From the end of October 2024, UK banks will be able to hold payments for up to four days whilst investigations of potential fraud are carried out, raising concerns that the large transactions needed for property purchases may be incorrectly blocked. The change follows stricter rules on fraud compensation which came into force on 7 October 2024, meaning that banks must refund scam victims up to £85,000 within five days.

Practical measures to ensure local demand is properly considered and a realistic approach to incentives for developers and landowners are key issues Propertymark members highlighted in the Ministry for Housing, Communities and Local Government (MHCLG) National Planning Policy Framework (NPPF) consultation.

Concerns about the amount of available housing, pressure on local services, and a perceived threat to the area's character are behind the decision by Rugby Borough Council to use new powers to stop the spread of houses of multiple occupations in the town.

Although the economic outlook remains mixed, the quarter ended with inflation in line with the Bank of England’s target, a precursor to a long-awaited reduction in the base rate. Our agents are bullish regarding capital values and rent levels in key sectors including the Industrial and Land and Yards sectors where demand continues to outstrip supply.

As part of its brownfield-first approach to development, the UK Government has announced plans to support and expedite the approval of urban sites to sit alongside their plans to deliver 1.5 million homes.

Deputy Prime Minister and Housing Secretary, Angela Rayner, MP, addressed the inaugural meeting of the New Towns Taskforce on 17 September 2024, asking them to identify and recommend locations for the next generation of new towns within 12 months.

Regulation offers the potential to professionalise the industry, stamp out bad practice, create transparency and give consumers more control over who manages their property. Minimum qualification requirements and statutory Code of Practices to be adhered to by all letting and managing agents in England and sales agents across the UK should be introduced.

From 9 December 2024, fees will double for accessing and obtaining copies of title plans and registers – the first change to the cost in more than 10 years – and customers with automated systems are advised to make the necessary changes to their systems before the implementation date. According to HMLR, even with this increase, most customers will pay less than in 1992.

The auction sector is buoyant with 38% of agents reporting increased lot numbers in Q2 2024. Despite this positivity, challenges remain. The economic outlook remains mixed; our members are concerned about the cost of doing business. Positively, the quarter ended with inflation in line with the Bank of England’s target, a precursor to a long-awaited reduction in the base rate.

Announcing his Programme for Government on 4 September 2024, the Scottish First Minister said proposals to give local authorities the power to cap rent increases would remain part of the Housing (Scotland) Bill. Ignoring stark warnings from Propertymark and other sector organisations, Mr Swinney claimed the measures will give tenants certainty and encourage investment in the private rented sector (PRS).

The final report of the Grenfell Tower Inquiry has concluded that the 72 deaths caused by the devastating fire on 14 June 2017 were avoidable. Sir Martin Moore-Bick, who chaired the Inquiry, stated that there was widespread incompetence from those responsible for the safety of the building and its occupants, including the local authority, contractors, and tenant management organisations. Prime Minister Kier Starmer, MP, said it is likely that further legislation will be needed to implement recommendations made in the report and proposals will be put before parliament as soon as possible. He also accepted that remediation work is behind schedule and must be speeded up.

Eight companies have been selected to receive investment and support from the REACH UK 2024 technology scale-up program, run by Second Century Ventures (SCV) in partnership with Propertymark and TDS. The project represents a strategic investment in high-potential companies positioned to deliver significant value across the property industry.

We entered July with a new government and the prospect of a reset in major housing policy areas. Despite this, and a wetter than normal July, prospective buyer registrations in the residential sales sector were up, and so too were the number of sales agreed. Reflecting seasonal trends alongside the anticipation of an August rate cut, most other sales metrics remained static.

Jas Athwal, MP, has endured a weekend of backlash after reports revealed his tenants were living in flats containing black mould and an infestation of ants. It was also discovered that Mr Athwal, previously the leader of Redbridge Council who introduced the scheme, had not correctly renewed the selective licences for his properties.