Warning over battery safety from home insurance experts
Eight in ten people are charging, storing, or repairing their devices in a way that greatly increases the risk of fire, according to a survey by NFU Mutual. With lithium-ion batteries used in almost every household in the UK, and insurers reporting an increase in fire claims associated with them, it is advisable for agents to inform their landlords and tenants on how to reduce their risk.
Agents can help test online income tax service ahead of rollout
HMRC has opened a pilot scheme for the proposed Making Tax Digital service for quarterly reporting. From 22 April 2024, agents can voluntarily sign up their landlord clients if they meet certain criteria.
Logbook pilot launched to address Working Group concerns
The Home Buying and Selling Group (HBSG) has arranged the test and learn scheme involving a group of lawyers and conveyancers to iron out specific barriers to the adoption and use of logbooks for property transactions. For logbooks to be effective, widespread adoption across the industry is essential, and the HBSG is also planning engagement with surveyors and estate agents.
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.
Stormont has the chance to address critical housing issues with policy refresh
The Department for Communities (DfC) is refreshing it's proposals for reform of the Private Rented Sector (PRS) which were first published in 2017 . In response to their stakeholder survey, Propertymark has urged the DfC to prioritise increasing housing supply, regulating property agents, and taking a carefully considered approach to energy efficiency targets.
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.
The future of home buying and selling
Propertymark’s position paper comes off the back of the renewed efforts to improve the home buying and selling process. In this paper, we have presented the agents’ perspective to ensure that future regulations reflect the evidence our members are seeing on the ground and that future actions respond to the largest challenges affecting the process.
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.
Dos and Don’ts of Deposit Protection
Lettings agents must protect the interests of landlords, tenants, and their agencies, so understanding the basics of deposit protection is key and knowing the do’s and don’ts will help minimise disputes and reduce the risk of costly penalties.
Housing Insight Report: February 2024
In the residential sales sector, demand has temporarily slowed following the January post-Christmas bounce. Rents continue to fluctuate by location and property type, although there are some signs of stabilisation. As we progress into March and beyond, the re-establishment of seasonal trends should result in positive progress in both the sales and lettings sectors.
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.
Top five reasons to outsource client accounting
Being a letting agent or an estate agent with a letting portfolio demands juggling numerous responsibilities, from property management and tenant relations to day-to-day operations, plus the perpetual quest for new business. However, amidst these demands, being on top of client accounting is paramount.