Housing Market Fortunes “Will Rise In the Fall”
Dragon breathes new life into Look4AProperty.com
Serial entrepreneur James Caan has unveiled his new-look property website, Look4AProperty.com.
James Caan - Chairman of Look4aProperty.com
The Dragon’s Den star is anticipating a huge surge in online property enquiries this autumn as the housing market picks up.
Caan, who was appointed chairman of the company in 2008, says he expects both estate agents and buyers will get back into the market before the end of the year. Caan plans to unveil a series of initiatives in the coming months designed to put liquidity back into the housing market.
“The UK housing market is slowly recovering,” says Caan. “We have already seen an increase in the number of enquiries on the site – but there are just not enough people putting homes on the market.
“Look4AProperty.com has planned a range of powerful products which will blow the current obstacles to sellers and buyers out of the water. We have prepared the site to help the market cope with the new demand.”
The website, which features UK and overseas properties for rent or sale, has now incorporated Google Streetview for homes in 25 cities across the UK. It has a new-look homepage which helps users find property more quickly, and the entire website now operates faster.
Aaron Turner, founder of Look4AProperty.com, says he is delighted with the new look.
“The site is slicker, quicker and more effective,” says Turner, “and our use of Google Streetview literally puts us streets ahead of our competitors.”
Housing market turning point imminent?
The founder of a property website says the first shoots of the housing market recovery are visible but are being put in jeopardy by a property shortage.
The claim comes just a day after the Halifax’s House Price Index revealed that UK house prices recorded a rise of 2.6 per cent last month.
Aaron Turner of look4aproperty.com believes first time buyers are trying to get a footing on the property ladder but are being hampered by a lack of stock.
Indeed, figures from the Council of Mortgage Lenders shows that 40 per cent of those purchasing a home in March were first time buyers, although this figure is still historically low. Mr Turner said enquiries on the firm’s website increased by 150 per cent in April and May, while numbers have continued to rise in June.
“There has been a really steep increase in people wanting to buy a home,” he commented. “But homeowners need to put properties back on the market or risk stifling the first real green shoots of recovery for this economy.
“The biggest problem we are now facing is a lack of homes. A lot of people went into the rental market after their homes failed to sell – but we are telling them that now is the time to switch back again.”
The trend of saving rather than spending since the recession means that many consumers have sizable deposits that they wouldn’t have otherwise, he added.
Overseas property market in freefall
French Riviera
Overseas home buying is down 80%, according to a property search website.
The steady exit of Britons from the overseas property market has now become a mass exodus.
look4aproperty.com has reported an 80% drop in inquiries about overseas properties over the last six months.
“There have been reports that the overseas market is doing well – but the truth is that market is looking pretty dead. Eighty per cent is a huge drop,” said Aaron Turner, CEO and founder of the website.
“People should not be fooled by reports claiming searches are up. They may be, but people are no longer serious about buying overseas – it’s all window shopping.
“On the positive side, we have seen a 28% rise in UK property inquiries over the same period. People are prioritising the roof over their heads rather than buying second homes in France and Spain.
“The lack of equity in the UK is affecting both markets – and with people struggling to get a UK mortgage or to pay off their existing one, they aren’t investing in second properties overseas anymore.”
Turner said the rise in UK property inquiries could be the first signs of the British market recovery, but he urged caution.
“It will be another three to four months before we can really say if these are genuine ‘green shoots’. We will have to see what happens before we can start celebrating.”
Too Early to Call Property Market Bottom?
Airtime: Thurs. Apr. 2 2009 | 09 11 00 ET
Despite the recent global economic rally, a rise in UK house prices, and jump in mortgage approvals, Aaron Turner, CEO of www.look4aproperty.com still feels that it is too early to call a market bottom. He and James Caan, CEO of Hamilton Bradshaw Private Equity amd BBC Dragon’s Den fame discuss the topic further.
Too Early to Call Property Bottom?
Essential Rules for First Time Buyers
Essential Rules for First Time Buyers
Quantitative easing is the best solution to salvage the UK economy
Quantitative easing is the best solution to salvage the UK economy – but the Government’s “dribs and drabs” approach is too slow, according to property website www.look4aproperty.com.
