It’s been another hectic week for the industry, and here is what has caught our eye.
First: Brexit
It’s been a month since the UK voted for Brexit. The pound has fallen and the markets have bounced up and down, but ultimately the sky is still blue.
Many had predicted doom for the property market, but data emerging in the four weeks or so since has actually been bordering on the positive or at times just maintaining the status quo.
Rightmove’s July house price index, released this week, showed new property listing prices have remained in line with the typical run-up to the summer holiday season despite Brexit concerns.
The portal claims the price of new property coming to market fell 0.9%, or £2,647, over the past four weeks to £307,824.
That covers the two weeks pre- and post- the EU referendum and is in line with usual activity over the summer, suggesting the predictions of a doomed property market are yet to emerge.
One agent this week coined the term Brental to describe the London property market in the aftermath of the leave vote, with wealthy buyers switching to become rental applicants in the hope and expectation of seeing house prices drop.
Rob Hill, of Greater London Properties in the West End, said the trend has been largely caused by agents over-valuing properties to win the instruction, and then having to slash prices.
Consultants at PwC were also pretty positive, stating there will be a marked slowdown in house price growth, but no major crash.
It believes that house prices will grow 3% this year and 1% next, before house price growth picks up again in 2018 to around 4%.
One reader provided a dose of reality though, Romain said: “Growth was rebounding, including in the eurozone. Things seemed to finally be looking up.
“Now people rejoice because PWC predicts that the economy will completely stall instead of going into a full recession.”
Second: 13
The number 13 is unlucky for some. That is the number of letting agents in one borough that could face prosecution after allegedly not complying with the law that requires them to display their fees and information as to tenancy deposit protection.
The 13 agents have been issued with a “notice of intent” by Thurrock Council, in Essex.
The council’s Trading Standards offices visited 33 letting agencies in May, meaning that over one-third have been issued with the warnings.
Third: Post Brexit
Should overseas investors be banned from buying up UK property? That is the latest debate on The Arena forum.
JSSoxted58 said: “Now that we are out of the EU, the government needs to regulate overseas buyers from investing in UK property thinking that they can make a good yield at the cost of the UK residents – we will become a nation of rentals to overseas landlords and all the UK property will be owned by overseas investors if we are not careful, driving the prices beyond the reach of all the UK.”
Comments (8)
Actually, Nick, although you cannot deny that there has been an immediate and marked reduction in the post-count since that single comment was submitted, my personal assessment of the situation is that it is more of a case of ‘one post, on one day, by one person’ that provided that tiny extra weight that broke the camel’s back, rather than people getting wazzed off by the written equivalent of Mr Pryor doing little more than spraying acidic spittle in the faces of folk.
We seem to have lost many ‘old faithfuls’ of late – and quite a few more have taken to post only occasionally, which is most unfortunate as their input was invaluable.
Unfortunately, like the old training mantra ‘I am the customer who never comes back’, we will perhaps never know why these characters stopped posting.
I am certain – having seen it daily since the very first daily dose of EYE exploded onto our screens – that the vast majority of your readers and contributors are more than able to handle a spot of playground rough’n’tumble. I have tussled with many (and intend to continue to do so) – became friends with some, both online and offline – and am acutely aware as are most that you only reap what you sow.
I’m sure you know your audience better than your comment may be taken by some as suggesting.
You’re welcome PeeBee.
The thing I find somewhat strange is that if Robert May is correct and certain regular posters are no longer participating because of the provocative comments made on one day, in one thread, by one poster who is not even a regular participant, then they surely must have very, very thin skins. Or perhaps an ability to dish it out but not to take it? Or maybe the comment hit a nerve?
The above does not constitute an approval or a censure of what Henry Pryor wrote. He expressed his own opinions.
He has made a point of making it clear on Twitter etc that he does not engage in the discussions on EYE because he does not like the fact that posts can be made anonymously. That is Henry’s prerogative.
EYE has no intention of changing its policy on allowing anonymous posting.
There is a bit more to it that that Mr Salmon, not for the first time Henry Pryor is attacking the anonymous people /person who are/is doing the detection and donkey work for some of the stories you are publishing.
