PROPTECH-X ‘Proptech & Property News’ Weekly Roundup: Airbnb acquire Letting Cloud | Half of property sales fell through | Slump in house building

A roundup of the week’s top proptech and property news in association with Estate Agent Networking.

Airbnb acquire Scottish proptech Letting Cloud

Letting Cloud, a Scotland-based proptech, has been acquired by Airbnb for an undisclosed sum. The holiday letting titan is often viewed as the spark that ignited the short term accommodation boom, transforming the global travel marketing since it’s founding in 2008.

According to the Scottish Herland, “Airbnb swooped for Letting Cloud just four years after the Edinburgh firm was established by technology entrepreneur Grant MacCusker in 2019.”

Letting Cloud is ostensibly an advertising platform for agents and landlords, with about 5,000 agents on its books marketing approximately 50,000 properties UK-wide, in three sectors – holiday, short-term and long-term rentals.

The Herald reports that Airbnb has claimed the short-term let licensing scheme, due to be introduced this year, has prompted the acquisition of the Scottish firm.

The new regulations in Scotland is expected to cover properties like B&Bs, guest houses and holiday lets, giving local authorities the power to control licensing for properties such as these so they can keep guests before October 1st.

More Than Half of Property Sales Fell Through in First Quarter as Market Adjusted to ‘New Normal’

PRESS RELEASE: More than half of property sales fell through in the first quarter of this year, according to new figures.

Data from Quick Move Now suggest that 55.8% of property sales in England and Wales collapsed before completion, as uncertainty continued to plague the property market.

Of the sales that failed, 29% were attributed to buyers getting cold feet and changing their mind about the property. A further 25% were due to the buyer pulling out over legal issues or as a result of a survey report. The remaining failed sales were attributed to chain break, difficulty securing a mortgage, slow sale progress and miscellaneous causes.

NAPB: Slump in house building set to get even worse

PRESS RELEASE: The slump in house-building is set to get even worse, a leading property group has warned. 

New figures released earlier this month indicated the number of homes being constructed had tumbled to the lowest level since the pandemic. 

And the National Association of Property Buyers fear things will fall even further in the weeks and months ahead. 

Spokesman Jonathan Rolande said: “If the task of building homes for the population is left to private companies, we can expect things to get worse. As the market tightens, thanks to the increases in both short and long-term borrowing costs, property developers are resisting the urge to build, because many are worried that they will be left holding unsold property.

“We have already seen a slowdown in purchases of new-build which has been exacerbated by the end of Help2Buy, adverse publicity surrounding build quality, safety and leases, and the buy to let market contracting.”

The Proptech-X Weekly Roundup in association with Estate Agent Networking.

Andrew Stanton is the founder and CEO of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder and editor of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.

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