Posts with tag: estate agents

A Third of Sellers in London are Reducing Asking Prices

Published On: March 13, 2017 at 11:06 am


Categories: Property News

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Around 30% of London property sellers are reducing asking prices, while realistically priced homes are being sold within 71 days, according to data from

The report shows that, in some parts of the capital, a third of sellers are reducing asking prices, with more prices trimmed in west London than any other part of the capital.

While the figures don’t take into account the number of asking prices corrected by estate agents in the first few days of being listed, Rightmove has also released a report that warns sellers that they could pay for over-pricing their homes.

West London

In the past 10 years, the lack of stock on the market and high demand have pushed house prices up in the capital, while in west London, the Crossrail effect has particularly boosted values, as buyers sought to invest in areas set to benefit from the high-speed link to central London.

Alex Gosling, the CEO of HouseSimple, comments: “Prices in areas such as Ealing have risen so much due to Crossrail that they couldn’t possibly carry on going up at the same rate. We now may be starting to see buyers push back a little as they feel prices have reached unaffordable levels.”

A Third of Sellers in London are Reducing Asking Prices

A Third of Sellers in London are Reducing Asking Prices

Buyers are particularly cautious due to a combination of market uncertainty and last year’s Stamp Duty hike, claims the report. In recent years, buyers and sellers relied on a market where prices were almost guaranteed to increase by around 20% in a year, but that is no longer the case.

Reducing asking prices is a natural correction in a market that is catching up with a slower pace of growth than in recent years.


Richmond has suffered the largest number of cuts in the capital, with almost 37% of listings reduced in price.

Richmond upon Thames was named as the happiest place in the capital last year, with residents being among the healthiest and wealthiest in the country. House prices average £643,000 – up by 0.4% on last year.

Paul Price, the Manager of Richmond estate agent Hamptons International, says: “There’s been a shortage of good quality properties for the best part of two years and the strategy for some estate agents trying to secure instructions is to over price homes. So we’re not necessarily seeing a fall in values, but more realistic asking prices.”

However, he adds: “The Richmond market is bulletproof; there’s a huge underlying demand for property at the right price.”

Hammersmith & Fulham 

A similar 36% of sellers are reducing asking prices in neighbouring Hammersmith & Fulham – the second highest in the capital.

However, the average sale price has also dropped, from £772,000 to £756,000, over the past year.

The Branch Manager of Hamptons, Robert Stewart, comments: “Fulham has always been very City-orientated in terms of buyers, and the mood of the market reflects the mood of the City fairly accurately. People are more nervous about the future because there’s a lot going on in the world.”


As one of London’s cheapest boroughs, Hounslow should be in fairly high demand, with buyers seeking more affordable options. However, the decision to award Heathrow Airport a third runway is likely to cause a rise in noise pollution, and the larger footfall passing through is likely to add to congestion on roads and rail links.

The Founder and CEO of, Russell Quirk, says: “As a result, many have been deterred from buying, which has resulted in falling demand within the local market. Not only are sellers lowering their prices to account for this cool in buyer demand, but also to secure a sale so they can vacate the area.”

Are you reducing asking prices to secure a sale in the capital?

11 Buyers Chasing Every Property on the Market

Published On: February 27, 2017 at 9:53 am


Categories: Property News

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NAEA Propertymark (the National Association of Estate Agents) has today released its January Housing Report, which shows that an average of 11 buyers are now chasing every property on the market.

11 Buyers Chasing Every Property on the Market

11 Buyers Chasing Every Property on the Market

An imbalance between supply and demand means that every homebuyer is facing competition from ten more prospective buyers.

Housing demand

The average number of prospective buyers registered per estate agency branch in January was 425 – up by 10% on December 2016, when NAEA members registered 386 on average.

Property supply

The amount of properties available to buy on estate agents’ books in January stood at an average of 38. This is down from 41 in December, and the lowest recorded since July 2016.

The rise in homebuyers and decrease in properties on the market means there is an average of 11 buyers chasing every home.

Home sales 

In January, three in ten (30%) property sales were made to first time buyers – a slight decline from December, when 32% of sales were made to this group.

The number of sales agreed per branch rose from an average of six in December to eight last month – returning to the same level seen in November.

Sale prices

More than one in every 20 properties (7%) sold for more than the original asking price in January – the highest amount since April 2016, when 9% sold for more than the asking price.

