Equinor selects Deepsea Atlantic rig for Johan Sverdrup phase 2

first_imgThe Deepsea Atlantic rig will be used to 12 wells with an option for an additional five extra wells The Deepsea Atlantic drilling rig. (Credit: Marit Hommedal / Equinor ASA.) Norwegian energy company Equinor has awarded a letter of intent to Odfjell Drilling to deploy the Deepsea Atlantic rig for the second phase for the Johan Sverdrup field development.The drilling programme is planned to commence in 2022, and will include 12 wells with an option for an additional five extra wells.The contract value for drilling the wells is approximately $150m and the cost for the optional wells are not included in the estimated value.Equinor drilling and well operations senior vice president Erik Kirkemo said: “Deepsea Atlantic drilled the Johan Sverdrup phase 1 wells with excellent results, so we are pleased to secure the rig for phase 2 as well.“The rig is already on a continuing contract with Equinor, and our ambition is to keep it busy until Johan Sverdrup phase 2 comes on stream at the end of 2022.”Equinor is the operator of the Johan Sverdrup field developmentThe second phase of the development involves construction of a subsea production system, reconstruction of the existing riser platform as well as a new processing platform, which will house a converter unit receiving power from shore.The platform will distribute power to other fields on the Utsira High: Edvard Grieg, Ivar Aasen, Gina Krog and Sleipner.Equinor said that the four existing platforms on the Johan Sverdrup field are already receiving power from shore.The firm said that the second phase development will increase the production capacity of the field from 470,000 to 690,000 barrels per day on plateau.The licence partners include Equinor as the operator, Lundin, Petoro, Aker BP and Total.In October last year, Equinor and its partners started production from phase 1 of the NOK124bn ($13.63bn) Johan Sverdrup project in the Norwegian part of the North Sea.At peak production, the field is expected to account for almost a third of all oil extraction on the Norwegian continental shelflast_img read more

Total and partners secure $14.9bn financing for Mozambique LNG project

first_img The Mozambique LNG project involves the development of Golfinho-Atum offshore gas field. (Credit: gloriaurban4 from Pixabay) French oil major Total and consortium partners have secured $14.9bn financing from several banks for the $20bn LNG project in northern Mozambique.The Mozambique LNG project involves the development of Golfinho-Atum gas field located offshore Area 1 Block of the deep-water Rovuma Basin.It also includes construction of a 12.88 million tonnes per annum (Mtpa) onshore LNG facility on the Cabo Delgado coast.The Rovuma Offshore Area 1 consortium secured senior debt financing comprising Export Credit Agency (ECA) direct loans, ECA covered facilities, commercial banks loans, and a loan facility from African Development bank.It raised ECA direct loans from UK Export Finance (UKEF), the Export-Import Bank of the United States (US-Exim), Japan Bank for International Cooperation (JBIC) and Export-Import Bank of Thailand (Exim Thailand).ECA covered facilities came from UKEF, Atradius Dutch State Business, the Export Credit Insurance Corporation of South Africa Soc (ECIC), SACE and Nippon Export and Investment Insurance (NEXI).Total E&P Mozambique Area 1 operates Offshore Area 1 Block of Rovuma BasinTotal’s wholly-owned subsidiary Total E&P Mozambique Area 1 operates Offshore Area 1 with a 26.5% stake.Other partners in the project include ENH Rovuma Area (15%), Mitsui E&P Mozambique Areal (20%), ONGC Videsh Rovuma (10%), Beas Rovuma Energy Mozambique (10%), BPRL Ventures Mozambique (10%), and PTTEP Mozambique Area 1 (8.5%).JBIC said that the loan would primarily finance the development of the gas field and production of LNG in the project.It is expected that Japanese utility companies would offtake approximately 30% of the LNG from the Mozambique project, stated JBIC.This is considered to be the biggest private debt-financing in Africa inspite of the Covid-19 pandemic and volatility in the oil markets.The project faced several challenges to raise funding due to weakened oil prices as well as growing insurgency in the northern part of the Cabo Delgado province, reported Financial Times.Earlier this year, Air Products was selected to provide its LNG technology, equipment and related process license and advisory services for the Mozambique LNG project. The Mozambique LNG project also involves the construction of a 12.88 Mtpa onshore LNG facility last_img read more

