On Thursday 7^th March 2024, the Women in Estate Agency (WiEA) committee hosted their highly-anticipated second annual conference.

Attendees took to social media to describe the “emotional highs and lows” of the event, after witnessing passionate talks from key industry figures including Kate Faulkner OBE. In contrast to more formal conference settings, the dynamic line-up of speakers led raw and powerful discussions, combined with practical advice and insights, that touched on various aspects of the industry and the challenges faced by female professionals. The event even featured a surprise beatbox performance, adding an unexpected but energising element to the day.

Held at The IET, Savoy Place in London, the event attracted nearly 450 attendees, marking a significant rise from the 250 attendees last year. They also saw a remarkable shift in gender demographics with over 20% male attendance, a substantial increase from less than 10% previously.

Key highlights of the event included:

1. Inspiring Speakers: Attendees were moved by the stories and experiences shared by speakers, including Heather Staff of Street Group and Rachel Hanniquet-Brooking of Apo Group Ltd. From personal anecdotes to professional expertise, the talks resonated with attendees on a deep and emotional level.
2. Creating Community: WiEA emphasised the importance of collective action in effecting meaningful change. Through initiatives such as their growing Facebook group and webinar series, WiEA provides valuable tools and support to empower professionals at all levels in the sector.
3. Industry-Wide Support: The event was only possible due to industry support from a wide range of sponsors, including Rightmove, Moneypenny and Propertymark.
4. An Increase in Male Attendance: The substantial increase in male attendance reflects the growing need for gender diversity and inclusivity at all levels within the estate agency sector. WiEA aims to achieve a 40% male attendance by 2025, emphasising the importance of inclusivity and collaboration in driving industry-wide change.

Verona Frankish, WiEA Committee Chairperson, stated:

Verona Frankish, WiEA Chairperson

“The magic blend of incredible individuals sharing their personal stories, industry leaders sharing their business insights, thought-provoking panel discussions on topics that are never covered at industry events, mixed with an audience who checked their egos at the door and came to listen and learn with open hearts and minds.

The issue of workplace equality remains a significant challenge. It’s not merely about meeting quotas or ticking boxes; it’s about fostering an environment where every individual regardless of gender, race, ethnicity, religion, sexual orientation, or any other characteristic, can thrive and succeed based on their merits and abilities.

 The overwhelming response to Thursday’s event has been humbling and uplifting and demonstrates that our industry is ready for change. With so many legacy issues to address, this will not happen overnight, but WiEA are committed to being the credible voice for the change that is long overdue.”

 Attendee, Annalese Walmsley, Sales Director at Homebox, remarked:

 “How amazing, thought-provoking, emotional, inspirational and jaw-dropping was the Women in Estate Agency conference yesterday?!…Thanks to the phenomenal WiEA committee for a fantastically organised and executed event. It was a jam-packed agenda with some emotional highs and lows and I cannot wait to attend again next year.”

 Attendee, Abbey Brawn, Local Property Partner at Purple Bricks wrote:

“Yesterday, I listened to incredible women reflect on their trail blazing careers and overcoming challenges that you would have thought would be impossible, one after the other. They were the CEOs, the MBEs and the OBEs in my industry, the inspirational people you look at and wonder how they got there, and here is what I noticed…Firstly, their feminine energy and the strengths we associate with women were a huge factor in how they got there… The other common denominator I saw in all of these women was the joy they felt shining a light on the other women around them.”

 Attendee, Simon Leadbetter of We Are Unchained said:

“Yesterday’s Women in Estate Agency conference was exceptional. We heard so many personal, powerful, and moving testimonies and watched brilliant masterclasses in culture, brand, cyber-security, and motivation/resilience…I was inspired, touched, and utterly astonished.”

Jo Bourne of Impact CTMD Ltd, explained:

 “This community has given so many a voice, a safe place to talk, share their stories, ask for help, make new friends, be authentic and vulnerable and most of all to know how important it is to celebrate “being you”. Yesterday’s conference showcased and celebrated everything that Women in Estate Agency represents and I am sure that men and women up and down the country will be reflecting on what they heard, saw and were a part of and most importantly how together we can all be the voice of change.”

WiEA already have a date in the diary for next year’s conference, Thursday 6^th March 2025. They will share more plans for the group in the coming weeks as they strive to do more and be more for women in the estate agency industry.

WiEA also encourages individuals to explore the resources available on their website and to register for upcoming webinars to continue the conversation and momentum generated by the event.

For more information about WiEA and upcoming events, visit www.womeninestateagency.co.uk.