The Chief Executive of NAEA Propertymark, Mark Hayward, says: “January saw a surge in buyers looking to kick off the New Year with a new home, but competition is rife, with an average of 11 buyers chasing each property.

“The increase in the number of properties selling for more than the asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand.”

He adds: “When the Government issued their Housing White Paper at the start of February, we stated how important it was for the industry to put forward robust solutions to really make a difference, and it’s vital that building more affordable housing is at the very top of their agenda.”

eMoov Launches Attack on High Street Estate Agent Charges

Published On: February 6, 2017 at 10:06 am


Categories: Property News

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Online estate agent has launched its latest attack on the traditional sector, exposing excessive high street estate agent charges.

The firm has highlighted just how far high street estate agent charges have soared as a result of escalating house prices and their “dated” commission-based model.

The agent has also compared high street estate agent charges to much more respected professions across the UK.

High street estate agent charges in 2016 

eMoov Launches Attack on High Street Estate Agent Charges

eMoov Launches Attack on High Street Estate Agent Charges

eMoov analysed the average house price across the UK along with the number of transactions during 2016, finding that high street estate agents profited by around £408m during the past year, based on average high street estate agent charges of 1.6% plus VAT. This is an average fee per property of over £4,000, claims eMoov.

The number of property transactions in the UK has risen steadily since 2012, up by 26%, with the average house price increasing at the same rate over the same period. As a result, high street agents have also seen their profits boosted, despite no additional service offered.

Earnings per hour

With the average property taking between 5 and 15 hours to sell, high street agents across the UK could earn as much as £815 per hour, climbing to £876 per hour in England alone.

eMoov insists that, although there are no barriers to entry into the occupation, high street estate agents still earn more than some of the nation’s most hard-working professions.

At around £42.50 an hour, an NHS doctor earns 19 times less than what a high street estate agent can pocket during the same time, with even private doctors having to work three hours to equal average high street estate agent charges.

A solicitor will have to put in four times that of an estate agent, with an hourly fee of £201, while a dentist will have to work for 16 hours, at an hourly rate of £51.51.

Even manual skilled professions require an “abundance” of training before they can qualify, argues eMoov, but an electrician (£18.35 per hour) and a plumber (£17.75 per hour) will have to work more than 40 hours each to match the hourly fee of a high street agent.

An infantry soldier in the British Army will have to work almost a full day (19 hours) to earn the same amount as a high street estate agent can in just one hour.

The Founder and CEO of eMoov, Russell Quirk, says: “We make a point of highlighting every year that, whilst house prices and transactions climb, so does the money made by high street estate agents, due to nothing more than their stale, commissioned-based fee. If anything, the service offered by high street estate agency has steadily declined, as the lack of barriers to entry have facilitated every man and his dog setting up a branch, with no real regulation on how they behave or treat the consumer.

“That’s not to say all high street agents are bad; there are in fact some very good ones, as well as those that don’t charge as much as the average 1.6% plus VAT in fees. But, unfortunately, there is still an abundance of those with a severe lack of moral fibre who get away with charging much more for no additional benefit.”

He continues: “The emergence of the online and hybrid sector is slowly changing that but, until it becomes the norm, and it will, the UK home seller will continue to be held to ransom by high street agents that know how to pull the wool over the eyes of both buyer and seller.

“The emergence of the online sector and property portals such as Zoopla and Rightmove means that now a property can almost sell itself. But to think that, despite this, there are high street agents across the UK netting 19 times more than a hard-working NHS doctor is a little bit sickening really.”

What do you think of high street estate agent charges, and have you been inspired to use an online alternative?

Rightmove to Share Property Market Insights with NAEA and ARLA Members

Published On: February 6, 2017 at 9:25 am


Categories: Property News

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The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have announced that they are working with property portal Rightmove to deliver property market insights to their members.

Rightmove to Share Property Market Insights with NAEA and ARLA Members

Rightmove to Share Property Market Insights with NAEA and ARLA Members

In a bid to offer more help and support to letting and estate agents, Rightmove will work alongside the organisations to bring the latest property market insights to their members.

The two membership bodies also believe that the partnership will help to keep agents up to date with any changes to legislation.

The Managing Director of the NAEA, Mark Hayward, and the Managing Director of ARLA, David Cox, issued a joint statement: “The invaluable research and data Rightmove provides helps build the knowledge of our members, which they can then use and implement into their own business model effectively.”

