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Revised guidance by the National Trading Standards Estate & Letting Agency Team when marketing properties.
PRESS RELEASE August 2023 Revised guidance has been published today by the National Trading Standards Estate & Letting Agency Team with regard to supplementary terms used when marketing properties.
The guidance now includes terms relating to lettings and has been developed in consultation with industry stakeholders. Please see the revised guidance here and it is also reproduced in full in the following article published by Proptech-X. The guidance has been updated to provide clarity and consistency for agents and consumers and improve standards across the industry.
Emma Cooke, Policy & Information Manager, National Trading Standards Estate & Letting Agency Team, said: “Agents commonly use terms like ‘new on the market’, ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ in advertisements, marketing boards and on property portal listings. Delays in updating a property’s listing status or use of incorrect descriptions can lead to frustration for all involved in the buying or renting process – as well as risking agents breaching industry codes and their legal obligations.
Note: The contents of this guidance does not constitute legal advice merely the application of the law as interpreted by the National Trading Standards Estate and Lettings Agency Team; only a court of law can provide certainty.
it, Purplebricks was always a whippet rather than a thoroughbred racehorse when it came to extra personnel, I think it had less than 30 people who were not direct fee earners – taking vendor cash upfront. If these fee earners are lost, add in the fact that PB#2 has cut fees to buy the market, and less property will be moving due to a huge economic slowdown and you have a real fiscal problem.
How do you get an office block to be carbon neutral?
Article by Zara Stanton – With 2030 being a target date for all commercial landlords and operators to get their ducks in a row, achieving a carbon-neutral office block is not for the faint hearted. As it requires a multi-faceted approach addressing both the operational emissions (i.e., emissions from daily use) and the embodied emissions (i.e., emissions produced during the construction phase). Here’s a suggested bullet point guide to make a commercial real estate asset like an office block, carbon neutral.
Energy Efficiency: Building Envelope: Insulate walls, roofs, and floors to reduce heat loss. Use double or triple-glazed windows and consider energy-efficient doors. HVAC Systems: Install efficient heating, ventilation, and air conditioning (HVAC) systems. Regular maintenance helps keep them running efficiently.
Lighting: Use LED lighting, motion sensors, and daylight harvesting systems. Equipment: Choose energy-efficient appliances and office equipment. Behavioural Changes: Educate occupants about turning off lights and unplugging electronics when not in use.
Renewable Energy: On-site Generation: Install solar panels, wind turbines, or other renewable energy sources on or near the property. Purchase Green Energy: If on-site generation isn’t feasible, purchase renewable energy certificates or contracts from green energy providers.
Water Conservation: Use water-efficient fixtures and appliances. Install a rainwater harvesting system and use it for landscaping or toilet flushing. Consider water-efficient landscaping that reduces or eliminates the need for irrigation.
Bank of England may raise interests rates on 21st of September
Everyone knows that the Bank of England base rate is 5.25%, the highest level since the global banking crisis of 2008, in less than a month we will learn if the new rate will be 5.5% or more, or left at the same level or even decreased. It will be critical to the impetus or otherwise of the September housing market, which traditionally sees a six week rally prior to hitting the end of year cycle.
Is there going to be a housing recession, and will interest rates continue to climb, well Steve Eisman may have a scenario that will play out in the UK. Eisman’s story was fictionalised in the film ‘The Big Short’ (he was re-named as Mark Baum) a distillation of the reasons behind the 2008 banking crash and the fallout of the property market.
Eisman has just gone on record about his thoughts on the American residential market, where lending rates are at a 21 year high, he said, “Housing hasn’t collapsed in the United States, but it’s kind of locked and housing prices have gone down. So A), it’s hard to sell and B), you’re selling for less. Now, as long as people are employed, they’re not going to sell their home down 40%. They’ll just live in their home.”
Eisman then is talking about a traditional recession playing out in America, the UK housing market though is unique in many ways. Not least the continued imprudent intervention of the government, with Chancellors of the Exchequer like Rishi Sunak and his ill advised SDLT giveaway, its legacy a 20% hike in house prices in two years. That was always going to come at a cost.
Where do I see the base rate set by the Bank of England being come the end of the year, well 5.75% which has been the marker flagged all this year, and with inflation nowhere near that 2%, that the Prime Minister has made his core objective, it would seem we are all fugitives on a runaway train running out of track.
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.