent has moved to assess the form in the Premiership property table.

eMoov.co.uk has looked at the average house prices in the twenty locations that make up the teams in the top flight. The results make for interesting reading, with a number of surprise results on the videprinter.

Champions League

The traditional curtain raiser for the new season will once again be the Charity Shield, where Chelsea and Arsenal will kick-off proceedings. Unsurprisingly, these London giants have the two most expensive house prices in the Premier League figures.

Just as in the last campaign, Chelsea top the table, with average property prices in the SW6 postcode area at £1,137,550. However, a poor run of home form has seen these prices slip by 5% from the start of last season. On the other hand, property around the Emirates Stadium, home of Arsenal, has increased by 6%. Chelsea is unlikely to be feeling the pressure though, with a £600,000 cushion.[1]

Tottenham fans will be buoyed with the news that they are at least able to command third-position in one league, with property surrounding White Hart Lane climbing in value by 6% over the same period, to an average of £312,410. With a new ground on the horizon and with Seven Sisters tube station potentially part of the Cross Rail 2 development, Spurs could soon overtake their great rivals, at least in the property market.[1]

London clubs make up the entire top-six, with West Ham fans rubbing their eyes at the sight of themselves in 4th position. Average house prices here are £306,451, having risen by 7% since last year. A move to Olympic Stadium imminent, the Hammers could be particularly happy further up the league.[1]

Mid-table Manchester

Their ground may be known as the Theatre of Dreams but Manchester United languishes in mid-table in the property Premier League. However, rich neighbours Manchester City are close to the relegation zone in 16th position. What’s more, United has experienced marginally more property price growth since last season, with 4% in comparison to City’s 3%.[1]

Rivalry in the West Midlands sees West Brom once again finish higher than Aston Villa. Property prices around The Hawthorns stand at £131,398. In comparison, prices around Villa Park stand at £101,674, which sees the Villains in their familiar position just above the relegation zone…[1]

Property Premier League revealed

Property Premier League revealed

The newly-promoted clubs find themselves in positions that they could only dream of come the end of the next football season, with Watford in 5th, Bournemouth in 7th and Norwich in 11th position respectively. Championship winners Bournemouth in particular have plenty to be optimistic about, if the success of their neighbours Southampton is anything of a benchmark. Their south coast rivals have experienced a 5% increase in property prices over the last year, a total only outdone by a few London clubs.[1]

Scouse sorrow

There was however, bad news for both Merseyside giants, with Liverpool and Everton jointly propping up the table. Average property prices around both grounds were found to be £72,873, representing just a 1% increase.

The full table reads as follows:

Rank Team Stadium Postcode Average House Price 2014/15 Season % Change
1 Chelsea  Stamford Bridge  SW6 £1,137,550 -5%
2 Arsenal  Emirates  N7 £575,676 6%
3 Spurs  White Hart Lane  N17 £312,410 6%
4 West Ham Upton Park  E13 £306,451 7%
5 Watford Vicarge Road WD18 £300,411 5%
6 Crystal Palace  Selhurst Park  SE25 £295,165 4%
7 Bournemouth Dean Court BH7 £270,511 3%
8 Southampton  St Mary’s Stadium  SO14 £207,618 5%
9 Leicester  King Power Stadium  LE2 £202,483 4%
10 Man Utd  Old Trafford  M16 £194,297 4%
11 Norwich Carrow Road NR1 £191,151 1%
12 Newcastle  St James Park  NE1 £156,470 2%
13 West Brom  The Hawthorns  B71 £131,398 2%
14 Stoke  Britannia Stadium  ST4 £117,260 1%
15 Swansea  Liberty Stadium  SA1 £115,584 0%
16 Man City  Etihad Stadium  M11 £110,666 3%
17 Aston Villa  Villa Park  B6 £101,674 4%
18 Sunderland  Stadium of Light  SR5 £96,769 4%
19 Everton  Goodison Park  L4 £72,873 1%
20 Liverpool  Anfield  L4 £72,873 1%

[1]

Russell Quirk, founder and CEO of e.Moov.co.uk, said, ‘although the top two make for familiar reading, it’s interesting that a successful, wealthy Premier League club doesn’t necessarily translate to a thriving property market in the surrounding areas. I think in terms of property, West Ham and Tottenham are the ones to watch.’[1]

‘The developments in terms of location and transport infrastructure should see prices in both areas boosted as a result,’ he added.’[1]

[1] http://www.propertyreporter.co.uk/property/how-does-your-team-do-in-the-property-premier-league.html

 

 

Agents Make Ex Gratia Payments to Avoid CPR Prosecutions

Published On: July 21, 2015 at 3:03 pm

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It appears that there has been just one successful prosecution brought under Consumer Protection Regulations (CPRs), but there have been “hundreds or maybe thousands of ex gratia payments.”

Agents Make Ex Gratia Payments to Avoid CPR Prosecutions

Agents Make Ex Gratia Payments to Avoid CPR Prosecutions

Agents made the payments secretly to dissatisfied buyers and tenants, who “wasted time and money pursuing a property only to find out some material fact that they should have been informed about at the outset.”

The payments would have been made to customers on the basis of signing non-disclosure agreements to settle the matter.

The deals avoid the agents going to court and consumers receive direct payment in these agreements, which they do not benefit from if the agent is fined in court.

This was all revealed by compliance expert Michael Day, of consultancy company Integra, who says that agents must take CPRs seriously.

He warns that agents must become “much more vigilant in seeking out and obtaining information than they may have been previously.”1

Failure to disclose a fact about a property that could affect a buyer’s decision – not just on making an offer or to commission a surveyor or conveyancer, but to view a property – could harm agents.

Day supports the Property Ombudsman’s advice, which is to disclose any information, regardless of any doubt.

Agents can be fined up to £5,000 per offence in a magistrates’ court, or an unlimited fine at a crown court. Two-year prison sentences are also possible.

1 http://www.propertyindustryeye.com/agents-avoid-cpr-prosecutions-by-making-ex-gratia-payments/

Bicester’s New Property Developments

Published On: July 21, 2015 at 2:02 pm

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The Oxfordshire commuter town of Bicester is famous for its designer outlet village, but is now becoming one of the UK’s major housing growth areas.

A 13,000-home garden city has been reserved in Bicester, with areas such as the 2,450-property Kingsmere being built on former farmland.

Another scheme, Meadow Villas, is within the Garden Quarter, a redevelopment of an ex-RAF married quarters estate. Within 23 acres, 1930s buildings have been refurbished and new, in-keeping homes are being built alongside.

The properties have been designed to be symmetrical and will be built around formal squares and courtyards. The landscaped gardens are inspiring garden city planners.