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Signs of green shoots are appearing in the property market with buyers returning, supported by falling mortgage rates, wage growth outstripping inflation and a strong labour market.

With the Bank of England holding the interest rate at 5.25%, the consensus is that we are at the top of the rate rise cycle. Interest rate expectations in the monthly consensus forecasts have been improving over recent months as the economic outlook brightens.

Rates are predicted to start falling in the second half of the year, reaching 4.4% by the end of 2024. With inflation under control and forecast to fall to 2.2% by the end of the year, confidence in the housing market is improving.

DUAL DRIVERS

First-time buyers were biding their time during 2023 but it’s now expected that more first-time buyers will enter the market throughout the year, encouraged by the dual drivers of earnings growth and reduced mortgage rates improving affordability. According to Moneyfacts, the average 2-year and 5-year fixed-rate deals have now been falling for six consecutive months.

The availability of deals at the 95% loan-to-value tier has increased to 274 deals, its highest level since 2022, demonstrating that lenders are still keen to support borrowers with smaller deposits.

The start of 2024 has seen an upswing of new buyers, with agreed sales in the first six weeks of 2024 16% higher than the same period last year and 3% higher than in 2019 according to Rightmove.

MARKET MOMENTUM

Average asking prices rose 0.1% year-on-year in February, the first annual increase since August 2023 and an indication of growing market momentum.

Bank of England data revealed that the number of mortgage approvals rose for the fourth consecutive month to 55,227 in January, the highest level since October 2022. Meanwhile, the Chancellor announced in the Spring Budget that property gains tax is to be reduced to 24%, which may encourage landlords to sell, boosting transactions.

The December UK House Price Index from the Office for National Statistics showed a mixed picture around the UK. However, the Nationwide House Price Index reported month-on-month house price growth in February, increasing by 0.7% as market momentum grows.

INDICATIONS OF RECOVERY

According to the building society on an annual basis house prices saw a 1.2% increase in February, the first positive year-on-year growth since January 2023. This contributes to the emerging indications of recovery in the housing market. And according to the HM Treasury Average of Independent Forecasts although prices are forecast to soften slightly by -1.0% this year they are expected to recover by 0.8% in 2025.

Early signs for the market in 2024 are increasingly positive, with metrics for buyer demand, sales and new instructions all turning positive.

Choice for buyers is also on the rise, with Zoopla reporting that available homes for sale are 20% higher than a year ago.

BOOSTING CHANCES

Improved market conditions are boosting the chances of a sale, although sellers must continue to present their property well and at a reasonable price if they are serious about moving in 2024.

Half of agents in the Dataloft Inform Poll of Subscribers say offers are currently being accepted up to 5% below initial asking price; however, 15% report this level or higher.

This may well be underpinning house prices in many areas of the UK.”

Looking at housebuilding figures, just shy of 240,000 new builds were completed in 2023, the numbers holding up relatively well in a slower sales market but still short of the government’s 300,000-per-year target. In most UK regions there were fewer completions in 2023 than 2022, overall, down by -8.6%. This may well be underpinning house prices in many areas of the UK.

The average time to sell in the UK has slowed compared to the same time last year. However, with brighter days beckoning, momentum is likely to be injected into the market.

Over the last five years, with the exception of the Covid year of 2020, properties have taken 10 days less to sell in spring than winter, meaning this could be an ideal time for vendors to put their home on the market.

Iain McKenzie (main picture) is Chief Executive of The Guild of Property Professionals

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Despite the legal process of conveyancing being a core part of home buying adn selling, only half of those polled in a new survey said they understood the basics, while 40% did not know what conveyancing is.

The research amongst 2,000 UK adults was conducted by the HomeOwners Alliance, on behalf of National Conveyancing Week (NCW), and sought to highlight the level of consumer understanding of conveyancing and the role of a conveyancer in the home purchase/sale process. It also asked how UK homeowners found their conveyancer, their satisfaction with the service, and what improvements they would like to see to the process.

Conveyancing is the legal process of transferring property ownership from one party to another, and all those who have either bought, sold or remortgaged a property will have needed to use the services of a professional conveyancer in order to carry this out.

Low understanding but high satisfaction

Almost half (48%) were unaware the conveyancer acts on behalf of both them and the mortgage lender while 40% thought, incorrectly, the conveyancer checks the structure of the property is sound.

40% thought, incorrectly, the conveyancer checks the structure of the property is sound.”

However, nearly three-quarters said they were satisfied with the service provided by their conveyancer, with 74% of those who had bought a home within the last five years saying they would use the same conveyancing firm again.