Aaron Turner
CEO Aaron Turner said: “Money needs to be put into the economy in much larger amounts and not in dribs and drabs of £2billion at a time. “It’s totally inadequate. I would say the Government needs to inject at least £300-£400billion and in much larger blocks to really get the economy moving – the £75billion they have pledged might not be enough to be noticed.”
Turner welcomed the new lending from banks including Lloyds, RBS and Northern Rock – but said too much of this money would be going to business and not enough to ordinary home owners. “
For example, out of the Lloyds announcement only £2billion of lending will go into mortgages – it is mostly going to business,” he said. “This will help because it could slow job losses and aid British businesses – but the amount of money is still too small and more money needs to go into the housing market. “
People need to remortgage and buy properties – and once they can do that they will start buying on the high street again. “
Whether quantitative easing works is a matter of time but I would say it will still take 18 months to two years for the country to get back on its feet – and even then, we won’t see 125% mortgages again, which is not a bad thing.”
Dragon continues to breathe fire into property investment market
Dragons Den star James Caan told a recent meeting of Oxford University students that despite the current downturn in the economy, the UK property business is still the focus of his investments.
And one of these investments is a website that helps residential landlords and tenants.
James Caan
Caan was invited by the university to speak to final year students about his career, his investments and his thoughts on the future of the UK economy.
Caan explained how he recently became chairman of the property portal www.look4aproperty.com after buying a 25 percent stake in the business, and that this was a clear sign of his commitment to the UK property market.
www.look4aproperty.com allows potential buyers and tenants to search for the right home for them, using properties submitted by estate agents up and down the country. The site features over 100,000 UK sale and rental properties.
www.look4aproperty.com is not tied to, owned or affiliated with any estate agency company, or any other property company or media group.
Caan has been working on a number of initiatives to put liquidity back into the housing market with his business partner Aaron Turner, CEO and founder of www.look4aproperty.com.
How the Bank of England’s Move Will Affect the Economy?
How BoE's Move Will Affect the Economy?
“We’ll wait and see how long it takes to filter through to the economy. Obviously it will put more money in people’s pockets which they’ll start spending again on the High Street,” Aaron Turner from look4aproperty.com said on the BoE’s decision to cut rates and boost money supply.”
Staff Must Accept Pay Cuts If Businesses Are To Survive Recession
Leading property portal website cuts staff pay by 20 percent
One of Britain’s leading businessmen is calling on bosses to offer staff a choice between pay cuts and redundancy in order to survive the recession.
Aaron Turner, founder of leading property website www.look4aproperty.com says UK businesses must face up to the facts: cut costs or die.
Look4aProperty.com
And Turner is practising what he preaches at his own company, making 20 percent pay cuts across the board.
“All 20 of my staff have accepted a 20 percent temporary pay cut,” says Turner, “and I would advise other businesses to take the same action.
“My shareholders agreed that it was the best option, as at least it keeps my staff from losing their jobs. It wasn’t a reactive pay cut – I made this decision while things are going well to give the company extra leeway as the recession takes hold.”
He adds as long as staff are given all the information they need, and assured they would be compensated with larger rises once the economy recovers, cuts were not unreasonable.
“My staff understand that we all need to make sacrifices – it is better to cut back on the odd night in the pub to make sure we all have jobs.”
Turner predicts the housing market will continue to flounder, with prices falling another five to 10 percent in the next three to six months.
“In total that will mean prices will have fallen by 25 percent,” Turner says.
“Once that bottom level is reached, the market will start to pick up again because properties will have become so cheap.”
But he adds stronger government intervention is still needed, even on top of the bailout announced earlier this week, to stop the crisis spiralling further.
“I have been saying for a long while now that we need a lending ‘tsar’ to force the banks to start lending.
“We need to get financial products out there to help businesses keep moving. If loans are available, people can buy properties, and companies can keep moving. After all this Government intervention, where are they?”
In December, Dragon’s Den entrepreneur James Caan was made chairman of www.look4aproperty.com after taking a 25 percent stake in the company.
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Mortgage Drought Stalling Housing Market Recovery
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Tentative signs of recovery
There are tentative signs of recovery in the UK housing market, but the drought of available mortgages is still the main problem, Aaron Turner, CEO of www.look4aproperty.com.
Written by aturner76
April 23, 2009 at 2:55 pm
Posted in Aaron Turner's Blog, General Comment
Tagged with housing market recovery