- Hits: 120
Housing Report, May 2020
Housing market picking up following lockdown (reported by propertymark)
- As the housing market reopened; estate agents recorded an average of five sales per branch
- Demand for housing was seven percent higher than recorded in February
This data was collected after the English housing market reopened on 13th May for the period covering 13th to 31st May following the lockdown.
- The average number of sales agreed per estate agent branch stood at five in May, a decrease of almost half (44 percent) compared to February when there were nine sales recorded per branch.
Demand for housing
- In May, the number of house hunters registered per estate agent branch rose by seven percent, increasing from 322 in February to 344 in May.
- Year-on-year, housing demand is up by 12 percent, rising from 307 in May 2019 as prospective buyers resumed their home-buying plans.
Supply of available properties
- The number of properties available per member branch stood at 35 in May.
- Year-on-year, the supply of housing fell by 15 percent from 41 per branch in May 2019.
Sales to FTBs
- The number of sales made to FTBs stood at 32 percent in May, a rise from 22 percent recorded in February.
What properties sold for
- In May, more than two in three (70 percent) properties sold for less than the original asking price.
- 61 percent of estate agents have seen an increase in the number of sales falling through since the Government imposed a lockdown.
- Hits: 208
The portal's 75% fees cut for agents ends in just over two months' time but agents have only a small window in which to give the portal notice.
Many agents wondering whether to unplug from the Rightmove listing service after the Coronavirus crisis are now facing decision time as the window for leaving the portal begins to close in a few weeks’ time.
In April the portal gave all its agents an automatic 75% discount on their subscription fees for four months after initially offering only a deferred fee scheme.
But many agents do not know when to give the notice to leave before the full subscription is reinstated. The Negotiator spoke to half a dozen agents none of whom knew how their notice period with Rightmove works.
One agent on the Boycott Rightmove Facebook page yesterday suggested that agents had a ‘last chance’ to give notice before 31st May in order to come off before the 75% deal ends. This, Rightmove says, is incorrect.
The portal’s T&Cs are confusing though and we asked the portal for comment on when, in practice, an agent would have to give the notice to leave before the discount period ends. A spokesperson said agents should wait until the end of June to give notice, should they wish to do so.
But although Rightmove’s publicly-available T&Cs say agents need only give 30 days’ prior written notice to quit the portal, its rules elongate this; the 30-day notice period starts only when the portal replies to an agent, not when it receives the request, and if notice is given part way through one month, the agent cannot leave until the end of the next month.
Because of this, agents wishing to exit Rightmove will need to give notice by 15th June at the earliest and the 30th June at the latest to able to leave by the end of July.
One of the four agents spearheading estate agent groups Murray Lee is seeking to leave the portal or force it to reduce its fees says he concurs with our interpretation of its T&Cs after looking at his contract, saying that he believes agents must give notice of ‘at least a month and no less than one calendar month’. Murray says his campaign is going to wait until early June how to proceed.
By Nigel Lewis