Here We Go. Agent Struggling

[TheCountOfNowhere]

Martin and Co in difficulties too rumour has it

Lovely. I cant stand them, for no other reason than how they look.

I know, Im a bad person.

[TheCountOfNowhere]

[TheCountOfNowhere]

I make that:

CW: Peak (March 2014) to Today = down 65%

Fox: Peak (Feb 2014) to Today = down 70.5%

Pretty much where I think most London house prices need to get to.

That Feb/March 2014 pretty much coincides when Damik (et al) were calling the top in London and the Duke of Westminster sold off.

http://www.dailymail.co.uk/news/article-2616510/Duke-Westminsters-property-company-sells-240million-luxury-homes-fears-London-bubble-burst.html

This is set up for the biggest crash ever seen !!!

Edited July 25, 2016 by TheCountOfNowhere

[thewig]

The bottom is falling out of Estate Agents. They have spent the last 20 years not having to sell, and only "buying" instructions. It has been the career of choice for the retarded member of the family. In the 19th Centuary there was the Church. Bless.

[TheCountOfNowhere]

I'm seeing many more listings on Rightmove from internet EAs, particularly Purple Bricks.

I'm seeing purple Bricks signs everywhere at the mo.

Cutting the cost of selling your house is no bad thing.

[shavedchimp]

Would it make sense, and hasten their demise (and perhaps speed up a crash) if I register my details/interest with a clutch of local EAs - and set my buying criteria with a low cap (perhaps 30% off current prices for example)?

That way EAs would actively pursue me and encourage sellers to be more 'realistic' with their prices?

I'm in Oxford though so it's gonna take some tough economic realities to hit home here before things tumble.

Good idea or not?

[spunko2010]

It might work if you tell them you're a cash buyer. Otherwise if you're "Not Even On The Market" they will just write you off straight away.

[Noallegiance]

"Countrywide has totally denied the figure"

Has the BHS spokesperson moved on to a new role?

[TheCountOfNowhere]

"Countrywide has totally denied the figure"

Has the BHS spokesperson moved on to a new role?

"As revealed in EYE on Friday, Countrywide is closing, merging and re-branding some branches. The extent is unknown, but is rumoured to involve the overall closure of 200 outlets.

Countrywide has totally denied the figure"

Oh, I missed that snippet of good news.

200 less EA offices. Happy days.

[Conquistador]

Have received lots of email from agents recently about how many houses they are selling despite the Brexit vote.

[“Nasty Piece of work”]

Have received lots of email from agents recently about how many houses they are selling despite the Brexit vote.

What a surprise. Hitler said he was nice and cuddly too. Do you really think they would mail to say it has turned overnight to shyte?

[Conquistador]

Yes of course they would! Truth serum for breakfast doncha know. BTW went to an open house at the weekend and it was absolutely heaving. Don't miss the boat!

[winkie]

There used to be many rungs to a ladder.....now only one or two.....living there longer.....agents only make money on movements,........far too much debt in the system to move.

[TheCountOfNowhere]

There used to be many rungs to a ladder.....now only one or two.....living there longer.....agents only make money on movements,........far too much debt in the system to move.

[rantnrave]

Countrywide confirms departure of yet another key figure

Another senior figure at Countrywide has left the company.

The reasons behind the departure of Keith Knight are not known.

Countrywide, led by Alison Platt whose emphasis is on retail and the company’s Building our Future programme, is due to report to the stock market this week.

As already reported by EYE, it is understood that there is to be a widespread restructure of branches, with perhaps up to 200 which will be closed, re-branded or merged.

A statement yesterday evening from Countrywide gave no detail on the latest departure, saying: “Keith Knight left the company earlier this month to take on a new challenge.”

Knight had been ‘retail director’ for south-east Countrywide, and worked for the company in total for over eight years.

His appointment as retail director for the south-east was announced in the company’s huge restructure last October:

http://www.propertyindustryeye.com/news-flash-yet-more-high-level-departures-from-countrywide/

Prior to the reshuffle, Knight would have been known as the managing director for the south-east, in charge of around 100 branches.

Knight was previously with Arun Estates, where he was senior operations director, but before that had been a regional director with Countrywide.

Departures since Platt took over almost two years ago have included that of Robert Scarff, who headed up the estate agency part of the business.

http://www.propertyindustryeye.com/countrywide-confirms-departure-of-yet-another-key-figure/#comments

[Timak]

I'm not surprised they are struggling, supply has absolutely collapsed near me.

I thought my property alerts (set to immediately on Rightmove) had stopped working, they haven't we've just had no new houses listed for sale in over a week. Houses on the market has been roughly 40 (and sometimes up to 50) in my search area, well we are almost down to 30 now. Houses are selling but nothing is coming on to replace them.

Not sure how agents will remain viable without a strong letting business.

[TheCountOfNowhere]

I'm not surprised they are struggling, supply has absolutely collapsed near me.

I thought my property alerts (set to immediately on Rightmove) had stopped working, they haven't we've just had no new houses listed for sale in over a week. Houses on the market has been roughly 40 (and sometimes up to 50) in my search area, well we are almost down to 30 now. Houses are selling but nothing is coming on to replace them.

Not sure how agents will remain viable without a strong letting business.

School holiday time.

Anyone with a house has mew'd and gone to Florida for 2 weeks.

Edited July 26, 2016 by TheCountOfNowhere

[AvoidDebt]

Getting lots of e-mails like this: 'A highly motivated vendor..'

Its always accompanied with a peak, fantasy price so I cannot see where the 'motivation' actually lies. I suspect they really mean: 'A highly motivated vendor desperately looking for last mug to pay peak bubble prices..'

