Can blockchain technology double the speed of UK property sale?

The delay in completing a UK property sale several months and has been a big problem in the UK property industry. To solve this problem a blockchain-style platform has promises to double the speed of UK property sales, with the startup behind it announcing a new deal for its widespread use.

The deal with other software firms will give around half of UK estate agents access to new technology designed to tackle typical delays in property sales, according to ‘proptech’ firm Coadjute.

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The firms chief executive Dan Salmons said home sales typically take months because of a lack of joined-up thinking and data-sharing among many stakeholders involved.

Confusion over next steps in a sale is common. Salmons said estate agents need “large armies” of workers merely to check for and pass on updates among parties, while buyers and sellers often have to complete similar forms multiple times.

Some experts say the sector is “ripe for disruption,” and UK government officials are among those who believe blockchain and similar technology could help “revolutionise the buy-sell process.”

Salmons acknowledges his firm is far from the first to promise to speed up sales by better connecting buyers, sellers, estate agents, conveyancers, lenders, government officials and others involved in transactions.

But he said previous efforts hit a wall as they sought to persuade all parties to use a single IT system. This can prove difficult to tailor to everyone’s needs, and poses privacy concerns with all data centralised. “People love new stuff, but they’re not good at giving up old stuff,” he added.

Britain’s Land Registry began exploring such technology in 2018, with trials held involving officials and conveyancers around the world who wished to tackle similar challenges.

The work sparked the launch of Coadjute, initially as Instant Property Network, as a participant in the trials. Salmons joined the startup after first getting involved in the experiments as Royal Bank of Scotland’s director of innovation for home buying.

It has since been working on its software and building interest, but Salmons said the pandemic had proved a turning point. The rise of remote working among estate agents, solicitors and others has sparked a “sudden demand for digitisation” in recent months, he said.

Source: Yahoo Finance UK

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New study predicts UK property boom

Small and medium sized businesses are set to drive a commercial property boom in the next two years, according to a new study.

Research from by finance specialist Together shows nearly six out of ten SMEs (58 per cent) – nearly 3.4 million across the UK – say a boost in business is driving a need to move or extend their existing site for additional staff and equipment as well as space for storage.

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Among firms with property plans, 30 per cent are looking to move to bigger premises while one in six (16 per cent) aim to extend their existing facilities. Another one in eight (12 per cent) will buy additional buildings or construct them from scratch.

However, some businesses fear their ambitions to expand could be hampered by a shortage of suitable property.

Nearly three out of four SMEs in London (73 per cent) and 71 per cent in the North East are planning to grow their premises over the next two years. SMEs in Wales (64 per cent) and the North West (63 per cent) are also focused on growth.

However, the survey revealed that about 29 per cent of SME bosses say there is a real estate stock shortage in their area, with the South West facing the biggest shortfall.

Around a third (35 per cent) of companies are worried about the costs of moving while 27 per cent are concerned about the potential disruption. Around a fifth (19 per cent) say they are nervous about the process of moving.

Finance is also a concern for business owners, with around 200,000 SMEs saying they are worried about lenders not understanding their business, while nearly 300,000 are concerned about the speed of decision making by banks.

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TA DenEco Consultancy – www.deneco.co.uk

Using salvaged materials for your building project

Whatever type of building project you are preparing to undertake, it is always worth taking time to consider if there are any materials that can be salvaged for re-use, recycled or up-cycled.

As there are many types of building projects, there will also be many uses for material that you may initially believe would not be of any use to you. This is where you need to consider the building project as a whole and see what you have to buy in for the various stages and what you can salvage for re-use, recycle or up-cycled elsewhere.

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These projects could potentially involve using salvaged material:

  • Building an extension
  • Loft conversion
  • Refurbishment
  • Renovation
  • External works
  • Demolition
  • Building a new house

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Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

 

Selling or renting your property? First impression is key

House buyers and renters decide within few seconds whether your house is ‘the one’. Updating the front and inside of your property for instant first impression can help bring those buyers and renters in and have them hooked on your home.

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Basic updates that can give you the required first impression are;

  • Kerb appeal – make your property attractive from the road.  Mow the grass, move bins, clean windows, impressive front door with lighting’s/flower decor, and tidy the garden and surroundings.
  • De-clutter – clear out the junk and depersonalise the space. Ditch or store away personal stuffs, kids’ drawings, and unnecessary items. The main goal is for potential buyers or renters to envision themselves in your home, and they can’t do that if your stuff is everywhere they look. All signs of you should be gone and replace with special items and features that appeal to your target buyers or renters.See the source image
  • Fix or replace faulty items/workmanship – little things like switch, lighting’s, door handles, cabinet nobs, tiles, paint, wall paper can be a deal breaker.
  • Make small improvements that pack a punch – focus your attention on the kitchen, bathrooms, and flooring, you can boost a tired home’s overall appearance for less than you think.
  • Standout furniture and fittings – Where possible invest in furniture and fittings that will give lasting impression on your target buyers or renters. For example fire place, wardrobe, bath, light fittings. The aim is to have an item that gives a wow factor in almost every room.

