Archives for the month of: January, 2015

OTMScreen

OnTheMarket, which launched on Monday, hopes to provide a credible alternative to Rightmove and Zoopla who currently dominate the property portal market in the UK.  Set up (and owned) by a consortium of estate agents, including the likes of Savills and Knight Frank, the site launched with 5,000 estate agent branches represented, creating a real alternative to the big boys.  On first viewing the site seems very clean, uncluttered by advertising, which makes a refreshing change.  It also comes without some of the misleading market comparison tools offered by other portals.  Estate agents have long complained that the street level market statistics are misleading at best and downright unhelpful at worst.  Too often buyers will use the average price figures to argue (often wrongly) that a property should be a different price.   Buyers also get to see the full property history, including time on market and any price reductions.  This might be great for buyers but less so for vendors.  Given that estate agents act for vendors not for buyers.I can see why this new portal has appealed to so many estate agents.  However, time will tell whether it can compete against the might of Rightmove and Zoopla. Click here to take a look at the new portal.

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According to property analyst Hometrack, property prices in Cambridge have risen by £40,000 on average since November 2013, some 13% above last year’s levels.  Buyers are now paying £338,500 for the average house in the City.  This compares with £403,200 in London.  A booming local economy coupled with a lack of supply have fuelled these rises and the big question is what will happen in 2015?  Recent changes to Stamp Duty is likely to encourage buyers at the lower and middle ends of the market, although uncertainty about May’s General Election and worries over the proposed Mansion Tax may damp things down a little.