ExxonMobil to lay off up to 300 people in Canada

first_img ExxonMobil global headquarters in Irving, Texas. Credit: ExxonMobil/Wikipedia.org. The US oil major ExxonMobil has unveiled plans to cut up to 300 jobs in Canada by the end of next year.The redundancies are part of its restructuring efforts to trim operating costs as energy demand and crude prices plummeted after the Covid-19 pandemic.The job cuts will include positions at Imperial Oil, ExxonMobil Canada and ExxonMobil Business Centre Canada, the company’s affiliates in the country.In a statement, ExxonMobil said: “Canada remains an important market for ExxonMobil; however, further actions are needed at this time to improve costs and ensure the corporation and its affiliates manage through these unprecedented market conditions.”The company added that the recent pandemic has increased the urgency of the efficiency work forcing ExxonMobil to trim its workforce.The step comes nearly a month after ExxonMobil confirmed around 1,900 redundancies in the US through a combination of voluntary and involuntary reductions. Primarily, the company’s management offices in Houston, Texas, will be affected by the decision.ExxonMobil plans to trim its global workforce by nearly 15%Last month, ExxonMobil said that it can reduce its global workforce by about 15%, a step that will make around 14,000 employees redundant including contractors.The company also announced more than $10bn in budget cuts this year.At the end of 2019, ExxonMobil had around 88,300 employees, including 13,300 contractors.Apart from ExxonMobil, several other oil majors have also reduced their staffing to pull up revenues in this challenging period.Royal Dutch Shell and BP are planning to axe up to 15% jobs, while Chevron planned cuts will amount to around 10%-15% of the workforce, reported Reuters.Earlier this month, ExxonMobil reportedly withdrew from a partnership with Energas that was formed to establish a liquefied natural gas import terminal in Pakistan. The move was also seen as a part of its ongoing efforts to reduce costs. The decision is part of an ongoing global review that seeks to reduce costs amid challenging market conditionslast_img read more