Miles Shipside, the Commercial Director of Rightmove, also comments on the partnership: “We’ll be working with the NAEA and ARLA throughout the year to enhance the support that we can offer estate and letting agents by providing insights using our research and whole of market data. We’ll be speaking at their national conferences and regional meetings, and we’ll be hosting free webinars that anyone in the industry can sign up to.”

If you think you can benefit from Rightmove’s property market insights, sign up for training and webinars from the NAEA and ARLA on the Rightmove Hub, at

Upcoming webinars include:

  • February 14th with Miles Shipside, with content from the ARLA national conference
  • February 22nd with Mark Hayward
  • April 4th with David Cox

Upcoming events include:

Landlords, you may find the property market insights and updates from Rightmove and the NAEA/ARLA useful for your lettings business. Sign up to the webinars to help you understand your responsibilities.

The Housing Minister Announced as Speaker at NAEA Conference 2017

Published On: January 18, 2017 at 10:02 am


Categories: Property News

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The Minister of State for Housing, Gavin Barwell MP, has been announced as a speaker at the NAEA Conference 2017.

The Housing Minister Announced as Speaker at NAEA Conference 2017

The Housing Minister Announced as Speaker at NAEA Conference 2017

The National Association of Estate Agents (NAEA) has revealed that the Housing Minister will speak at its annual NAEA Conference this year.

Barwell joins a long list of industry figures already confirmed for the NAEA Conference, which is the largest of its kind. The event will be held on 9th February 2017 at 115 Bishopsgate, London.

The Housing Minister will outline the Government’s plans for housing now and in the future, and will take questions from the floor during his 20-minute question-and-answer session.

It is believed that Barwell will address the new £18m capacity fund for speeding up housebuilding on large sites, as well as his pledge to build the first wave of Starter Homes for first time buyers this year.

The NAEA Conference 2017 will be hosted by Sally Bundock, a business and finance journalist at the BBC, while the list of other speakers includes: Peter Andrews, of the Bank of England; Rightmove’s Miles Shipside; and Mark Palmer, from Pret a Manger.

The President of the NAEA, David Mackie, says: “Last year was a busy year for housing, and with the Housing White Paper due at the end of this month, 2017 is set to be even busier.

“The housing market continues to dominate the political and news agenda, so we’re thrilled to have secured the Housing Minister as a speaker at this year’s event. It’s now more important than ever that we understand what the Government has planned for housing in the immediate and longer term. The session will give attendees an opportunity to share their views with the Housing Minister on what’s affecting them within the sector, and to raise any views or concerns.”

Non-NAEA members are welcome at the event – for more information and to book tickets, visit:

Estate Agents the Fourth Least Trusted Profession

Published On: December 6, 2016 at 10:21 am


Categories: Property News

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Estate Agents the Fourth Least Trusted Profession

Estate Agents the Fourth Least Trusted Profession

Estate agents are still the fourth least trusted profession in the UK, according to a joint report from Mumsnet and Ipsos MORI.

The annual Veracity Index, which reveals which jobs and professions are most trusted by the public, found that just 30% of adults trust estate agents to tell the truth. Only journalists, Government ministers and politicians fared worse.

The 2016 report found that nurses are the most trusted professionals in the UK, with 93% saying they trust them to tell the truth, with doctors close behind, at 91%.

Public trust in politicians has slipped considerably, by six percentage points, since this time last year, and are now trusted to tell the truth by just 15% of Britons.

The Founder and CEO of online estate agent, Russell Quirk, comments on the results: “It’s good to see a poll where estate agents aren’t quite dragging their knuckles in last place where trust and truthfulness are concerned. Coincidence perhaps that they should rise through the ranks a tad, just as the online sector starts to strengthen its grip on the property industry.

“Although, that said, the public will always treat any news source and politician with a certain degree of scepticism, so beating both journalists and politicians to the punch isn’t quite the gold star of approval it might seem.”

He adds: “Interesting that estate agents should still be viewed as almost half as truthful as lawyers and three times less credible than nurses. It’s clear that estate agency still has a way to go until the industry is perceived with such integrity as hairdressers.”

Landlords, do you trust estate agents when it comes to buying and selling properties? If not, are you more inclined to trust an online alternative?

As letting agent fees for tenants are in the process of being scrapped, landlords may find that using an online service is more cost effective.