By Graham Norwood
Bidding software that provides a new revenue stream for letting agents has been unveiled by a start up called Letsbid4lets.
The bidding software allows tenants to bid for rents, and was launched last evening at The Shard in London.
“We believe LetsBid4Lets is a game changer that provides agents with a whole new revenue stream and tenants with a level playing field. Three billion pounds worth of residential property was sold by auction last year and 10m people regularly use online auction sites” explains Spencer Rose, chief executive and founder of the firm.
“Our logic with this business is that auctions are a tried a tested way of selling property and people understand it, but no one has applied it to the lettings process yet. We believe LetsBid4Lets can provide transparency to both landlords and tenants” he adds.
He says Letsbid4lets can assist agents to let properties and can be used as a stand-alone marketing tool or in conjunction with traditional marketing.
All tenants that use the site will be pre-referenced before bidding, by FCC Paragon.
These references will last for 60 days so if a tenant doesn’t win on one property then they will be able to use the same reference to bid on another; tenants can also be prevented from bidding without first having viewed the property with the instructed letting agent.
https://www.lettingagenttoday.co.uk/breaking-news/2017/6/new-bidding-software-available-to-letting-agents-for-first-time
Showing posts with label rating agency. Show all posts
Showing posts with label rating agency. Show all posts
Friday, 30 June 2017
New bidding software available to letting agents for first time
Thursday, 15 June 2017
Tenants actively reviewing letting agents across Britain on new website with plans for monetisation
By Rosalind Renshaw
Tenants are actively reviewing and rating local letting agents across Britain on a new website.
Marks out of Tenancy was launched in March by Bristol-based entrepreneurs Ben Yarrow and Tom Dickinson.
Renters can score agents, landlords and properties out of ten, and leave reviews.
Tenants can review agents overall, and also evaluate them on six different themes: communication, attitude, speed, value for money, quality of repairs, and check in/out.
Many of the reviews cover Bristol, but clearly tenants in other locations, from Aldershot and Guildford to Cardiff and Ormskirk, are becoming increasingly aware of the site.
Yarrow told EYE: “The site isn’t just being used to leave bad reviews – it’s a really useful tool for landlords, letting agents and tenants.”
He also said that new features will be launched shortly.
A letting agency product called House will enable agencies to customise their profile page, display their score on their website, and use an email marketing campaign tool to invite tenants, and have access to market statistics and analytics.
Yarrow said: “Agencies will be able to track changes in scores, reply to reviews, compare themselves against their competitors and make improvements based on that information.
“The cost for that will be £75 per month per branch.”
A cheaper product for landlords called Home will similarly allow landlords to reply to comments.
Yarrow said that the site had been well received by landlord associations.
He said checks are in place to ensure reviews are legitimate, and that new features will include allowing agents and landlords to respond to reviews.
Yesterday, reviews of letting agents were mixed. The Letting Game in Bristol had ten-star ratings and Moginie James in Cardiff had nine. Some agents got just one star.
EYE said back in March that this could be one for agents to watch: three months later, it looks as though that remains the case.
Marks out of Tenancy is now set to be rolled out overseas to Ireland and the United States in the next few weeks.
https://www.marksoutoftenancy.com/Tenants are actively reviewing and rating local letting agents across Britain on a new website.
Marks out of Tenancy was launched in March by Bristol-based entrepreneurs Ben Yarrow and Tom Dickinson.
Renters can score agents, landlords and properties out of ten, and leave reviews.
Tenants can review agents overall, and also evaluate them on six different themes: communication, attitude, speed, value for money, quality of repairs, and check in/out.
Many of the reviews cover Bristol, but clearly tenants in other locations, from Aldershot and Guildford to Cardiff and Ormskirk, are becoming increasingly aware of the site.
Yarrow told EYE: “The site isn’t just being used to leave bad reviews – it’s a really useful tool for landlords, letting agents and tenants.”
He also said that new features will be launched shortly.
A letting agency product called House will enable agencies to customise their profile page, display their score on their website, and use an email marketing campaign tool to invite tenants, and have access to market statistics and analytics.
Yarrow said: “Agencies will be able to track changes in scores, reply to reviews, compare themselves against their competitors and make improvements based on that information.
“The cost for that will be £75 per month per branch.”
A cheaper product for landlords called Home will similarly allow landlords to reply to comments.
Yarrow said that the site had been well received by landlord associations.
He said checks are in place to ensure reviews are legitimate, and that new features will include allowing agents and landlords to respond to reviews.
Yesterday, reviews of letting agents were mixed. The Letting Game in Bristol had ten-star ratings and Moginie James in Cardiff had nine. Some agents got just one star.
EYE said back in March that this could be one for agents to watch: three months later, it looks as though that remains the case.
Marks out of Tenancy is now set to be rolled out overseas to Ireland and the United States in the next few weeks. (https://www.marksoutoftenancy.com/)
http://www.propertyindustryeye.com/tenants-actively-reviewing-letting-agents-across-britain-on-new-website-with-plans-for-monetisation/
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| http://hillerbypropertyservices.co.uk/wp-content/uploads/2012/09/letting-agents-300x217.jpg |
Tenants are actively reviewing and rating local letting agents across Britain on a new website.
Marks out of Tenancy was launched in March by Bristol-based entrepreneurs Ben Yarrow and Tom Dickinson.
Renters can score agents, landlords and properties out of ten, and leave reviews.
Tenants can review agents overall, and also evaluate them on six different themes: communication, attitude, speed, value for money, quality of repairs, and check in/out.
Many of the reviews cover Bristol, but clearly tenants in other locations, from Aldershot and Guildford to Cardiff and Ormskirk, are becoming increasingly aware of the site.
Yarrow told EYE: “The site isn’t just being used to leave bad reviews – it’s a really useful tool for landlords, letting agents and tenants.”
He also said that new features will be launched shortly.
A letting agency product called House will enable agencies to customise their profile page, display their score on their website, and use an email marketing campaign tool to invite tenants, and have access to market statistics and analytics.
Yarrow said: “Agencies will be able to track changes in scores, reply to reviews, compare themselves against their competitors and make improvements based on that information.
“The cost for that will be £75 per month per branch.”
A cheaper product for landlords called Home will similarly allow landlords to reply to comments.