In terms of the conveyancing process, 38% said they wanted it to be faster, 31% wanted more frequent communication and one in five wanted a clearer explanation of the legal process and the issues that arose.

Common delays experienced by consumers included delays in the chain, responses from sellers and mortgage lenders as well as legal issues such as a lack of paperwork/guarantees/certifications and permissions.

Knowledge gap

Rob Hailstone, Bold Legal Group

Rob Hailstone, Organiser of National Conveyancing Week, comments: “With only two out of five adults currently knowing what conveyancing is, there has to be a focus on improving the wider consumer understanding of the home buying and selling legal process and the role of the conveyancer, and we have to accept that many people going through this are not clear on what is happening, or how long it might take.

“As you might expect, knowledge of conveyancing amongst those who have already bought a home is higher than amongst non-homeowners, yet there does remain a knowledge gap particularly in terms of who the conveyancer is representing, what services they are providing, and indeed how consumers access the services of specialist conveyancers in the first place.”

He adds: “Overall, we want to educate consumers so they go into this process clear and confident on who to use, the service they are receiving, what they pay for, and to ultimately be satisfied with the end result.”

Paula Higgins, HomeOwners Alliance

Paula Higgins, Chief Executive of HomeOwners Alliance, says: “You can’t buy or sell a home without using a conveyancer and while it’s great to receive good news that the conveyancing service is improving for consumers, more needs to be done to raise awareness of what conveyancers do. I’m particularly alarmed that 40% of people wrongly believe the conveyancer will check the structure of the building. This is the job of the surveyor, not the conveyancer.”

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Warm, wetter weather is providing a rich environment for Japanese knotweed to thrive across the UK.

Reports to the Property Care Association (PCA) of early growth of the plants’ distinctive red stems came in thick and fast in February, well ahead of its usual growing season.

According to Daniel Docking, the PCA’s Invasive Weed Control Group technical manager, the current climate conditions could have a detrimental impact on native plant species.

Daniel Docking PCA

Daniel said: “We can still expect late season frosts and dry weather in March and April, but Japanese knotweed has already started to establish itself and the resilience of the plant will mean it is in a strong position to thrive.

“At the moment many plants are doing well due to the weather conditions, including native species.

“But we’d still suspect the temperature to drop, meaning many plants will slow down their growth pattern.

“However, Japanese knotweed will be largely unaffected by these changes and that means it can start to dominate environments, with more opportunities to spread.”

It can start to dominate environments, with more opportunities to spread.”

Daniel Docking added: “As Japanese knotweed becomes more visible, we encourage anyone with concerns about the plant to seek expert help.

“Advice sought quickly will help to control and manage the situation effectively.

“Japanese knotweed is tied to legislation, which means landowners have a responsibility to manage infestations responsibly.

“Our ICWG members have a range of options to treat infestations, so it’s essential to engage a competent Certificated Surveyors in Japanese knotweed (CSJK) who will have the specialist skills and knowledge to identify Japanese knotweed or any other invasive plants that may be present.”

More details about the PCA’s Invasive Weed Control Group can be found at here.

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Propertymark has updated its Property Information Questionnaire (PIQ) in light of the new guidance for sales and letting agents from the National Trading Standards Estate and Letting Agency Team (NTSELAT) as part of its work to provide greater clarity on what constitutes material information.

The PIQ is part of Propertymark’s Sales Protocol Toolkit which was developed to help consumers and agents to speed up transactions, reduce fall-through rates and ensure compliance with the Consumer Protection Regulations when buying and selling property.

LETTING AGENTS

There is also another version to support letting agents and landlords when renting property to tenants.

For sales transactions, by having this information available, potential issues that could cause delays in the process or that would impact the buyer’s decision to purchase the property can be ironed out before the sale is several months down the line.

A sale falling through at that stage is incredibly costly for all parties involved. But if potential buyers can see this information before they commit, it can prevent that from happening.

The lettings PIQ also helps to highlight any potential information that the agent and tenant would need to be aware of.

ENHANCE

Nathan Emerson (main picture), Chief Executive of Propertymark, says: “Propertymark’s updated Property Information Questionnaire documents substantially enhance the previous versions of our PIQs by including Parts B and C of the Material Information guidance from National Trading Standards.

“Our PIQs have undergone some extensive reworking, not only including the updated Material Information guidance, but being restructured in a way that we believe is more useful for our members.”

And he adds: “We all know that ensuring information about the property is as accurate as possible as early as possible in the process can prevent issues that may stall and slow transactions later down the line.

“We strongly encourage all agents to use the PIQ to ensure that not only do transactions go through more smoothly, but agents comply with the Consumer Protection Regulations and have all the information in one place that can assist with the marketing of property.”

Find out more HERE.

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Concern is rising among agents and landlords after sources within the Treasury revealed over the weekend that Jeremy Hunt (main picture with team) is planning a tax raid on the private rented sector within his Budget on Wednesday.

The Sunday Times has claimed that the Chancellor plans to raise £300 million primarily from those offering short-let accommodation to holiday makers via platforms such as Airbnb and Booking.com. This is part of a plan to help fund a 2p cut in the basic income tax rate.

“[Tax cuts] are my priority for the country. When it comes to this budget, I will only bring down taxes in a way that is responsible, and sustainable,” he said during a radio interview on Sunday.

Alarm

Both agents and landlords have flagged their alarm at the report, with NRLA’s Chief Executive Ben Beadle saying this morning that: “The Chancellor needs to address the chronic shortage of long-term rentals by attracting new landlords to the market.

“Squeezing holiday lets is not the answer. He should follow the advice of the Institute for Fiscal Studies and reverse punitive tax hikes which have stifled the supply of the homes renters desperately need.”

Extreme concern

Nathan Emerson, Propertymark

Propertymark has also pitched in, with its CEO Nathan Emerson saying he is ‘extremely concerned’ to see reports of a rumoured £300m attack on landlords within the budget at a time when many have already left the sector and many more are just about holding on.

“Just like traditional homeowners, inflation and interest rates have hit landlords with force and there needs to be recognition from the UK Government that to provide high quality homes, whether they be short term lets or longer-term housing, the system must be workable,” he says.

“It is unacceptable that there is constant aim being taking at landlords to the point the viability of the entire system is becoming seriously questionable for both existing landlords and future investors.”

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Surveyors who are member of RICS must soon pay heed to new guidance on how to promote diversity within their agencies and remain competitive.

The RICS’ Code of Conduct ‘Rule 4’ for professionals is targeted at small and medium size firms, including sole traders, many of whom are estate agencies.

The six-document guide has been developed by Royal Institution of Chartered Surveyors’ members and experts in diversity, equity and inclusion (DEI).

Remain competitive

It covers topics such as inclusive policies and spaces, career progression, everyday life at work, recruitment, and developing an inclusive culture in the workplace.

By providing access to specialist advice, the guidance aims to empower firms to attract, retain, and optimise their DEI practices, ensuring they remain competitive and inclusive.

Attract talent

RICS says DEI has emerged as central principles for the broader profession, recognising the need to attract and retain the best talent, irrespective of gender, race, disability, neurodiversity, class, socio-economic background, religion, sexual orientation, or age.

The guidance sets out to exemplify best practices, assisting firms in recruiting and retaining top-tier talent by cultivating a more inclusive and equitable workplace, RICS says.

Striving to shape an inclusive profession where everyone can thrive.”

Sybil Taunton, Head of DEI at RICS (main picture), says: “In delivering this guidance, RICS is expanding the support available to members and firms, striving to shape an inclusive profession where everyone can thrive, realise their potential, and deliver positive social impact.

“By fostering diversity, equity, and inclusion, we envision a profession that reflects the rich diversity of our communities.”

Conveyancing body challenges members on diversity

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After a member of the Lords was slammed by Propertymark recently for being rude about ‘estate agent degrees’, a university in Swindon has – with impeccable timing – launched what it says is a unique degree just for wannabe sales and letting agents.

While Baroness Fox of Buckley was disparaging about this kind of qualification, the Royal Agricultural University is now recruiting for the course’s first intake in September this year.

Students will be taught two days a week, enabling them to work while studying for the qualification over a four year period, or take it full time over two years.

Areas covered will include valuations, marketing, law, and professional sales practice, as well as more ‘hands on’ modules such as surveying, inspecting, and measurement.

The FdSc Residential Estate Agency course will also include a 10-week work placement, during the summer between the first and second year, during which students will gain further on the job training and experience as well as developing their confidence and employability skills and gaining valuable industry contacts.

Skills

Course leader William Leschallas (main image), Senior Lecturer within the Land and Property team at the university and both a RICS member and a former estate agent, says: “The role of an estate agent requires a diverse set of skills and attributes.

“This includes acting as a sales person to showing clients available properties, helping private buyers/investors buy and sell homes/investment properties, marketing properties for sale and assisting clients find that perfect home to rent or buy.

“This new estate agency course will give students a broad and innovative introduction to the key principles and practices in property services which examine property valuation, property law, finance, sales and marketing, people management and business strategy to enable students to become familiar with the core issues concerning the residential property sales sector.”

Read more about the degree

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