North and Isle of Man Workshops

  • North East - Newcastle Gateshead Marriott Hotel, NE11 9XF - Tuesday 17th November 2020 12:00 - 15:00
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Free for members

Workshops are open to everyone however booking is essential as spaces are limited. For non-members it's £15+VAT to attend a workshop or £85+VAT for a Tenant Fees and AML roadshow event.

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AML - HOW TO COMPLY

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Georgina Cox

Georgina Cox
NAEA Propertymark Regional Exec

March 2020

Written before the Coronavirus pandemic

Quote mark

Regional round-up

I have spoken to a number of agents and they are all giving the same story that coming back after Christmas and since the general election there is a lot of positivity and increased interest in property. I think it’s because now we’ve taken away the uncertainty and the political uncertainty has gone.

Whilst that in itself doesn’t really affect the majority of people’s desire to move, I think uncertainty trickled over into people’s thoughts and therefore they questioned if they should or shouldn’t move, and it’s been the effect of that.

Over the last year we have seen vendors reluctant to come to the market. So, therefore we have got low stock, but what’s really interesting is there’s no longer a shortage of buyers. It’s then a bit of a self-fulfilling prophecy for vendors because if vendors aren’t coming to the market because they can’t see anything to go to then they don’t put their properties on. So, it’s the circle. We’ve got lots of first-time buyers who have over the last two years gained in confidence and the mortgage rates are low, so we’ve got the activity but we’re just still short of property because people are worried with the expense that’s incurred in a move to put it on the market before they find anything. They like to have an idea of where they’re going.

The agents I’ve spoken to are all saying there’s definitely an increased interest in property. The activity coming from that is more from buyers, who are obviously encouraged since the low mortgage rates.

We’re still seeing a lack of commitment on sellers to actually come to the market. We believe that is the fear in them of not being able to find the right property and so they don’t have the confidence to actually make the step of putting their property on the market and that’s because stock is still at an all-time low.

What I’m also seeing is there is an increasing willingness from agents to look at the digital innovations. Technology is coming quickly to estate agents and I think over the last couple of years there’s been a bit of reluctance there.

The other positive we have had is of course the regulatory side. We are being more vigorously regulated anyway, but with the qualifications that are coming in, of all the agents that I’ve spoken to, they are all very positive about that.

The main negative is the Government’s blindness to the homelessness problem. Recent legislation and regulation are very much discouraging landlords from increasing rental property portfolios and very much discouraging new landlords to get on it. Whilst we know this is an area that needs more regulations to protect tenants, the way that the Government is actually handling it, it feels that it is increasing homelessness.

 

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