Yarrow said that the site had been well received by landlord associations.
He said checks are in place to ensure reviews are legitimate, and that new features will include allowing agents and landlords to respond to reviews.
Yesterday, reviews of letting agents were mixed. The Letting Game in Bristol had ten-star ratings and Moginie James in Cardiff had nine. Some agents got just one star.
EYE said back in March that this could be one for agents to watch: three months later, it looks as though that remains the case.
Marks out of Tenancy is now set to be rolled out overseas to Ireland and the United States in the next few weeks.
https://www.marksoutoftenancy.com/Tenants are actively reviewing and rating local letting agents across Britain on a new website.
Marks out of Tenancy was launched in March by Bristol-based entrepreneurs Ben Yarrow and Tom Dickinson.
Renters can score agents, landlords and properties out of ten, and leave reviews.
Tenants can review agents overall, and also evaluate them on six different themes: communication, attitude, speed, value for money, quality of repairs, and check in/out.
Many of the reviews cover Bristol, but clearly tenants in other locations, from Aldershot and Guildford to Cardiff and Ormskirk, are becoming increasingly aware of the site.
Yarrow told EYE: “The site isn’t just being used to leave bad reviews – it’s a really useful tool for landlords, letting agents and tenants.”
He also said that new features will be launched shortly.
A letting agency product called House will enable agencies to customise their profile page, display their score on their website, and use an email marketing campaign tool to invite tenants, and have access to market statistics and analytics.
Yarrow said: “Agencies will be able to track changes in scores, reply to reviews, compare themselves against their competitors and make improvements based on that information.
“The cost for that will be £75 per month per branch.”
A cheaper product for landlords called Home will similarly allow landlords to reply to comments.
Yarrow said that the site had been well received by landlord associations.
He said checks are in place to ensure reviews are legitimate, and that new features will include allowing agents and landlords to respond to reviews.
Yesterday, reviews of letting agents were mixed. The Letting Game in Bristol had ten-star ratings and Moginie James in Cardiff had nine. Some agents got just one star.
EYE said back in March that this could be one for agents to watch: three months later, it looks as though that remains the case.
Marks out of Tenancy is now set to be rolled out overseas to Ireland and the United States in the next few weeks. (https://www.marksoutoftenancy.com/)
http://www.propertyindustryeye.com/tenants-actively-reviewing-letting-agents-across-britain-on-new-website-with-plans-for-monetisation/
Tuesday, 13 June 2017
Vida launches expat buy-to-let mortgage range
By Marc Da Silva
Vida Homeloans has launched a new expat buy-to-let mortgage range aimed at existing UK property owners living overseas who wish to invest in the UK’s private rented sector, with borrowing rates start from 3.89% for a two-year tracker and 3.99% for a two-year fixed rate deal.
According to the lending criteria for the new mortgage range, which has been designed in partnership with buy-to-let brokers and networks working in this specialist sector, expats can borrow up to £1m at a maximum loan-to-value of 75%, with no minimum income requirement or employment restrictions, which means that pensioners can also apply for a loan.
Louisa Sedgwick, director of mortgage sales at Vida Homeloans, said: “We listen to our distribution partners and our new Vida Expat proposition is the latest evidence of our partnership approach to product design. We continue to commit to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs.”
Vida allows capital raising remortgages for any purpose and will lend on HMOs up to eight bedrooms and Multi Unit Blocks (MUBs) up to five units. Applicants can reside in any country worldwide as long as it is a Financial Action Task Force (FATF) member country.
“We’ve been impressed by Vida’s responsiveness to market demand and this latest product launch certainly gives them some of the most flexible criteria in the expat sector right now,” said Stuart Marshall, managing director of Liquid Expat Mortgages.
https://www.landlordtoday.co.uk/breaking-news/2017/6/vida-launches-expat-buy-to-let-mortgage-range
Vida Homeloans has launched a new expat buy-to-let mortgage range aimed at existing UK property owners living overseas who wish to invest in the UK’s private rented sector, with borrowing rates start from 3.89% for a two-year tracker and 3.99% for a two-year fixed rate deal.
According to the lending criteria for the new mortgage range, which has been designed in partnership with buy-to-let brokers and networks working in this specialist sector, expats can borrow up to £1m at a maximum loan-to-value of 75%, with no minimum income requirement or employment restrictions, which means that pensioners can also apply for a loan.
Louisa Sedgwick, director of mortgage sales at Vida Homeloans, said: “We listen to our distribution partners and our new Vida Expat proposition is the latest evidence of our partnership approach to product design. We continue to commit to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs.”
Vida allows capital raising remortgages for any purpose and will lend on HMOs up to eight bedrooms and Multi Unit Blocks (MUBs) up to five units. Applicants can reside in any country worldwide as long as it is a Financial Action Task Force (FATF) member country.
“We’ve been impressed by Vida’s responsiveness to market demand and this latest product launch certainly gives them some of the most flexible criteria in the expat sector right now,” said Stuart Marshall, managing director of Liquid Expat Mortgages.
https://www.landlordtoday.co.uk/breaking-news/2017/6/vida-launches-expat-buy-to-let-mortgage-range
Monday, 5 June 2017
BM Solutions introduces free remortgage valuations
By Marc Da Silva
BM Solutions has launched a series of new remortgage and property purchase mortgage rates, and to mark the introduction of the range, the buy-to-let arm of Lloyds Banking Group is offering free valuations of up to £1,500 on all remortgages.
The new rates for new mortgages deals and remortgages start from 1.69% for a two-year fix at 60% loan-to-value (LTV), while a two-year fix at 75% LTV starts from 2.04%, a five-year fix is available from 60% LTV starting from 2.24%, and a five-year 75% LTV fix rate product starts at 2.79%.
Phil Rickards, head of BM Solutions, commented: “As part of our ongoing commitment to the market and as we enter this new era, we have reintroduced free valuations to help drive down the upfront cost of remortgaging for customers.
“It’s quite clear that the market has moved in favour of remortgages and through extending the choice available at competitive rates and covering the cost of valuations, brokers can continue to write good quality business and meet the needs of their customers.”
https://www.landlordtoday.co.uk/breaking-news/2017/6/bm-solutions-introduces-free-remortgage-valuations
BM Solutions has launched a series of new remortgage and property purchase mortgage rates, and to mark the introduction of the range, the buy-to-let arm of Lloyds Banking Group is offering free valuations of up to £1,500 on all remortgages.
The new rates for new mortgages deals and remortgages start from 1.69% for a two-year fix at 60% loan-to-value (LTV), while a two-year fix at 75% LTV starts from 2.04%, a five-year fix is available from 60% LTV starting from 2.24%, and a five-year 75% LTV fix rate product starts at 2.79%.
Phil Rickards, head of BM Solutions, commented: “As part of our ongoing commitment to the market and as we enter this new era, we have reintroduced free valuations to help drive down the upfront cost of remortgaging for customers.
“It’s quite clear that the market has moved in favour of remortgages and through extending the choice available at competitive rates and covering the cost of valuations, brokers can continue to write good quality business and meet the needs of their customers.”
https://www.landlordtoday.co.uk/breaking-news/2017/6/bm-solutions-introduces-free-remortgage-valuations
Tuesday, 30 May 2017
Uber announces first involvement with private rental sector
By Graham Norwood
Uber and a Build To Rent developer have announced a PropTech deal which will see the transport company getting involved in the private rental sector for the first time.
Tenants at schemes operated by BTR firm Moda Living will receive up to £100 in Uber credits per month if they agree not to have a car parking space in the building. Using a bespoke app, residents will hire an Uber when they wish.
Moda Living is currently building some 6,000 rental-only homes in major cities across England and Scotland, coinciding with locations where Uber operates.
By partnering with Uber, Moda Living claims it will “create more sustainable developments as city leaders tackle the challenge of building millions of homes while also reducing emissions.”
Moda proposes to have schemes in in London, Edinburgh, Glasgow, Leeds, Liverpool, and Birmingham; its first scheme, Angel Gardens in Manchester, is currently under construction and will house close to 900 residents when it completes in 2019.
Moda Living’s buildings are created only for rent, and include shared areas that - in the firm’s words - “mimic a high-end hotel.”
The company plans to offer tenants a bespoke app to connect with each other, control heating and entertainment, as well as order food and other services, such as booking a ride through Uber. Uber integration will offer Moda Living customers a frictionless city centre renting experience.
“Cars are one of the most expensive assets most people own, but they’re used just five per cent of the time. Our mission is for everybody to have a reliable ride at the touch of a button so they don’t need their own car. These plans for what will be a unique partnership with Moda Living is a big step forward in making that a reality. By getting more people to ditch their own vehicles we can put some of the space wasted on parking to much better use” says Jo Bertram, regional general manager of Uber in the UK.
Johnny Caddick of Moda Living says: “Our apartments are for rent rather than for sale so we need to consider how our customers will live in cities in the future. A partnership with Uber would not only give our customers an affordable ride at the touch of a button - it would also enable us to design better buildings with more space for social interaction.”
https://www.lettingagenttoday.co.uk/breaking-news/2017/5/uber-announces-first-involvement-with-private-rental-sector
Uber and a Build To Rent developer have announced a PropTech deal which will see the transport company getting involved in the private rental sector for the first time.
Tenants at schemes operated by BTR firm Moda Living will receive up to £100 in Uber credits per month if they agree not to have a car parking space in the building. Using a bespoke app, residents will hire an Uber when they wish.
Moda Living is currently building some 6,000 rental-only homes in major cities across England and Scotland, coinciding with locations where Uber operates.
By partnering with Uber, Moda Living claims it will “create more sustainable developments as city leaders tackle the challenge of building millions of homes while also reducing emissions.”
Moda proposes to have schemes in in London, Edinburgh, Glasgow, Leeds, Liverpool, and Birmingham; its first scheme, Angel Gardens in Manchester, is currently under construction and will house close to 900 residents when it completes in 2019.
Moda Living’s buildings are created only for rent, and include shared areas that - in the firm’s words - “mimic a high-end hotel.”
The company plans to offer tenants a bespoke app to connect with each other, control heating and entertainment, as well as order food and other services, such as booking a ride through Uber. Uber integration will offer Moda Living customers a frictionless city centre renting experience.
“Cars are one of the most expensive assets most people own, but they’re used just five per cent of the time. Our mission is for everybody to have a reliable ride at the touch of a button so they don’t need their own car. These plans for what will be a unique partnership with Moda Living is a big step forward in making that a reality. By getting more people to ditch their own vehicles we can put some of the space wasted on parking to much better use” says Jo Bertram, regional general manager of Uber in the UK.
Johnny Caddick of Moda Living says: “Our apartments are for rent rather than for sale so we need to consider how our customers will live in cities in the future. A partnership with Uber would not only give our customers an affordable ride at the touch of a button - it would also enable us to design better buildings with more space for social interaction.”
https://www.lettingagenttoday.co.uk/breaking-news/2017/5/uber-announces-first-involvement-with-private-rental-sector
Wednesday, 24 May 2017
Social housing is good. But let’s make it beautiful too
By Zoe Williams
The big parties speak only of practicalities. Perhaps they should try focusing on aesthetics for a change
Ostentatious parsimony was the phrase used by Kate Macintosh, the woman responsible for some of the most ambitious local authority housing of the 1960s and 70s, to describe the spending environment for the social architect. Housing ministers would speak with pride of stripping out unnecessary extravagances, such as balconies and windows.
The philosophy went beyond thrift. In social housing, anything above the bare minimum was lavish, and anything lavish was an insult to the public purse. In the 90s, as PFI contracts took hold, the ostentatious parsimony of the state met the carelessness of the investor. How much does a landlord care about liveability – about grace, light, views and carbon emissions?
The result was not so much universal declining standards – architects, unavoidably, still have talent, energy and ambition – but the dishevelment of public housing. We lost all confidence in our collective ability to create a proud and, in the old-fashioned sense, awesome built environment.
In their manifesto last week, the Tories promised to build a million homes by the end of 2020, 500,000 more by the end of 2022. This is semantically more than Ed Miliband’s promise at the last general election of “up to” a million by 2020, and atmospherically equal to Jeremy Corbyn’s “over a million new homes” by the end of the next parliament. There is almost no detail in Theresa May’s plans as to how the housing is funded, or who it would be for, except that 160,000 homes would be built by the government on its own land. The Tories are clear on what they are against: poor-quality homes, careless developers, high land costs and poor planning. And they raise an idea that they obviously consider meaningful, since it’s capitalised: new Council Housing Deals, to support “ambitious, pro-development local authorities”.
