Issue 55: Summer 2024
In this summer issue, long-standing members reflect on their start in the property profession and we asked experts from Belvoir group to share their views on agent training and qualifications, and how they will both impact the future of our sector. The policy update looks at short-term lets which are under the spotlight from legislators.
Essential HM Land Registry services for estate agents
There are numerous ways that upfront information can help agents in today’s property market, including making it easier to value and list a property, and streamlining the buying and selling process . Propertymark encourages members to verify property details with HM Land Registry (HMLR) as best practice, particularly following the publication of Trading Standards’ full material information guidance in November 2023.
Commercial Outlook Q4 2023
It is clear from member sentiment, that economic uncertainty, and interest rates in particular, are continuing to weigh on the commercial property market. Supply and demand imbalances continue in key sectors, suggesting that there will be a challenging start to 2024.
Over 250 agents fined for AML non-compliance
HM Revenue and Customs (HMRC) has announced that fines totalling over £1.6 million have been issued for a variety of breaches including missing documentation, incomplete due diligence, and failures to recognise specific risks, such as Politically Exposed Persons, high risk jurisdictions, companies, trusts and sanctions.
Loopholes in Rent-to-Rent must be closed to avoid abuse
Trading Standards is examining the impact of Rent-to-Rent and Guaranteed Rent (R2R) schemes on the private rented sector (PRS) in England, with the aim of identifying and evidencing areas of good practice, and issues of relevant non-compliance or emerging concerns. Propertymark was invited to provide input to an exploratory consultation as an interested party.
Commercial agents, remind landlords to check insurance policies regularly
NAEA Commercial Advisory Panel and Propertymark Board member Michael Sears, MNAEA MARLA MNAEA (Comm) MNAVA HIDip Ndea, has cautioned against complacency when it comes to commercial buildings insurance to avoid the frustration of claims being invalidated.
Propertymark backs the next proptech revolutionaries
We’ve formed a landmark co-investment partnership with TDS to boost funding for REACH UK, a technology scale-up program which helps innovative new technology companies grow in the property sector through education, mentorship, and market exposure.
Auctions Barometer: Q4 2023
For the last quarter of 2023 in the property auction sector, catalogue numbers continued to grow substantially, although high numbers of properties continue to be withdrawn before auction. In the commercial auction sector sales and instructions are experiencing a notable surge propelled by corporate insolvencies spanning various sectors. In the goods, chattels, and fine art sector there continues to be a plentiful supply of buyers to create competitive open market bidding in all sectors.
Agents need land revenue services to be accessible and affordable
HM Land Revenue (HMLR) provides vital information for agents listing properties to let and sell and completing the sales process. Quick, cost-effective access to these services is more important than ever as the industry adjusts to the latest material information guidance.
Brownfield planning policy must promote quality homes
Propertymark is encouraging the UK Government to explore all viable methods of increasing the delivery of homes, however, the approach must not lose sight of the importance of creating decent homes that people want to buy in the places they want to live. In our consultation response to the Department for Levelling Up, Housing and Communities (DLUHC) we suggest improvements to their proposals that will help avoid unintended consequences.
Propertymark has authoritative voice on UK money-laundering risk
Every two years, the European Commission assesses the risks of money laundering and terrorist financing affecting both the EU internal market and cross-border activities. As a member of CEPI, the European Association of Real Estate Professionals, we work with them to provide the perspective of the UK market.
Propertymark lettings helpline hits new milestone
Six months have now passed since we launched our dedicated Lettings Helpline, providing unlimited free advice to members in England and Wales from landlord and tenant specialists. For many, it has become an essential membership benefit for dealing with lettings issues, no matter how complex, plus, we have ambitious plans to grow the service further.
Lords tell UK Government to get on with agent regulation
Following a short inquiry, at which Propertymark gave evidence, the House of Lords Industry and Regulators Committee has bluntly asked the UK Government why it has not yet established a regulator of property agents, four years after it committed to doing so.
London Mayor ordered to take further action on housing plan
Rt Hon Michael Gove, MP, Secretary of State for Levelling Up, Housing and Communities, has demanded a partial review of the London Plan focusing on industrial land and opportunity areas in the capital, and wants the average rate of delivery to increase from 37,200 to more than 62,300 homes a year to tackle housing delivery backlogs.
The importance of managing property boards
Agents mustn't become complacent when it comes to property sales and lettings boards, as badly maintained, or illegally erected ones can cause injury or nuisance and could result in legal action.
New homes to boost progress to net zero
The UK Government’s detailed proposals for the 2025 Future Homes and Buildings Standards will amend existing legislation to set new minimum energy efficiency requirements for buildings in England. Most changes will apply to new homes and non-domestic buildings and should ensure no further work will be needed for new buildings to produce zero carbon emissions as the electricity grid decarbonises.