Joe Biden plans ‘Day One’ flurry of climate and environment actions

first_imgRejoining Paris climate agreement a Day One priority for Joe BidenReversing Trump’s decision to pull the US out of the Paris Agreement, which took effect late last year, will be among the first priorities of the Biden administration – a development his team says will put the US “back in position to exercise global leadership in advancing the objectives of the Agreement”.Ursula von der Leyen, President of the European Commission, welcomed the move, writing on Twitter that the return of the US to the climate accord will be “the starting point for our renewed cooperation”, adding “way more is to come”.I am delighted that on day one of this new administration, the US will rejoin the #ParisAgreement.This is the starting point for our renewed cooperation.And way more is to come.— Ursula von der Leyen (@vonderleyen) January 20, 2021Reversing Trump’s emissions standards rollbacksAs well as kick-starting the 30-day process of rejoining the Paris Agreement, Joe Biden plans to issue several other presidential orders targeted at taking “critical first steps to address the climate crisis, create good union jobs, and advance environmental justice”.High on the agenda is directing federal departments and agencies to reconsider vehicle fuel economy and emissions standards, methane emissions standards, and appliance and building efficiency standards.A relaxation of regulations for vehicle emissions and industrial methane were hallmarks of the Trump presidency, widely criticised by environmentalists and even some within the industry.Last week, French oil major Total pulled its membership of the American Petroleum Institute, an influential lobbyist group, citing among other reasons the API’s support for this deregulatory agenda. Other oil majors, including BP, Shell and Exxon, also opposed the rollback of methane emission rules at the time. The president-elect campaigned on an agenda of sweeping reforms to US energy policy focused on emissions reduction (Credit: Michael F Hiatt/Shutterstock) Hours after being sworn in as the 46th President of the United States later today, Joe Biden will make a series of Day One executive orders addressing climate change and the clean energy transition.The president-elect was voted into office having campaigned on an agenda promising sweeping reforms designed to “revitalise the US energy sector” – and his transition team today previewed a list of immediate actions aimed at tackling climate issues and “reversing the previous administration’s harmful policies”.Outgoing President Donald Trump faced criticism during his four-year stint in office for failing to address the growing urgency of environmental concerns, scaling back regulations intended to reduce emissions from US industry and transport, and opening protected federal lands to new resource extraction. US president-elect Joe Biden will immediately seek to reverse Trump-era policies during his first hours in office as climate issue ride high on the agenda Blocking oil lease sales in the Arctic National Wildlife RefugeBiden also plans to issue a temporary moratorium on all oil and gas leasing in the Arctic National Wildlife Refuge (ANWR) in north-east Alaska.Drilling in the ANWR has been targeted by industry for decades, but up until a 2017 tax law it remained protected by environmental regulations, due to its importance as a natural habitat for wildlife including polar bears, caribou and migrating birds.President Trump successfully fast-tracked an auction process during his final months in office in an effort to complete the first of two legislated lease sales ahead of inauguration day.However, only $14.4m was raised after interest turned out to be minimal at a time when oil companies are facing huge financial pressures as a result of lost demand and low commodity prices during the pandemic.Only three separate bidders took part in the auction, with 11 of the 13 bids made by the Alaska Industrial Development and Export Authority (AIDEA), a state government organisation which made the purchases with a view to potential industry partnerships at some point in the future.Yesterday, the US Bureau of Land Management issued 10-year leases for nine of the 11 successful bids, after AIDEA withdrew its interest in two of the tracts.While completion of the sales makes it difficult for a new administration to reverse the process, Biden is nevertheless expected to introduce strict permitting regulations that will make further development of the plots more difficult for the companies involved. Revoking Keystone XL permitIn a further rebuke to his predecessor, Biden will revoke the presidential permit granted to the Keystone XL oil pipeline, cancelling development of the near-2,000km-long transport infrastructure linking Canadian oilfields to refineries in the US.In 2017, President Trump began a process of overturning an Obama-era block on development of the pipeline, heralding “a new era of American energy policy” and an “historic moment for North American and energy independence”.The $8bn pipeline project was tipped to move 830,000 barrels of crude oil per day from production sites in Alberta, Canada to Nebraska, US, where it would connect to an existing pipeline network supplying US refineries around the Gulf Coast.But it has been opposed by environmental groups who want to see a shift away from petroleum fuels, as well as by land owners concerned about environmental damage caused by the pipeline’s construction.Responding to the news that Biden plans to revoke the project permit, TC Energy, which owns the venture with backing from the Government of Alberta, said it was “disappointed” with the decision, adding it will now suspend the project and “consider its options”.Senior Canadian officials, including Alberta Premier Jason Kenney and Prime Minister Justin Trudeau, have expressed concern about the project’s expected cancellation. In a statement, Trudeau’s office confirmed he had spoken to president-elect Biden on the issue, and “made the case for the project” to the incoming administration.last_img read more