Yet there is no sense that any of those modern ills are within the government’s power to control – no sense of how to enforce better quality, how to make developers care, what to do about land costs, or what better planning looks like (for instance, would it be more centralised or more devolved?). What is an ambitious, pro-development local authority? One whose ambitions are to sell its land to developers for private homes? Or one that is developing its own land for the housing of its own residents? This is more than strategically ambiguous: it is completely opaque. Likewise, those 160,000 homes built by government - in private partnerships? Or are they going to insource construction? And who would those homes be for?
Labour is clearer: at least half its million homes would be built by councils or housing associations to be “genuinely affordable” (this is framed as a break from the current definition of affordability, 80% of local market rent). They’re also explicit on building carbon-neutral housing, and on minimum space requirements.
In short, everybody can see there is a problem. Very few people celebrate the housing solutions of the past: Margaret Thatcher’s council house selloff that delivered social housing into the hands of private landlords and left the government with a colossal housing benefit bill. Scarcely anyone, from any point on the political spectrum, favours a hands-off state approach (except Ukip, whose answer is to let developers build anywhere, on anything – except golf courses).
Yet there is a fundamental implausibility to all these promises: nobody really thinks they themselves will end up living in one of these million, or more than a million, homes. The only people who think they’re a possible candidate for social housing are those who are already on waiting lists, but the number who can’t afford private rent is far greater. Any housing that isn’t specifically ringfenced as social is assumed to end up in the hands of an investor.
The rhetorical fixation on “rabbit hutches” (everyone pledges not to build those) conjures a future in which developers develop faceless, high-density blocks, and a planner goes round with a ruler to check they’re suitable for dwellers larger than a rabbit. When parties promise a million homes, we imagine a million little boxes that we can’t afford, or won’t be for us.
Two years ago I started kicking about at an architectural practice called Studio Egret West. They wanted a book about their philosophy; I wanted to think about something other than politics, which – as improbable as it sounds now – was very boring just before the 2015 election: small, consumer policies from cantankerous men. The architects’ conversations were in fact intensely political: approaching housing aesthetically is just a different kind of politics.
They talked about how putting a million more houses in a country changes that country, and how that needn’t be for the worse. You can densify a city and make it greener, not greyer, with living walls, winter gardens, landscape planning that marries the botany to the building, parks in the sky, and ideas to restore to nature the space that the building appropriated, turning it seamlessly into a vision of sustainability and zero-carbon living. Equality came up as a function of design: how do you create a sense of community in a mixed-income development, except through shared space?
Neighbourliness cannot be handed down by diktat. They described how to meet the constraints of space with more imaginative ways of shaping and using it, and how housing should never be tucked away and separated from the industry and activity that is the pulse of its city. They talked about how to build upwards without devastating the skyline or oppressing the people on the ground.
They described how understanding the history and the narrative of the architecture that came before would imbue new buildings with a sense of modernity through continuity, instead of a jarring newness. They described a future city that could properly house its people without turning them into extras in Bladerunner.
And if you ever said, “this sounds expensive”, they said there is nothing more expensive than something ugly that has to be demolished. Concrete accounts for 5% of all human-generated CO2 emissions. As Macintosh says: “What is barely acceptable to one generation becomes an insult to the next. It is always good economics to provide the best and get it right first time.”
I didn’t write the book, in the end: they wrote it themselves. But I realised what’s missing from this conversation, why the promises never stick. It’s not the detail, the intricate plans on who will build what, who will pay, in what private-public permutation, and who will live in the homes. That’s missing too. But what is missing in the first instance is beauty.
https://www.theguardian.com/commentisfree/2017/may/22/social-housing-labour-tories-manifestos-homes
The big parties speak only of practicalities. Perhaps they should try focusing on aesthetics for a change
![]() |
| Central Hill in Crystal Palace, London, one of the threatened estates by celebrated council architect Ted Hollamby. Photograph: Simon Elmer/Architects for Social Housing |
The philosophy went beyond thrift. In social housing, anything above the bare minimum was lavish, and anything lavish was an insult to the public purse. In the 90s, as PFI contracts took hold, the ostentatious parsimony of the state met the carelessness of the investor. How much does a landlord care about liveability – about grace, light, views and carbon emissions?
The result was not so much universal declining standards – architects, unavoidably, still have talent, energy and ambition – but the dishevelment of public housing. We lost all confidence in our collective ability to create a proud and, in the old-fashioned sense, awesome built environment.
In their manifesto last week, the Tories promised to build a million homes by the end of 2020, 500,000 more by the end of 2022. This is semantically more than Ed Miliband’s promise at the last general election of “up to” a million by 2020, and atmospherically equal to Jeremy Corbyn’s “over a million new homes” by the end of the next parliament. There is almost no detail in Theresa May’s plans as to how the housing is funded, or who it would be for, except that 160,000 homes would be built by the government on its own land. The Tories are clear on what they are against: poor-quality homes, careless developers, high land costs and poor planning. And they raise an idea that they obviously consider meaningful, since it’s capitalised: new Council Housing Deals, to support “ambitious, pro-development local authorities”.
Yet there is no sense that any of those modern ills are within the government’s power to control – no sense of how to enforce better quality, how to make developers care, what to do about land costs, or what better planning looks like (for instance, would it be more centralised or more devolved?). What is an ambitious, pro-development local authority? One whose ambitions are to sell its land to developers for private homes? Or one that is developing its own land for the housing of its own residents? This is more than strategically ambiguous: it is completely opaque. Likewise, those 160,000 homes built by government - in private partnerships? Or are they going to insource construction? And who would those homes be for?
Labour is clearer: at least half its million homes would be built by councils or housing associations to be “genuinely affordable” (this is framed as a break from the current definition of affordability, 80% of local market rent). They’re also explicit on building carbon-neutral housing, and on minimum space requirements.
In short, everybody can see there is a problem. Very few people celebrate the housing solutions of the past: Margaret Thatcher’s council house selloff that delivered social housing into the hands of private landlords and left the government with a colossal housing benefit bill. Scarcely anyone, from any point on the political spectrum, favours a hands-off state approach (except Ukip, whose answer is to let developers build anywhere, on anything – except golf courses).
Yet there is a fundamental implausibility to all these promises: nobody really thinks they themselves will end up living in one of these million, or more than a million, homes. The only people who think they’re a possible candidate for social housing are those who are already on waiting lists, but the number who can’t afford private rent is far greater. Any housing that isn’t specifically ringfenced as social is assumed to end up in the hands of an investor.
The rhetorical fixation on “rabbit hutches” (everyone pledges not to build those) conjures a future in which developers develop faceless, high-density blocks, and a planner goes round with a ruler to check they’re suitable for dwellers larger than a rabbit. When parties promise a million homes, we imagine a million little boxes that we can’t afford, or won’t be for us.
Two years ago I started kicking about at an architectural practice called Studio Egret West. They wanted a book about their philosophy; I wanted to think about something other than politics, which – as improbable as it sounds now – was very boring just before the 2015 election: small, consumer policies from cantankerous men. The architects’ conversations were in fact intensely political: approaching housing aesthetically is just a different kind of politics.
They talked about how putting a million more houses in a country changes that country, and how that needn’t be for the worse. You can densify a city and make it greener, not greyer, with living walls, winter gardens, landscape planning that marries the botany to the building, parks in the sky, and ideas to restore to nature the space that the building appropriated, turning it seamlessly into a vision of sustainability and zero-carbon living. Equality came up as a function of design: how do you create a sense of community in a mixed-income development, except through shared space?
Neighbourliness cannot be handed down by diktat. They described how to meet the constraints of space with more imaginative ways of shaping and using it, and how housing should never be tucked away and separated from the industry and activity that is the pulse of its city. They talked about how to build upwards without devastating the skyline or oppressing the people on the ground.
They described how understanding the history and the narrative of the architecture that came before would imbue new buildings with a sense of modernity through continuity, instead of a jarring newness. They described a future city that could properly house its people without turning them into extras in Bladerunner.
And if you ever said, “this sounds expensive”, they said there is nothing more expensive than something ugly that has to be demolished. Concrete accounts for 5% of all human-generated CO2 emissions. As Macintosh says: “What is barely acceptable to one generation becomes an insult to the next. It is always good economics to provide the best and get it right first time.”
I didn’t write the book, in the end: they wrote it themselves. But I realised what’s missing from this conversation, why the promises never stick. It’s not the detail, the intricate plans on who will build what, who will pay, in what private-public permutation, and who will live in the homes. That’s missing too. But what is missing in the first instance is beauty.
https://www.theguardian.com/commentisfree/2017/may/22/social-housing-labour-tories-manifestos-homes
Tuesday, 16 May 2017
UK home lenders urged to use digital process to speed up mortgage applications
Home lenders in the UK are being urged to move into the 21st century and end the practice of insisting on original copies of bills and statements and instead accept digital versions.
The current mortgage application process is described as old fashioned and outdated as well as being a barrier to people getting on the property ladder.
Those applying for a mortgage needs to provide proof of identity in the form of bank statements and utility bills but research has found that the majority now use paperless accounts, especially younger people buying their first home.
Some 69% of consumers receive paperless bank statements while 46% receive paperless credit card statements, according to the research from data intelligence specialists GBG .
The younger generation are most likely to opt in for paperless bank statements, with 75% of 18 to 24 year olds saying they receive digital versions of their bank statements, compared to 59% of those aged over 55 years old.
The research also found that 42% of UK consumers do not hold paper copies of their utilities bills for their current address, with 33% signing up to paperless utility bill statements which they receive via email or access online.
The firm believes that if an individual does not have suitable documentation to prove their identity, an application can be significantly delayed as they wait for paper copies from their bank or utility company. Such delays in mortgage applications can consequently result in frustration, or even a property purchase falling through where the seller loses patience. What’s more, if an individual cannot obtain the original documents, a lender may well turn the application down.
‘As incidents of fraud continue to rise, the pressure for banks and lenders to prove someone’s identity has never been more critical. These paper first procedures had to be put in place to sort the good from the bad. However, it’s clear these old-fashioned measures haven’t caught up with what’s actually happening in the real world,’ said Nick Brown, group managing director at GBG .
‘And as more customers opt to receive paperless statements and access their documents online, these traditional processes could hinder a legitimate individual’s chance of getting on the property ladder,’ he added.
Those who move home several times can also find it hard to get a successful mortgage application if a lender wants proof of address for previous properties as the research also found that 45% have moved address once or twice times in the last three years and 34% do not hold proof of address documents such as utility bills or council tax statements for each of their previous addresses.
Those aged between 18 and 24 were most likely to move frequently, often as a result of moving from their family home, to student accommodation, to their first home as a graduate and 18% has moved three to four times in the last three years and 70% moved at least once.
Yet 39% do not hold proof of address documents for each of their previous addresses. Failing to provide this documentation could, again, result in an application being turned down by a lender.
The research also asked home owners about their mortgage application experience and 36% found it stressful while 33% said it was a complicated process and 27% found it too long and drawn out. The research also revealed that it took the average UK home owner just over three hours to source all the paper documentation required for their application.
One recent buyer described the mortgage application process as archaic. ‘I have paperless billing with my bank and utility providers, so getting paper copies of bills to prove my identity and address was a massive hassle and took a lot of time,’ said Juliette Keyte of South East London.
‘Buying a house was a hugely stressful experience, and having to prove who I was umpteen times to various different parties exacerbated that. I’m surprised the process hasn’t changed to meet the needs of the modern home buyer,’ she added.
These long, complicated processes are impacting the number of successful mortgage applications. Just last month, it was reported that mortgage approvals by banks had fallen to the lowest figure since November 2016. Furthermore, the average time taken to secure a loan has risen from around 37 days to 53 days as applicants undergo greater questioning on their income, affordability as well as thorough identity checks.
‘In this digital age, processes should be becoming simpler rather than more complex. Today, we can verify the identity of over four billion people in the world in a matter of seconds, so why should people have to face weeks or months of form frustrations to try and get the service they require?’ Brown pointed out.
