House prices fall as buyers stay home - This is Money
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Tuesday, 17 February 2009
Oaktree taking Countrywide stake
LONDON (SHARECAST) - US distressed debt fund Oaktree Capital is close to
snapping up a stake in UK estate agent Countrywide, suggesting the bottom
of the property market may be near.
It is thought the American business will buy a 35% stake from US private equity
firm Apollo Advisors, which paid £1bn for it at the peak of the market in 2007.
The deal will slash Countrywide’s debt to about £175m from £750m and provide
£75m of fresh cash to help it through the recession. Apollo, run by private
equity investor Leon Black, will be left with a 30% interest.
Three quarters of Countrywide’s bondholders have to approve the deal, to be
implemented via a scheme of arrangement, if it is to go through.
Read more:
Share Cast
Monday, 16 February 2009
Beware of Rising Estate Agency Fees
Estate agents are hitting their customers with extra charges as they try to
recoup their losses from the property downturn. Sarah Coles investigates.
The headline on job losses didn’t break many hearts: thousands of estate agents
could lose their jobs. The pariahs of the housing market spent years making a
fortune for little work on the back of rising prices, so it stands to reason
they should suffer in the downturn. Unfortunately, when estate agents are under
pressure, it’s customers who suffer with increased charges.
The most obvious change is commissions, with more agents charging between 2%
and 3%, up from around 1% or 1.5% during the boom. Chris Wood, president-elect
of the National Association of Estate Agents (NAEA), says: “The credit crunch is
obviously having an impact on estate agents – and that means their pricing
structures too.”
Read more:
Money Wise
Monday, 16 February 2009
Asking Prices Rise as Agents fight for Business
Asking prices for homes rose 1.2 per cent in January as agents fought for
business, according to property information company Rightmove.
Its house price index shows the average asking price for a home in England
and Wales rose from £213, 570 to £216,163.
The company warned this is not an indication that the market may be starting
to recover. Instead it said the shift is due to the lack of property on the
market, which is tempting estate agents to raise valuations to attract business.
In January 75,140 homes came on to the market, down from 137,442 a year ago.
Read more:
Inside Housing
