Estate agents saw highest demand in a decade in 2020

Original Source: https://www.propertywire.com/news/estate-agents-saw-highest-demand-in-a-decade-in-2020/

Author: Ryan Bembridge

Over the course of 2020 there were typically 403 buyers registered per branch, according to NAEA Propertymark and ARLA Propertymark’s analysis of sales and letting data. https://ef03f1afce7b5b9f8223c356d20ed6a5.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.html

This means this year saw the highest demand in a decade, as the number of registered buyers per branch was higher than the previous peak of 379 in 2015, as well as 55% higher than the 260 averaged in 2010.

Mark Hayward, chief policy advisor at Propertymark, said: “Both the sales and rental markets have remained remarkably resilient throughout this trying year, despite market closure between March and May.

“The prioritisation by the government of a functioning property market and subsequent implementation of the stamp duty holiday as well as measures taken to keep the rent flowing within the private rental sector, have allowed for record breaking levels of house sales and rental accommodation.

“We are confident this boom will continue through the new year but grow increasingly concerned about the impact of the stamp duty cliff edge on 31st March 2021.

“This cliff edge has already increased pressure on service providers within the industry, causing delays for buyers and sellers, and could cause thousands of sales to fall through at the final hurdle as buyers realise their sale will not be completed ahead of the deadline.”

Owing to Covid-19 rent struggles, the number of tenants experiencing rent hikes has fallen this year to 36%, from an average of 44% in 2019.SHARE THIS POST:  

Equity loan provider Proportunity raises £7.5m

11TH DECEMBER 2020 PROPERTY NEWSUKBY RYAN BEMBRIDGESHARE THIS POST:  

London startup Proportunity has received debt capital injection of up to £7.5m to fund more loans to first-time buyers.https://ef03f1afce7b5b9f8223c356d20ed6a5.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.html

The company offers equity loans of up to £90,000 to first-time buyers with at least 5% deposit.

Vadim Toader, chief executive and co-founder of Proportunity, said: “When the pandemic hit, we were able to leverage our property market technology to quickly adapt lending decisions, increasing our portfolio’s resilience and continuing to issue loans, where others lenders were forced to pull back mortgage products or put lending on hold entirely.

“That’s made us the only 5% LTV lender in the UK. Our number of loans has since grown exponentially, and we’re expecting to double our lending book every quarter for the next 6 months. I want to personally thank Conister and their team, including Kai, for believing in us. Without them, this would not be possible.”

Most of the new debt funding came from Conister Bank.

Douglas Grant, director of Conister, said: “Conister aims to support aspirational and high-impact businesses in a time where other players have retrenched and borrowers need liquidity the most.

“The UK’s SMEs have shown an incredible amount of adaptability and resilience in the face of changing consumer behaviour as a result of the COVID-19 pandemic, and we are pleased to be able to support Proportunity as it seeks to positively contribute to the dynamics of the UK housing market following the lockdown and to help its customers realise the dream of owning their home.”

Proportunity has hired Marita Cavalcanti (ex-OakNorth, Ebury and Nomura) as its chief financial officer, launched a new intermediaries platform and joined Tech Nation’s latest Fintech cohort.

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