‘As the world continues to digitise, banks and lenders need to bring processes into the 21st century and keep up with consumers’ expectations. The digital age creates the need to allow legitimate customers to on-board with ease and speed, whilst stopping fraudsters. Using identity data intelligently allows businesses to make better decisions quicker, and ultimately make processes slicker and more accurate,’ he added.
http://www.propertywire.com/news/uk/uk-home-lenders-urged-use-digital-process-speed-mortgage-applications/
Monday, 15 May 2017
Foxtons meets to put its house in order
By Simon Goodley
The swish estate agency has a list of tricky issues to negotiate at its annual meeting - not least its falling share price. Oh, and a stagnant property market
Social media frequently appears to be a modern popularity contest, but at least that gives us an indication of the reputations of some of our best-known companies.
Take the official Twitter account of the irksome estate agency Foxtons, for instance, which possesses a mighty 400 followers and drones on about the major housing topics de nos jours, such as: “Do you know what it takes to be a landlord?” (we might venture a guess).
By comparison, the @AvoidFoxtons account is proving far more popular, but the estate agent will get a chance to get its official message across this week, when it holds its annual meeting.
Still, the gathering comes as other irritating hecklers are also shouting from the sidelines. The company’s shares have lost about 30% of their value in the past 12 months, while fresh news from the Royal Institution of Chartered Surveyors (Rics) last week suggested that the UK housing market is continuing to slow down, with falling property sales and “stagnant” buyer demand contributing to one of the most downbeat reports since the financial crash. Oh – and obviously there is also the chance of a row with shareholders over executive pay.
So will anybody take any notice of Foxtons’s excuses for its list of current challenges? Possibly – although sympathisers may be less numerous than its collection of Twitter followers.
Package of trouble at Royal Mail
This week, Royal Mail Group is promising to hold its annual general meeting – although we’d all be wise to wait and see if it follows through with that pledge. The company is fast developing a reputation for not always sticking exactly to its word.
You will recall how there is currently an almighty row between the company and some staff about efforts to wriggle out of a defined benefit pension scheme – which pays out to employees based on years of service with either a career average or final salary.
They are nice pensions to have, but are now supposedly unaffordable, unless, as one City wag puts it, scores of workers do the collegiate thing and die more quickly. All of which explains why Royal Mail stopped new staff joining the scheme nine years ago.
Anyway, the company is now trying to cut the benefits to its employees who were already enrolled in the scheme, hence the threat of industrial action.
As any A-level business student will tell you, pensions are wages deferred and if Royal Mail does not deliver, it’s conceptually no different from cutting salaries. Expect that point to be made at this week’s AGM – assuming Royal Mail doesn’t try to sidestep that too.
Black horse rides off to private sector
Just as the concept of state-owned industries is thrust back into the news agenda with the drafting of the Labour manifesto, there comes a potentially symbolic moment when the UK government finally withdraws from one of its most infamous investments.
The government’s investment holding company, UKFI, has been selling down its once-43% stake in Lloyds Banking Group for months. We have now got to the point where, we are so insignificant on the share register that dashing boss António Horta-Osório might treat us as he does members of the paparazzi while on a foreign business trip – and not even notice we’re hanging around.
Anyway, this week is expected to be the moment when our now 0.25% holding finally goes to zero, so expect crowing by the Conservative party about how Lloyds has been nursed back into the private sector on its watch (and, possibly, Horta-Osório saying he’s off).
Apparently we have all made around £500m out of owning a stake in the bank – which sounds quite good, although that might be misleading.
Last week the Financial Times worked out that if we had we stuck our £20.3bn stake into Lloyds’ highest-paying instant access account, we’d have scooped £2.9bn in interest.
https://www.theguardian.com/business/2017/may/14/foxtons-image-sympathetic-updating
The swish estate agency has a list of tricky issues to negotiate at its annual meeting - not least its falling share price. Oh, and a stagnant property market
![]() |
| Foxtons: 400 followers on Twitter. Photograph: Dominic Lipinski/PA |
Take the official Twitter account of the irksome estate agency Foxtons, for instance, which possesses a mighty 400 followers and drones on about the major housing topics de nos jours, such as: “Do you know what it takes to be a landlord?” (we might venture a guess).
By comparison, the @AvoidFoxtons account is proving far more popular, but the estate agent will get a chance to get its official message across this week, when it holds its annual meeting.
Still, the gathering comes as other irritating hecklers are also shouting from the sidelines. The company’s shares have lost about 30% of their value in the past 12 months, while fresh news from the Royal Institution of Chartered Surveyors (Rics) last week suggested that the UK housing market is continuing to slow down, with falling property sales and “stagnant” buyer demand contributing to one of the most downbeat reports since the financial crash. Oh – and obviously there is also the chance of a row with shareholders over executive pay.
So will anybody take any notice of Foxtons’s excuses for its list of current challenges? Possibly – although sympathisers may be less numerous than its collection of Twitter followers.
Package of trouble at Royal Mail
This week, Royal Mail Group is promising to hold its annual general meeting – although we’d all be wise to wait and see if it follows through with that pledge. The company is fast developing a reputation for not always sticking exactly to its word.
You will recall how there is currently an almighty row between the company and some staff about efforts to wriggle out of a defined benefit pension scheme – which pays out to employees based on years of service with either a career average or final salary.
They are nice pensions to have, but are now supposedly unaffordable, unless, as one City wag puts it, scores of workers do the collegiate thing and die more quickly. All of which explains why Royal Mail stopped new staff joining the scheme nine years ago.
Anyway, the company is now trying to cut the benefits to its employees who were already enrolled in the scheme, hence the threat of industrial action.
As any A-level business student will tell you, pensions are wages deferred and if Royal Mail does not deliver, it’s conceptually no different from cutting salaries. Expect that point to be made at this week’s AGM – assuming Royal Mail doesn’t try to sidestep that too.
Black horse rides off to private sector
Just as the concept of state-owned industries is thrust back into the news agenda with the drafting of the Labour manifesto, there comes a potentially symbolic moment when the UK government finally withdraws from one of its most infamous investments.
The government’s investment holding company, UKFI, has been selling down its once-43% stake in Lloyds Banking Group for months. We have now got to the point where, we are so insignificant on the share register that dashing boss António Horta-Osório might treat us as he does members of the paparazzi while on a foreign business trip – and not even notice we’re hanging around.
