Failure to display Client Money Protection certificates can lead to fines
Property agents must obtain a certificate confirming membership of an approved Client Money Protection (CMP) scheme and meet specific in-branch and online display requirements to comply with the law. Breaches can result in civil penalties of up to £5,000.
Anti-Money Laundering registration – consequences of non-compliance
In April 2024, HMRC announced fines of over £1.6 million for agents found to have committed various breaches, and we are concerned that agents, including some Propertymark members, may be incorrectly applying, failing to apply or not maintaining an accurate and up-to-date registration with HMRC.
A positive HMRC Self-Assessment evolution
For many self-employed property agents, self-assessment is how they declare their tax liabilities. However, self-assessment has only been in place since 1996 and was created to streamline the tax collection process for those with untaxed income who declare and pay tax on it. With the move to an online service, HMRC went from zero to 97% of Self-assessment filers submitting their tax returns online.
Decisive reforms laid out in planning consultation
Speaking in the House of Commons on 30 July 2024, Secretary of State for Housing, Communities and Local Government Angela Rayner, MP, has begun to elaborate on the updates to the National Planning Policy Framework (NPPF) which is a key step in the UK Government’s plan to boost housebuilding. A consultation is taking place over the summer and a revised NPPF will be published before the end of the year.
Sector-specific guidance would give agents confidence to fight money laundering
Propertymark has responded to the HM Treasury consultation on improving the effectiveness of the Money Laundering Regulations (MLR), drawing on member survey data to illustrate the current challenges for agents and how targeted improvements could enhance the system.
King's Speech: what will impact property agents
Opening the new session of Parliament, King Charles III announced more than 40 Bills the UK Government has committed to introduce, with housing and planning firmly in the spotlight. Housebuilding, renters’ rights, and leasehold reform are all on the legislative agenda, along with significant devolution of powers to local authorities.
Greater Manchester plans to tackle housing crisis
A UK-first deal for renters and landlords will see standards across the rental sector improve under the Good Landlord Charter, as announced by Andy Burnham, Greater Manchester Mayor on 12 July, along with the promise of delivering thousands of new homes.
And the rest is politics: How Propertymark amplifies member voices
To represent Propertymark members’ views and the property sector to ensure their voices are heard, we interpret key policy developments and lobby for change. Working with members, we research and survey to develop evidence-based arguments to campaign for policy change across the devolved nations on issues, including supply of property, tenancy management, economic crime, property taxation, enforcement, material information, and welfare reform.
Five property Bills included in First Minister's legislative plan
Rt Hon Vaughan Gething, MS, has set out his priorities for the rest of this Senedd term, with building safety, homelessness, visitor accommodation, and planning all forming part of the programme. Radical and transformative change which matters most in people’s lives is what the Welsh Government will be concentrating on, and the First Minister is looking forward to a renewed, genuine partnership with the new UK Government to unlock opportunities across Wales.
Westminster encourages local councils to take on more powers
In a roundtable meeting with all the regional mayors in England, the Prime Minister and Deputy Prime Minister have discussed how to scale up devolution and give regional governments greater control over unlocking economic growth, powered by housebuilding, in their areas. Local Growth Plans were also on the agenda, and the mayors were tasked to identify local specialisms and contribute to a national industrial strategy.
The new government must address the country's housing crisis promptly
The UK General Election has returned the Labour Party to power with a parliamentary landslide, ending 14 years of Conservative government. Aiming to channel the spirit of Clement Attlee with a proactive and strategic approach to housing, the party campaigned on a manifesto that promised significant changes to planning rules, strict targets for delivery of new homes, reform of the private rented sector (PRS), long-term schemes to help young people onto the housing ladder, and local powers for councils to take over empty commercial premises.
Elected Board members and division Vice-Presidents announced
At the Propertymark AGM today, 28 June 2024, we welcomed three newly elected members of the Propertymark Board and marked the beginning of fresh Presidential terms for the ARLA Propertymark and NAEA Propertymark Advisory Panels. This year's successful Vice-Presidents were also announced and will join the presidential teams for the sales and lettings divisions.
Stunning Fort sales highlight thriving auction market
The sale of two historic sea island forts, each auctioned for significantly more than their initial asking prices, demonstrates that sale by auction is becoming increasingly popular for all kinds of property.
Commercial Outlook Q1 2024
Although challenges remain, key economic indicators give cause for optimism. GDP is trending upward, and inflation is edging closer to the Bank of England’s target. Member sentiment varies by sector, but there is notable positivity in the Land and Yards and Industrial sectors. Supply and demand imbalances remain, most notably in the Pubs and Restaurants sector, which continues to be impacted by changing trends.
General Election 2024: housing policy round up
The property industry urgently needs a clear strategy and strong, consistent leadership from the next UK Government. As the nation prepares to go to the polls on Thursday 4 July Propertymark has examined the manifesto promises on housing from major parties to see what is on offer to voters who care about the future of our sector.
Auctions Barometer: Q1 2024
2024 has started well. In the Residential and Commercial property sectors, there seems to be a return of confidence, probably helped by the hold in interest rates. Catalogue numbers remain strong and registered bidder levels are also high. Our Fine Art and Chattels members report that 2024 has started buoyantly with plenty of bidders keen to get out of the blocks and acquire lots at all price levels and across all fields of collecting and furnishing.