President Biden moves swiftly to dismantle Trump’s oil legacy

first_imgShortly after becoming 46th President of the United States, Joe Biden made key interventions that will change the face of the country’s oil industry Oil lease sales in Alaska refuge blocked, days after first industry auctionAnother notable policy reversal came with a temporary ban on new oil lease sales in the Arctic National Wildlife Refuge in north-east Alaska.President Trump had succeeded where many others before him failed in opening up the protected federal land to oil and gas drilling, thanks to a provision for an auction process passed in a 2017 tax law.The former president expedited this sale process during his final months in office, overseeing the first-ever sale of drilling plots in the region earlier this month – a move heralded by the federal Bureau of Land Management as “a hallmark step and a clear indication that Alaska remains important to meeting the nation’s energy needs”.Alaska’s ANWR had been kept off-limits to oil development for decades (Credit: Troutnut/Shutterstock)In his executive order, President Biden directed the Interior Department to “place a temporary moratorium on all activities of the federal government” relating to the leasing process, requesting a review of the scheme and a “new, comprehensive analysis” of its environmental impact.While providing industry access to the ANWR – where decades-old estimates suggest there are almost 12 billion barrels of recoverable crude reserves – was a landmark achievement of the Trump presidency, the auction itself proved to be anti-climactic.Just $14.4m was raised by a sale from which major producers chose to steer clear amid the financial constraints brought on by the pandemic and potential reputational issues associated with drilling in the region.A total of 13 eligible bids were received, 11 of which came from the Alaska Industrial Development and Export Authority (AIDEA), a state government organisation which made the offers with a view to potential industry partnerships at some point in the future.On 19 January, the US Bureau of Land Management issued 10-year leases for nine of the 11 successful bids, after AIDEA withdrew its interest in two of the tracts.Adam Kolton, executive director of the Alaska Wilderness League, which is among a coalition of advocacy groups that have mounted legal opposition to the lease sale, said: “Alaska’s wild lands and waters were too often in the bullseye for an anti-conservation agenda these past four years.“We are thrilled that the incoming Biden administration has placed Alaska’s public lands among its top conservation priorities. We look forward to working together to realise Alaska’s significant potential to protect America’s resources at the landscape level, a key strategy for safeguarding vital biodiversity and addressing the climate crisis.” Joe Biden tasks EPA with tightening oil and gas industry emissions standardsThere was further intervention by Joe Biden to reverse the regulatory rollbacks of the Trump administration relating to vehicle fuel-efficiency standards and methane emissions across the oil and gas industry.The relaxation of industrial and transport emissions rules was highly controversial, even within the industry, and attracted legal opposition from environmental campaign groups.The most recent of these deregulatory actions came last August, when the Environmental Protection Agency (EPA) – now with new leadership under President Biden – finalised rules releasing oil and gas companies from the requirement to closely monitor and control methane emissions at production and processing facilities.Transmission and storage operators were also freed from methane-specific regulatory controls, as well as wider air-quality standards governing the release of volatile organic compounds (VOCs) into the atmosphere.Joe Biden has now directed the EPA to propose new industry regulations establishing strong standards for “methane and volatile organic compound emissions from existing operations in the oil and gas sector, including the exploration and production, transmission, processing, and storage segments”.His order stipulates for this to occur by September 2021. The API said it will “work closely with the Biden administration as it conducts regulatory reviews that may impact our industry”.Fred Krupp, president of the US-based Environmental Defense Fund, said: “Revising methane standards could bring quick climate benefits. Cutting methane emissions from oil and gas is the fastest and most high-impact way to slow the rate of global warming.” Joe Biden cancels development of Keystone XL oil pipelineA more sensitive issue was the withdrawal of a permit, granted by former President Trump in 2019, for development of the Keystone XL pipeline, linking Canadian oilsands to refineries across the US Gulf Coast.In 2015, then-President Barack Obama blocked the infrastructure project on environmental grounds, but the Trump administration