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TA DenEco Consultancy – www.deneco.co.uk

Don’t spend your money on luxury cars & lifestyle, invest it in houses – Ruiz Sr

When Andy Ruiz Jr bought a new white Rolls Royce his father was not happy.

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“I told him ‘Andy, this is your last car, don’t buy any more,'” Andres Ruiz recalls.

“I said, if anything, buy a Rolls Royce and rent it out, make money. You can make $30,000 a month on it.”

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The newly crowned heavyweight champion of the world’s first purchase after he dethroned Britain’s Anthony Joshua in July was a car for his mother Felicitas ,  he has since bought his dad a new truck.

He also paid $1m cash for a new home. Ruiz will earn more than $10m in Saturday’s rematch in Saudi Arabia.

“Like a father, I told him to stay humble – don’t spend the money, invest it in houses,” Ruiz Sr tells BBC Sport.

The advice, at least on car purchases, did not stick. The 30-year-old recently bought a Mercedes G550 jeep – a car that sells for over $100,000 – and as cameras filmed him pulling on to his driveway he simply said with a smile, “another one”.

Source: BBC News

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Making space in your home

Space – some of us have it and some of us don’t, but whether you live in a five-story mansion or a compact studio flat, you’ll want to make the most of every square inch you have. Luckily there are few tips that could get you making the best space from your home – whatever its size.

 

  • With a little creative thinking, any look can be created, despite the architectural restrictions, for example a lower ceiling immediately makes a large room feel cosier or a dropped lighting raft adds elegance and a desire mood to a room.
  • Having simple furniture that you can see through, such as the fine wishbone chairs, minimises fuss and helps make the room look bigger.
  • To make a space look more interesting, add small but significant details such as side and table lights, spotlights, handles on wardrobes, doors and units.
  • Textures add warmth and comfort to a room for example chenille, brushed cotton and velour will really help to warm up a space if it feels a bit corridor-like.

 

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Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Miraculous escape as car crashes into house and catches fire

Three people have suffered serious injuries after the car they were travelling in crashed into a house and caught fire.

The incident on the Isle of Lewis happened on the A857, after the junction with the A858, known as Barvas Corner, at about 01:30.

Car crashed into house

Three men in the car, aged 22, 32 and 36, and a 61-year-old woman who was in the house were rescued by police.

A 32-year-old man was arrested in connection with road traffic offences. Sgt Donald Sinclair, of Police Scotland, said: “Our inquiries into the circumstances of the crash are ongoing and I am appealing for anyone who saw the crash or who saw a blue Vauxhall Zafira being driven on the A857 before 1.30am to come forward.

The car ended up standing upright on its bonnet, leaning against the house.

The driver and two passengers of the blue Vauxhall Zafira were taken to Western Isles Hospital for treatment to serious injuries.

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Help to Buy: First time buyers overpaying an average of 10%

Thinking of using the Help to Buy scheme? Be sure to weigh up the pros and cons – and check you’re not overpaying – before taking the plunge.

First-time buyers could be paying a premium of up to 22% if they use the government’s Help to Buy scheme to purchase a home, a study has found.

It showed that the average person taking their first step on the property ladder using the Help to Buy equity loan initiative paid £303,450 for their home – 10.3% more than those who bought without using the scheme.

The premium paid by first-time buyers using Help to Buy was more than double this level in Yorkshire and the West Midlands at more than 20%, according to Reallymoving.

Its chief executive, Rob Houghton said many first-time buyers find it difficult to raise a deposit and, as a consequence, are turning to Help to Buy – a scheme which operates only under the new-build sector where homes can command higher prices.

He adds that this is in addition to a premium applied for buying under Help to Buy.

“In many cases, first-time buyers simply don’t have the deposit required to explore other options, such as buying a second-hand home, which may offer considerably better value,” he said.

Source: Zoopla Property News

 

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Property Purchase: At what point am I committed and cannot pull out?

In UK property purchase, the key point is when contracts are exchanged – right up until that point any party in the chain can withdraw with no penalty. This can lead to financial lost, tears, anger and lots of frustration.

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Once contracts are exchanged everyone is bound by the terms of the contract – if anyone wants to pull out after that point it will cost them many thousands of pounds, as a starting point it is usually 10 per cent of the purchase price and then any damages that flow from their actions. Because of this, generally the best advice is to buy the property and put it on the market as soon as you can. Depending on the market at that time you may lose a little money, but potentially considerably less than if you’d withdrawn from the sale.

 

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Dennis Bebo – MSC, BSC, DEA, CeMAP

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Man City Footballer Rahaem Sterling buys row of terrace houses to kick start Fiancee’s Property business

Raheem Sterling’s fiancée Paige Milian, 22, who has a young son with Raheem, announced that they had bought the complex on Instagram .

She wrote: “After months of studying property development, I achieved my qualification to become a property developer in 2018.

 

“We then started a search of properties to add to our portfolio and was then successful in purchasing six brand new houses.

“We plan to add more projects to our portfolio in the future.”

The six new two-bedroom houses are in an unfashionable part of Stockport

The 24-year-old snapped up the six two-bedroom houses in an unfashionable part of Stockport, Greater Manchester, for an estimated cost of £166,000 each.

 

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Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk