What is CMP and does your agent have it?
Rogue letting agent Manish Manek was found guilty of 17 counts of theft involving tenants’ deposits and rent owed to landlords.
He stole £47,000 before fleeing the UK in October 2012. A police investigation found that Manek had been putting tenant deposits and rent into his personal account.
He was finally arrested and sentenced to jail upon trying to re-enter Britain three years later.
It is estimated that letting agents currently hold approximately £2.7 billion in client funds and yet, if a letting agent is not covered by CMP, both landlords and tenants could stand to lose their money. So what is CMP? CMP stands for Client Money Protection, an insurance policy that members of ARLA (Association of Residential Letting Agents) are required to hold as a condition of membership. But does your agent have it?
Source: The Key
The cloning of Milton Keynes
50 years on, and is Milton Keynes being seen as a possible blue print to help solve the house shortage.
Apparently there are plans for 14 new towns, and economist Nicholas Falk says we should build on London’s fringe wastelands and remember that transport and homes must come as a package to create successful communities.
The number of people moving homes is falling
According to Lloyds Bank the number of people moving home last year has fallen for the first time in five years.
A total of 354,000 UK housesholds moved, this is four per cent fewer than 2015.
The bank has said this is the first annual decline since 2011.
The rising costs of new homes are to blame, on average new properties cost £291,777, this is a seven per cent increase on 2015 numbers.
In some parts of the south of England, anyone looking to buy a new home has to put down a deposit of more than £100,000.
Two estate agents reported profit warnings in 2016 due to the falling sales.
Foxtons saw a huge fall of 42 per cent in its profits in July and Countrywide who own 55 different estate agents said it expected its transactions to fall by six per cent over the year.