reinstated the venture saying it would further the interests of US energy independence by reducing the need for imports from outside North America.In his executive order revoking this permit, President Biden said analysis made in 2015 concluded “the significance of the proposed pipeline for our energy security and economy is limited” and would “undermine US climate leadership” by undercutting its credibility as it urged other countries to take action on climate change.The near-2,000km-long pipeline would have stretched from oilfields in Alberta, Canada to a connection point in Nebraska, US, where it would join a pipeline network supplying US refineries around the Gulf Coast region.The $8bn project was tipped to transport around 830,000 barrels of crude oil per day, and its construction – supported by the Canadian government alongside owner and operator TC Energy, was heralded as a major source of both revenue and job creation.TC Energy said it was “disappointed” with the decision, adding it will now suspend the project and “consider its options”.The API labelled Biden’s decision to block Keystone XL a “slap in the face” to union workers who had been contracted for its development, warning the “misguided move will hamper America’s economic recovery, undermine North American energy security and strain relations with one of America’s greatest allies”.center_img Canada relations tested following Keystone XL blockIndeed, senior Canadian officials, including Alberta Premier Jason Kenney and Prime Minister Justin Trudeau, have expressed concern about the project’s cancellation.Kenney said in a statement: “As friends and allies of the United States, we are deeply disturbed that one of President Biden’s first actions in office has been to rescind the Presidential permit for the Keystone XL Pipeline border crossing.“A decision has been made without even giving Canada a chance to communicate formally with the new administration. That’s not how you treat a friend and ally.”The Alberta Premier called on President Trudeau to approach his US counterpart over the decision. “Failing an agreement with the American government, we call on the Government of Canada to respond with consequences for this attack on Canada’s largest industry,” he added.Prime Minister Trudeau released his own statement on the issue, saying attempts had been made after the US election to “make the case” for the pipeline to high-level officials of the new administration.He added: “While we welcome the president’s commitment to fight climate change, we are disappointed but acknowledge the decision to fulfil his election campaign promise on Keystone XL.”Environmental groups welcomed the pipeline’s cancellation. Catherine Collentine, an associate director at Sierra Club, said: “Rejection of Keystone XL [is] a huge and hard-fought victory for our communities, clean water, and climate.”Anthony Swift, Canada programme director at the Natural Resources Defense Council, added: “President Biden’s decision to reject the Keystone XL tar sands pipeline on its first day turns the page on a twelve-year fight over the energy future of our country and sets the stage for a more prosperous future powered by clean energy.” Joe Biden was elected on an agenda pursuing sweeping reforms to the US energy system (Credit: Crush Rush/Shutterstock) US President Joe Biden wasted little time in moving to undo some of his predecessor’s signature actions – most notably for the oil industry a block on development of the Keystone XL pipeline and a ban on further lease sales in Alaska’s Arctic National Wildlife Refuge (ANWR).Just hours after the inauguration ceremony yesterday at Capitol Hill, the new president issued a series of executive orders reversing hallmark policies of a Trump administration that had largely been a champion of industry and sought to advance oil projects in the interests of US energy independence.Among the Day One actions was the headline re-instatement of the US as a participant in the Paris Agreement on climate change, a move widely-welcomed by global leaders and industry alike.We’re back in the Paris Climate Agreement.— President Biden (@POTUS) January 21, 2021The American Petroleum Institute (API), an influential voice for oil and gas interests in the US, said it shares “President Biden’s goal of leadership in addressing climate change” and will “support the ambitions of the Paris Agreement” and global action to reduce greenhouse gas emissions.The lobbyist group confirmed that natural gas will continue to be key priority for its membership as a transitional fuel while the world moves forward with electrification.“Models show this agreement between nations cannot be achieved without access to natural gas, and that’s why we will continue to advocate for expanded US LNG exports as a path to transition countries toward cleaner fuels while ensuring millions of people in developing nations have access to electricity,” it said in a statement.last_img read more

