Estate Agents to trial sale reservation agreements & how is the London New Built sector recovering

NEWS OF THE WEEK: Agents invited to express interest in taking part in reservation agreement trials https://propertyindustryeye.com/agents-invited-to-express-interest-in-taking-part-in-reservation-agreement-trials/ Agents are invited to take part in trials to see if reservation agreements work. The appeal has gone out from the Home Buying and Selling Group, which has drawn up an agreement and proposed it to the Government. The initial recommendation from the HBSG working group is that the agreement will be conditional upon the information available at the point of acceptance of offer and the buyer’s and seller’s circumstances. Both parties will be expected to pay a commitment deposit which they may lose if they breach the terms of the agreement. Any deposit monies paid will be protected by an arbitration process. However, while the Government has expressed interest in such agreements in the interests of speeding up and securing transactions, both the industry and consumers appear to be split on whether reservation agreements will be successful. They are already successfully used with existing homes sales and purchases by some agents and also in the new homes industry. Those that use them believe they improve the process and that they do save consumers time and money. MOLIOR- RESIDENTIAL RESEARCH Q4 ANALYSIS- Construction starts, completions and new homes sales were all down in 2019. However, Starts, Completions and sales showed a significant improvement in the final quarter of 2019. Sales volumes in Q4 were on par with 2017 (the second best year in record). QUESTIONS OF THE WEEK: Im buying a flat, building was collectively enfranchised but the current owner didn’t buy in, do I still have the right to get the share of freehold later? LISTING OF THE WEEK; west end gate, new built, W2, one two and three beds available, luxury development in zone 1, prices from £900k, luxury facilities, 10 years new built warranty