Anyway, this week is expected to be the moment when our now 0.25% holding finally goes to zero, so expect crowing by the Conservative party about how Lloyds has been nursed back into the private sector on its watch (and, possibly, Horta-Osório saying he’s off).
Apparently we have all made around £500m out of owning a stake in the bank – which sounds quite good, although that might be misleading.
Last week the Financial Times worked out that if we had we stuck our £20.3bn stake into Lloyds’ highest-paying instant access account, we’d have scooped £2.9bn in interest.
https://www.theguardian.com/business/2017/may/14/foxtons-image-sympathetic-updating
Thursday, 20 April 2017
Momentum improves but outlook for the letting market remains unpredictable
By Marc Da Silva
There was a significant increase in both the number of new listings and properties let last month, but the rental market still remains extremely volatile, according to Agency Express.
Following a slowdown throughout the UK letting market in February, the latest Agency Express Property Activity Index shows that national figures for properties ‘let’ saw a 16.4
% month-on-month rise while new listings ‘to let’ rose 12.2%.
Looking at performance across the UK, all 12 regions recorded by the Property Activity Index reported increases in new listings ‘to let’ as well as homes ‘let’.
March’s top performing region was London, with homes to let increasing by 28.2% month-on-month, marking the capital’s largest rise for the month of March since the index’s first records in 2012.
Various other regions also performed well last month, including the West Midlands, which is actually the only region to record consistent increases since the start of the year, with properties ‘let’ sat at 18.3% and new listings ‘to let’ sat at 8%.
Properties ‘To Let’
+ London +28.2%
+ South East +22.9%
+ Yorkshire & Humberside +19.5%
+ South West +17%
+ Wales +17%
Properties ‘Let By’
+ East Midlands +32.2%
+ East Anglia +31.1%
+ Central England +19.8%
+ London +19.6%
+ North East +18.6%
+ West Midlands +18.3%
Stephen Watson, managing director of Agency Express, said: “Throughout March we typically see an increase in activity across the UK lettings market, and this month figures did surpass those recorded in 2016. However, between the demand for buy-to-let loans seemingly decreasing since the stamp duty hike, and the recent tax relief changes it is difficult to say what the forthcoming months may hold. We may see some landlords selling off their properties as a result of the changes.”
https://www.landlordtoday.co.uk/breaking-news/2017/4/momentum-improves-but-outlook-for-the-letting-market-remains-unpredictable
There was a significant increase in both the number of new listings and properties let last month, but the rental market still remains extremely volatile, according to Agency Express.
Following a slowdown throughout the UK letting market in February, the latest Agency Express Property Activity Index shows that national figures for properties ‘let’ saw a 16.4
% month-on-month rise while new listings ‘to let’ rose 12.2%.
Looking at performance across the UK, all 12 regions recorded by the Property Activity Index reported increases in new listings ‘to let’ as well as homes ‘let’.
March’s top performing region was London, with homes to let increasing by 28.2% month-on-month, marking the capital’s largest rise for the month of March since the index’s first records in 2012.
Various other regions also performed well last month, including the West Midlands, which is actually the only region to record consistent increases since the start of the year, with properties ‘let’ sat at 18.3% and new listings ‘to let’ sat at 8%.
Properties ‘To Let’
+ London +28.2%
+ South East +22.9%
+ Yorkshire & Humberside +19.5%
+ South West +17%
+ Wales +17%
Properties ‘Let By’
+ East Midlands +32.2%
+ East Anglia +31.1%
+ Central England +19.8%
+ London +19.6%
+ North East +18.6%
+ West Midlands +18.3%
Stephen Watson, managing director of Agency Express, said: “Throughout March we typically see an increase in activity across the UK lettings market, and this month figures did surpass those recorded in 2016. However, between the demand for buy-to-let loans seemingly decreasing since the stamp duty hike, and the recent tax relief changes it is difficult to say what the forthcoming months may hold. We may see some landlords selling off their properties as a result of the changes.”
https://www.landlordtoday.co.uk/breaking-news/2017/4/momentum-improves-but-outlook-for-the-letting-market-remains-unpredictable
Tuesday, 7 March 2017
Online letting agency secures multi-million pound investment
By Conor Shilling
Online agency OpenRent has secured a £4.4 million investment to help grow its offering.
The agency, which was founded in 2012, says it will use the capital to grow its team in order to accelerate product development and build new features.
The investment was made by Rocket Internet's venture division 'Global Founders Capital' and follows a significant funding-round in 2014, when OpenRent secured a multi-million pound media-for-equity partnership with Northern and Shell Ventures.
OpenRent, which is based in London, says it listed 50,000 rental properties in 2016 and has in the past claimed to be the UK's largest letting agent.
The firm's pricing structure starts at £29, with a more substantial package available for £49. All landlords are given their first advert for free.
Speaking to TechCrunch, co-founder Daz Bradbury described OpenRent as an 'established product' and a 'go-to solution for a large portion of the market'.
"The levels of service we can offer customers improve by the day. For example, our time to let a property continues to fall and is currently 8 days versus 3 weeks for a high street agent,” he told the tech publication.
https://www.lettingagenttoday.co.uk/breaking-news/2017/3/online-letting-agency-secures-multi-millioninvestment
Online agency OpenRent has secured a £4.4 million investment to help grow its offering.
The agency, which was founded in 2012, says it will use the capital to grow its team in order to accelerate product development and build new features.
The investment was made by Rocket Internet's venture division 'Global Founders Capital' and follows a significant funding-round in 2014, when OpenRent secured a multi-million pound media-for-equity partnership with Northern and Shell Ventures.
OpenRent, which is based in London, says it listed 50,000 rental properties in 2016 and has in the past claimed to be the UK's largest letting agent.
The firm's pricing structure starts at £29, with a more substantial package available for £49. All landlords are given their first advert for free.
Speaking to TechCrunch, co-founder Daz Bradbury described OpenRent as an 'established product' and a 'go-to solution for a large portion of the market'.
"The levels of service we can offer customers improve by the day. For example, our time to let a property continues to fall and is currently 8 days versus 3 weeks for a high street agent,” he told the tech publication.
https://www.lettingagenttoday.co.uk/breaking-news/2017/3/online-letting-agency-secures-multi-millioninvestment
Tuesday, 21 February 2017
Sub-let 'agency' markets rental homes on portals and Airbnb
By Graham Norwood
A new form of agency which wants to blend traditional letting with Airbnb-style short lets has launched in London.
