News in Brief: Willmott Dixon, BSA, Bakkt & More (16/06)

Daily bite-sized proptech and real estate news in partnership with Estate Agent Networking. Today, Stanton looks at Willmott Dixon’s cladding fund, Building Societies Association’s polling results, and more news.
Proptech News

Willmott Dixon sets aside over £10m to cover possible cladding and fire issues

Willmott Dixon has put over £5 million in a fund, taking the total to over £10 million, specifically to be used to deal with potential upcoming problems with buildings they erected that may need remedial work. The monies will be used to sort any problems that may arise from remedial cladding works or fire safety protocols.

It seems that the shadow of the Grenfell tragedy, now four years ago, will cast itself across all of the construction industry as well as the owners of sub-standard properties, and all of the other stakeholders in this mess.

In their latest report, The Building Societies Association revealed that just over half of those polled were making moves to get a smaller mortgage. So, either a smaller property in the same area, or moving districts altogether, to have a similar-sized property but at a cheaper price.

Other trends spotted were that over seven out of ten people asked were moving for a larger garden or a bigger plot, with six out of ten saying they wanted to live in a less built-up area. Clearly, the pandemic, lockdown and WFH have focused minds on what is important.

The Law Commission says HIPs will not be resurrected

A consultation by The Law Commission, with a closing date of the 31st July 2021, is looking into the upside of gaining a lot more property and legal information ahead of a sale being agreed.

For those who remember the failed HIPs (Home Information Packs) saga, the spokesperson for the commission bats the idea of HIPs being resurrected away. Nick Hopkins said: “We’re not digging up that coffin”, going on to say that they’ll be taking a fresh look at what HIPs were trying to achieve, so they can go about doing things differently.

GetGround scales up its solution for private landlords to set up a company

GetGround, a digital platform that acts as a one-stop-shop for landlords who want to work under a limited company umbrella rather than as a private landlord, has reported brisk growth. It now has over 3,500 landlords who have used its services. This means that instead of having to work through the red tape, an individual can, in less than an hour, have a limited company vehicle set up ready to accommodate BTL properties.

Given that nearly two-thirds of investment letting properties last year were done so using a limited company structure, it looks like GetGround is scaling up quickly.

Head of Fintech at Google steps down, joins crypto Bakkt

In what has been seen as a strategic move, luminary Anil Saboo, the top man of fintech and financial services for the behemoth Google, has now jumped ship and will be very much in the mix at Bakkt, a cryptocurrency enterprise that already has a high market capitalisation.

Andrew Stanton is the founder of Proptech-PR and Proptech-X. He grows proptech companies using his influence from decades of industry experience and is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations.

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