It isn’t that people have got thin skins and he didn’t hit a nerve, Henry Pryor is passing the work done by others as his own and is then attacking the very group who have done the work behind the story.
The thing is the stories didn’t get us talking did they Marc? Since the Posting etiquette story at the beginning of July the last of the regular posters are refraining from posting, they’re not lost, they just can’t be bothered, we have lost the wit and wisdom that makes Property Industry Eye compulsive daily reading and for some of us contributing.
This is the link to the Posting etiquette reminder and subsequent thread of comments.
http://www.propertyindustryeye.com/posting-etiquette-on-eye-a-gentle-reminder/
If some people don’t like the fact that we have to occasionally exercise a degree of censorship then that’s something we shall have to live with. We shall continue to allow, and indeed encourage, free speech on EYE up to the point where it becomes rude, offensive or a potential legal problem.
If some readers don’t want to post because they occasionally transgress that policy, so be it.
It wasn’t the story that caused offence more the irony of a group attack on people who have shown support and loyalty to the site by someone who is regarded as having exaggerated sense of self importance and expertise.
The editorial team here have chosen to run a commercial industry news site and discussion forum for an aggressive competitive industry where confident, stable, extroverts dominate, it is inevitable that the discussion will be, at times, robust. Those who choose to come here should expect blunt honest opinion and can expect a difference of opinion. An alternative opinion isn’t bile, the opinion of others isn’t less right or worthy than one’s own.
The site rules allow anonymous monikers, some people have good reason and every right to post anonymously, that does not mean they are not “real people” Posting within the site rules using a moniker does not mean their posts or opinions are less worthy than any of the self proclaimed experts on the site. It might well irk the dickens out of people that they can’t research their opponents to find the tiniest edge to combat a lost argument but that is the nature of the site you have created.
Hi Nick
It is good that you have raised your head above the parapet in order to confront this matter – and I am grateful for Robert for his bringing it out into the open. I’ve had half a post sitting on my desktop since Friday which is now integrated into this one.
I agree wholeheartedly with Robert – this isn’t about censorship.
At least not the kind of ‘censorship’ that is forced upon yourselves by malicious or simply poorly considered writings by your readership.
Any ‘censoring’ here on EYE is carried out with the interests of the posters concerned and the site’s best interests. Having EYE closed down by hungry ambulance chasers benefits no-one – we lose our most effective way of mass discussion (I removed the word debate having ruined a keyboard on proof-reading…) and our best and most open source of industry related news matters.
The ‘Posting Etiquette’ thread was, if I remember correctly, posted in response to a request from a (then) regular contributor who felt that things were getting a bit out of hand – which in fairness, they were.
But, being who he is, a certain Mr Pryor had to throw a p*ss-poor excuse for a lit firework into the room and slam the door behind him, no doubt running orf like a naughty schoolboy hiding from the Dormitory Master (or whatever they call them – I was dragged up through the good old Comprehensive education system).
When I say ‘running orf’ I am totally justified – he has basically cleared the board of the vast majority of posters (‘bacteria’, was the actual term used) for over a fortnight – yet never once since has he graced the site with what he referred to as the ‘different views’ of “real people whose reputations provide them with a platform of credibility for their views”.
Now I personally couldn’t give a fuppenny about what Henry Pryor or anyone else thinks. I’ve been called a lot worse by people waaaay bigger and better than him and no doubt will continue to attract the same.
Similarly – in past I’ve dished out more than my fair share and intend to dish out in future.- here, doing what I do… because I passionately believe in it.
As, I have no doubt, do the vast majority of the contributing readership – past and present.
His post was of far less substance than bacteria; of far less benefit to the cycle as has been seen – and I sincerely hope he will confine thoughts of repeating this schoolboy error in future to the septic tank he referred to – where it will mix well with the other detritus.
Mahoosive Ratner moment from one who needs Agents far more than we will ever need him.
My only message to those out there who are reading but, for whatever reason, not posting at present is that without you all this is (albeit the best of its’ type) a news site.
It is the views that make it what it really is – the TRUE voice of the industry.
<climbs down off soapbox>
…and having read again your post, Nick I’ve probably overstepped the line on two out of the three reasons for deleting posts.
Oops.