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Majority of UK buyers and sellers have had problems with estate agents, new research shows
Nearly two thirds of buyers and sellers have experienced problems with their estate agent in the last five years, according to new research. Some 60% of home buyers and sellers faced problems with their estate agents but 39% did not consider whether agents were regulated, meaning their agent may not have been signed up to a code of conduct, according to the research from the National Association of Estate Agents (NAEA). Of the 60% reporting to have had issues with their estate agents over a third, 37%, admitted that these could have been avoided if their agent was better regulated. The biggest complaint from the UK’s property market was the fact that their estate agent had bad communication skills. Some 21% said this was not calling them back, or chasing them too much. A further 14% felt as though their agent didn’t care about them. An additional 13% claimed that their estate agent had not told them about known faults in properties they were looking at, whilst 11% said their agent made promises to them that they did not see through. Other problems reported by home buyers and sellers included 9% finding that their agent was unnecessarily over pricing, 9% finding them being dishonest and 10% saying that they over exaggerated property descriptions. Buying a property is the biggest purchase and financial commitment of your life, and can be an overwhelming experience. It takes a lot of hard work and research to ensure you are ticking all the right boxes, and no doubt people come across many challenges along the way. An estate agent should really be there to help this process, not hinder, and therefore the choice of which agent to go with is an important one,’ said Mark Hayward, director general of the NAEA. ‘With the extensive administrative tasks and processes involved in buying or selling a home, communication between agents and homeowners is essential. It’s the estate agents’ role to make these processes seem as pain-free and seamless as possible, which regulated agents endeavour to do,’ he added. The report also found that people in London are the most likely to encounter a problem with their estate agent, with 83% claiming to have had an issue. Some 34% of Londoners reported not being informed about known property faults, 16% cited bad communication and 14% feeling as if the estate agent didn’t care about them. Those in Scotland have had the easiest run, with only 35% claiming to have had a problem with their estate agent in the last five years. The study also revealed that almost half, 47%, of those who didn’t check whether their agent was regulated or not, said it didn’t even cross their minds. A further 16% assumed that all agents were regulated, whilst 21% simply chose their agent because they managed the house they wanted. ‘In such a lively market, it’s important… Continue reading
Chennai residential market proves to be the most resilient in India
The Chennai residential market is one of the steadiest in India and has proved its resilience just after the global economic downturn which was one of the toughest periods for the country’s property market. Between 2008 and 2009 it remained relatively stable in terms of sales volume and price, compared to cities like Mumbai, NCR, Bengaluru and Hyderabad, according to a new analysis from international real estate firm Knight Frank. It explains that new infrastructure projects begun during the second half of 2014 including the building of the Outer Ring Road (ORR) and the Chennai Metro Rail, will lead to the emergence of new residential property growth corridors like Kuthambakkam, Chembarambakkam and Poonamallee along the ORR, and Vadapalani, Ashok Nagar and Alandur along the metro rail link. However, residential development is nonexistent in North Chennai, primarily due to the unavailability of vacant land, narrow arterial roads and lack of employment opportunities. This has compelled developers to look for opportunities in the South and West Chennai markets. According to Hitendra Gupta, a research consultant from Knight Frank India, the emergence of West Chennai as one of the more successful residential micro markets is as a result of affordable pricing, its proximity to the city centre, the presence of employment hubs and a relatively better developed social infrastructure. South Chennai, comprising OMR and GST Road, has been highlighted as the current growth corridor of the city. Its proximity to Chennai International Airport, the presence of arterial roads and the availability of huge vacant land parcels have enabled it to grow rapidly into an emerging residential hub. Gupta points out that the IT and ITeS sectors, the dominant employer in this region, has a positive outlook for business in 2015. This along with a change in economic sentiment, as well as the stable government at the centre, bodes well for new launches and absorption is set to increase by 31% and 14% in West and South Chennai respectively in the second half of 2014. The weighted average price in the Chennai market is forecasted to increase by 3% for 2014 against a 5% increase witnessed in the first half of 2014, the report concludes. Continue reading
Calls for key business districts in London to retain their office space
The Mayor of London is bidding to preserve city’s key business districts by urging the government to reconsider proposals that could see valuable office space in the capital turned into homes. Last year the Mayor negotiated for four defined areas in central London to be exempt from a Government policy that allowed office space to be converted into homes without developers applying for change of use planning permission. These areas included the Central Activities Zone which incorporates the City of London, the South Bank and the West End. More than a third of London's jobs are within this area, and a further 280,000 jobs are expected to be created here in the next 25 years. The Mayor also successfully gained exemptions for the commercial area north of the Isle of Dogs and London's Enterprise Zones in the Royal Docks, plus the part of the City Fringe in east London which makes up the emerging Tech City opportunity area. The UK government has just finished consulting on a raft of planning proposals including one that would see the exemption for these areas removed, a move that the Mayor, Boris Johnson, says would damage London's internationally important business locations. Johnson points out that London is the beating heart of the UK economy and accounts for over a fifth of GDP. It is also a global centre for business, so the Mayor believes it is vital to maintain a stock of quality office space in key areas to ensure the city can continue to attract jobs and growth. The city is home to a number of unique clusters of economic activity from government offices, to financial services, institutions and professional bodies, which employ millions of people, contributing billions to the national economy. The Mayor believes that if these clusters were to be broken up in piecemeal residential conversions these benefits would disappear. ‘London is a colossal powerhouse of jobs and growth, and the motor of the UK economy. While increasing housing output is of vital importance, I am concerned that removing the exemption in our most thriving business districts could compromise both London and the UK's future economic growth,’ said Johnson. ‘London's success depends on a rich mix of uses and more high value residential property in central London could upset this balance and change the area for good,’ he added. In a letter to the Secretary of State for Communities and Local Government, Eric Pickles, the Mayor, together with London First, the British Property Federation and the Planning Officers Society London say that ‘incremental unplanned loss of office accommodation in strategically important office areas of London can significantly weaken the agglomeration benefits provided by these locations’. The Mayor and signatories to the letter also argue that criteria should be in place to protect other, strategically important business locations across the country. They argue that due to the large variation in size and function of office clusters throughout the country, especially between London and other cities in England, it would be challenging to agree… Continue reading