Edited July 26, 2016 by AvoidDebt

[spunko2010]

I noticed something on Zoopla earlier. A vendor actually using their "Tempt Me" service - which is essentially a kite-flying exercise where the vendor hopes someone with deep pockets will come along and offer them silly money for their home.

But this house is actually on the market with an EA too and at a higher price... I wonder if they know?

http://www.zoopla.co.uk/property/trenley-farm/gills-green/cranbrook/tn18-5ah/23982490 - £1.45m

yet: http://www.rightmove.co.uk/property-for-sale/property-54613591.html £1.495m

[nome]

I don't understand what this Zoopla TemptMe stuff is all about?

Is it a method to get directly in touch with the vendor and cut out the EA?

How does that work as the vendor can only get presence on Zoopla by instructing an EA in the first place?

[spunko2010]

Nome yes your understanding is correct. But every uk home is listed, no need to instruct an agent.

[nome]

Oh right I see, it's just based on Zooplas oh so accurate valuation section, so anyone can sign up to ''be tempted'' without actually having their house on the market?

Can't imagine the EA's would be too happy with that particular tool, although it seems to be very obscure and underutilized.

[rantnrave]

More departures of top people confirmed by Countrywide on eve of City update

More top-level departures from Countrywide have been confirmed.

They are James Poynor, Steve Hinshelwood and Peter Wallace.

All have had key roles with the company, which EYE understands is intending a broad restructure involving closures, mergers and re-brands.

Countrywide is due to report to the City tomorrow in the form of an interim announcement.

Hinshelwood was one of the original owners of Blundells in Sheffield, which Countrywide acquired almost exactly five years ago in the summer of 2011.

Latterly, he was ‘retail director’ for Yorkshire. He has already left Countrywide.

Poynor is currently national head of land and new homes for Countrywide, but will be leaving shortly.

Peter Wallace, according to his Linked In profile, was ‘national performance director – retail’, and like Hinshelwood he has already left.

He had previously been managing director of Countrywide’s estate agency offices across Bedfordshire, Buckinghamshire and Hertfordshire.

Last night’s statement from Countrywide said of Poynor: “After six years of service at Countrywide, James will be leaving the business at the end of August to take up an opportunity in the new homes sector. We thank James for his significant contribution to the Group and wish him continued success in his future career.”

Of Hinshelwood, Countrywide said: “After five years of service with the company and achieving a huge amount of success within the industry, Steve Hinshelwood decided to take on a new challenge and left the company earlier this month. We thank Steve for his significant contribution and wish him continued success in his future career.”

Of Wallace, Countrywide said: “Peter left the business in June after a very long and successful tenure at Countrywide. We thank Peter for his significant contribution and wish him continued success in the future.”

http://www.propertyindustryeye.com/three-more-departures-of-top-people-confirmed-by-countrywide/

[rantnrave]

Share price falls wipe off half value of estate agency firms in last year

Falls in share prices over the last year have wiped off more than half the value of Countrywide, half the value of Foxtons, and some 40% off the value of LSL.

Savills’ share price has performed better but even so has fallen to the extent that nearly 29% of the value of the company has been wiped off.

Countrywide’s fall in value is the most jaw-dropping at £614m in the last 12 months.

Last July 27, its shares were priced at 528.5p, and on Monday were 244.6p – a 53.72% decline.

The current value of the company is £529m, compared with £1,143m a year ago.

On July 27 last year, Foxtons share price stood at 236.6p. The share price on Monday was 118.94p – a fall of 49.73%.

The current value of the company is £327m, compared with £650m a year ago.

On July 27 last year, LSL’s share price was 389.5p, and at the start of this week was 231.25p – 40.63% down.

A year ago, LSL was worth £399m, but two days ago was worth £236m.

Savills’ shares on July 27 last year were trading at 956.5p, but on Monday were 680p, a 28.91% drop.

This gave Savills a valuation of £950m, compared with last year’s market capitalisation of £1,337m.

Meanwhile, Purplebricks – which we cannot compare with last year as it did not float on the stock market until December – has seen its shares up 40%, or by £96m, as at Monday (before drops yesterday). Its market cap is around £342m.

Russell Quirk of eMoov, who did the number crunching, said: “Investor sentiment believes that the estate agency incumbents are vulnerable to new business models.

“If businesses in the high street fail to prepare and strategise for the future as driven by the consumer, then they will simply not perform adequately in the long term. Those like Foxtons that simply refuse to even acknowledge the change that is taking place are really going to be hit hard. We’re seeing that now in their valuation.

“The City is ruthless in its expectations of shareholder value and agility in tackling ‘what’s next’. The estate agency establishment is therefore a sitting duck whilst it procrastinates.

“No matter what the industry think of growth businesses like ours that burn cash whilst building technology, teams and brand, they are seen as ‘value’ as far as institutional investors are concerned.”

http://www.propertyindustryeye.com/share-price-falls-wipe-off-half-value-of-estate-agency-firms-in-last-year/

[Venger]

Countrywide’s fall in value is the most jaw-dropping at £614m in the last 12 months.

Last July 27, its shares were priced at 528.5p, and on Monday were 244.6p – a 53.72% decline.

The current value of the company is £529m, compared with £1,143m a year ago.

Last February zugzwang reported Countrywide were preparing an IPO. Went ahead priced at 350p a share. This seems to be current price; 590p. (dyor).

All those UK homes owned outright. Need to get a lot more of the owners to market, at prices more people can afford as FTBs, or afford to upsize to, and get some mortgage debt on them.