What did the property sector have in store for July?
In July's property headlines, there are calls for a more lenient approach to support landlords with Energy Performance Certificate (EPC) regulations, Yorkshire and the Humber’s five-year average for fast property sales shines, auctions see a record 32% of homes sold in Q2 2023, and property professionals remain positive about AI's potential in the industry.
Let’s delve deeper into these top stories, together…
Calls for a more relaxed EPC rule deadline for landlords
Criticised for being too demanding, the proposed deadline of 2028 for new EPC regulations has been challenged this month, with UK housing secretary Michael Gove suggesting that the government should ease the pressure on landlords to comply with new rules.
Specifically, Gove warns of potential backlash and landlords' selling properties to avoid expensive upgrades, as they race against the clock to achieve a minimum EPC rating of C within five years, or face significant fines. The National Residential Landlords Association (NRLA) advocates for a proper plan and financial support to make the private rented sector more energy efficient, while ensuring landlords remain supported.
Homes in Yorkshire and the Humber among the UK’s fastest-selling
While the UK property market has witnessed a slight slowdown overall in the time it takes to sell a property, Yorkshire and the Humber shines as a region with commendable selling times. In the rolling median for April to June 2023, it ranks joint fourth, and in terms of the five-year average, it proudly shares the second spot among the fastest locations to sell a home.
This achievement highlights the area's appeal and desirability, with a strong demand for properties, contributing to its reputation as a sought-after destination. The market in Yorkshire and the Humber remains robust and promising, presenting excellent opportunities for both buyers and sellers alike.
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Record 32% of homes sold via auction in Q2 2023
The Modern Method of Auction (MMoA) is gaining traction as an increasingly popular buying method, with estate agents selling a record number of residential properties through auctions in Q2. The figures show a significant 32% increase in properties sold via MMoA compared to the same period last year, generating over £412m in capital value for vendors — a notable 24% rise from Q2 2022.
The South may have seen the most substantial growth in auction sales, with a remarkable 67% increase year-on-year, but the North is quickly catching up — with consumers embracing auctions as a viable alternative, agents are finding auction sales particularly valuable in expanding opportunities within the market.
Proptech survey shows positive sentiment about the growth of AI
AI in the property industry continues to garner significant attention, with its promising capabilities drawing positive responses from most UK property professionals. A Searchland survey revealed that 87% of respondents are not worried about AI technology making their roles obsolete in the future. Many professionals see the potential for AI in automating tasks, data processing, and analysis. However, a majority of 84% acknowledge the importance of human guidance, emphasising that technology should complement, not replace, skilled professionals.
The adoption of AI technology is still relatively low, with only 13% indicating its implementation in their companies. Nevertheless, the growing recognition of AI's potential is evident as prominent players in the industry are exploring its applications. We’re looking forward to seeing its capabilities unfold even further.
That’s all for July’s headlines. Don’t forget to check back in just a few weeks’ time, to see what’s new in the property sector in August. Want to hear more from us in the meantime? Follow us on Instagram, LinkedIn, Twitter, and Facebook.