Lavanda claims it can increase net rental yields for landlords by up to 10 per cent “by embracing the sharing economy”.
Lavanda says short-let ‘homesharing’ via platforms like Airbnb is one of the capital’s fastest growing industries but it claims that to date this is an activity that has largely been conducted in breach of planning permission and rules governing leases, mortgages and insurance policies.
“Although a segment of the market with huge disruptive potential, it has until now simply been evolving too quickly to entice landlords to engage more meaningfully” says a statement from Lavanda. So the company is offering a service which it defines as a new product called ‘The Service Let’.
The firm enters into a contract with the landlord, allowing Lavanda to manage the property and permitting sub-letting by the tenant.
“In the context of a Service Let, a long-term tenant is entitled to sub-let the property up to a maximum number of 90 days in a calendar year - at the landlord’s discretion but always compliant with local London planning restrictions” says the firm.
Lavanda will offer to manage this, claiming “a hassle-free, luxury hospitality service guaranteeing a boutique hotel-style guest experience worthy of ‘superhost’ status” - maximising sub-letting revenue for the tenant.
Lavanda offers tenants additional hospitality-style services such as laundry, a conceirge service and an on-call repairs service. “A percentage of revenues generated by these services are also shared transparently with the landlord” says the firm.
The business is aiming high, claiming it wants to capture 10 per cent of the London lettings market within the next five years. Amongst its 30-strong staff is James Robotham, a former senior negotiator at Knight Frank now employed by this new agency as a 'Growth Manager.'
https://www.lettingagenttoday.co.uk/breaking-news/2017/2/sub-let-agency-markets-rental-homes-on-airbnb-and-main-portals
A new form of agency which wants to blend traditional letting with Airbnb-style short lets has launched in London.
Lavanda claims it can increase net rental yields for landlords by up to 10 per cent “by embracing the sharing economy”.
Lavanda says short-let ‘homesharing’ via platforms like Airbnb is one of the capital’s fastest growing industries but it claims that to date this is an activity that has largely been conducted in breach of planning permission and rules governing leases, mortgages and insurance policies.
“Although a segment of the market with huge disruptive potential, it has until now simply been evolving too quickly to entice landlords to engage more meaningfully” says a statement from Lavanda. So the company is offering a service which it defines as a new product called ‘The Service Let’.
The firm enters into a contract with the landlord, allowing Lavanda to manage the property and permitting sub-letting by the tenant.
“In the context of a Service Let, a long-term tenant is entitled to sub-let the property up to a maximum number of 90 days in a calendar year - at the landlord’s discretion but always compliant with local London planning restrictions” says the firm.
Lavanda will offer to manage this, claiming “a hassle-free, luxury hospitality service guaranteeing a boutique hotel-style guest experience worthy of ‘superhost’ status” - maximising sub-letting revenue for the tenant.
Lavanda offers tenants additional hospitality-style services such as laundry, a conceirge service and an on-call repairs service. “A percentage of revenues generated by these services are also shared transparently with the landlord” says the firm.
The business is aiming high, claiming it wants to capture 10 per cent of the London lettings market within the next five years. Amongst its 30-strong staff is James Robotham, a former senior negotiator at Knight Frank now employed by this new agency as a 'Growth Manager.'
https://www.lettingagenttoday.co.uk/breaking-news/2017/2/sub-let-agency-markets-rental-homes-on-airbnb-and-main-portals
Thursday, 19 May 2016
First-time buyers would benefit from Brexit, says Moody's
Ratings agency says fall in house prices and less competition triggered by vote to leave EU would make homes more affordable
First-time homebuyers in the UK would benefit from a vote to leave the EU, according to a leading ratings agency.
Moody’s said a fall in house prices triggered by a Brexit would make it more affordable for people trying to get on the property ladder for the first time.
“First-time buyers would benefit from lower competition for housing, as house price and rental inflation would slow down if immigration is curbed,” said Gaby Trinkaus, a vice president and senior analyst at Moody’s.
Trinkaus added that whatever the outcome of next month’s referendum, the outlook was picking up for first-time buyers in the capital.
“Regardless of the referendum vote, the ambitious affordable housing agenda for London following the mayoral election will help those looking to get on the housing ladder,” she said.
Last week, Christine Lagarde, managing director of the International Monetary Fund, said a vote to leave the EU at next month’s referendum could cause a house price and stock market crash.
“We have looked at all the scenarios. We have done our homework and we haven’t found anything positive to say about a Brexit vote,” she said.
Estate agents also claimed thousands of pounds could be wiped off the value of UK houses if Britain votes to leave the EU.
Prices in London could fall by as much as £7,500, while homeowners in the rest of the country could lose £2,300, the National Association of Estate Agents said.
However, Moody’s suggested Brexit would be positive for cash-strapped first-time buyers who are currently priced out of the market.
UK prices rose in March at their fastest monthly rate since 2004, the latest official figures showed, boosted over the month as buy-to-let investors rushed to complete purchases ahead of a stamp duty rise in April.
House prices increased 2.5% over the month, taking the average price of a home to £291,820 according to the Office for National Statistics.
Moody’s said London’s property market could be more affected by Brexit, and that landlords could struggle to pay mortgages because of falling rental demand.
Trinkaus said: “A decline in rental demand could hit landlords’ ability to pay their mortgages on buy-to-let properties if London becomes less attractive to foreign nationals.”
Moody’s also warned that self-employed people in Britain would be more at risk than employees from fluctuating pay in the event of Brexit, potentially affecting their ability to make mortgage repayments.
House prices increased 2.5% over the month, taking the average price of a home to £291,820 according to the Office for National Statistics.
Moody’s said London’s property market could be more affected by Brexit, and that landlords could struggle to pay mortgages because of falling rental demand.
Trinkaus said: “A decline in rental demand could hit landlords’ ability to pay their mortgages on buy-to-let properties if London becomes less attractive to foreign nationals.”
Moody’s also warned that self-employed people in Britain would be more at risk than employees from fluctuating pay in the event of Brexit, potentially affecting their ability to make mortgage repayments.
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