Canada’s ARC Resources, Seven Generations to merge in $6.3bn deal

first_img Seven Generations is engaged in developing the Kakwa River Project. (Credit: Business Wire) Canadian oil and gas firm ARC Resources has agreed to merge rival Montney producer Seven Generations Energy in an all-stock deal worth around CAD8.1bn ($6.38bn).Currently, Seven Generations is engaged in developing the Kakwa River Project in the Montney Formation, Canada. The liquids-rich natural gas property spans over 500,000 net acres.ARC Resources, on the other hand, has production in the Pembina Cardium region in Alberta apart from the Montney region.Post-merger, the combined company will retain the name ARC Resources and will be headquartered in Calgary, Alberta.The enlarged ARC Resources will have a production of more than 340,000 barrel of oil equivalent (boe) per day in 2021. It will be made up of nearly 138,000 barrels per day of liquids and around 1.2 billion cubic feet (Bcf) per day of natural gas.The combined company is claimed to become the sixth largest upstream energy company in Canada, apart from being the country’s third largest natural gas producer, and the largest condensate producer.The cost savings and synergies resulting from the merger are anticipated to drive approximately $110m in annual free funds flow improvements by 2022.The parties stated: “The combined company’s balanced portfolio of top-tier, long-life condensate, liquids-rich, and natural gas assets will expand internal investment optionality. Capital allocation can be further optimized across all commodity cycles to enhance returns and deliver increased shareholder value.“The premier Montney land base of the combined company will comprise over 1.1 million net acres of Montney land and a deep inventory of high-return, de-risked core development opportunities.”As per the terms of the deal, Seven Generations’ shareholders will be issued 1.108 common shares of ARC Resources for each common share they hold in Seven Generations.After the completion of the merger, ARC Resources’ shareholders will own around 49% of the combined company, while Seven Generations’ shareholders will own the remaining 51% stake.The deal is expected to be completed in the second quarter of 2021. However, this will be subject to shareholder approval for both the companies, regulatory approvals, and meeting of other customary closing conditions. The combined company will have a production of over 340,000boe per day in 2021last_img read more

Agents announce major acquisitions

first_imgHome » News » Agencies & People » Agents announce major acquisitions previous nextAgencies & PeopleAgents announce major acquisitions23rd January 201501,382 Views Carter Jonas has announced that it has agreed a deal to buy the New Square Holdings Group comprising two Cambridge based property companies, while Brown and Merry, which is part of the Sequence UK network, has acquired Berkhamsted and Chesham based independent estate agent, Adrian Cole & Partners.Carter Jonas’ acquisition of Januarys, the commercial and planning consultants, and residential sales and lettings agency, Bradshaws, will be effective from 30 January 2015, and will increase Carter Jonas’ team of property specialists based in Cambridge to 80.Over the coming months, the various business streams of the two firms will combine to produce a multi-disciplinary property consultancy, covering the eastern region with offices in: Cambridge, Bury St. Edmunds, Peterborough, Long Melford and Northampton.Mark Granger (left), Chief Executive, Carter Jonas, commented: “The acquisition of Januarys and Bradshaws continues the growth of our presence in the eastern region that has included other purchases in the last few years, namely Jeffersons Commercial, and the rural business, HW Dean. It is very much in line with our national strategy.”This latest deal follows a series of recent acquisitions by Carter Jonas including Sullivan Thomas, the residential business based in Fulham, Parsons Green and Wandsworth; the commercial investment agency, Whittingham Prosser; Barnes based residential agency Boileaus; and London based planning consultancy, Planning Perspectives.Elsewhere, Adrian Cole & Partners takeover of Brown and Merry signals the national agent’s intent to grow and acquire businesses that are well identified to local house buyers and sellers, whilst also continuing to bring further depth to Sequence UK’s network of branches across the UK, according to Area Director Jonathan Weedon, who has played a large part in overseeing the transition of both the Berkhamsted and Chesham offices.“The incorporation of Adrian Cole & Partners is a terrific acquisition for the company,” he said. “The addition of both offices to our Brown & Merry network strengthens our position in Buckinghamshire and Hertfordshire and grants us access to further buyers, sellers, tenants and buy-to-let investors in and around Berkhamsted and Chesham.”Adrian Cole, founder of Adrian Cole & Partners, will continue to work for the company as an exclusive Consultant using his extensive local knowledge concentrating on land &new homes acquisitions and disposals whilst still being available to assist existing clients and customers. All other staff of Adrian Cole & Partners will transfer to Brown & Merry.Meanwhile, Cowan & Rutter, based in west London, last week rebranded its residential property services arm, Century 21 Cowan & Rutter, as it became part of the Century 21 UK network.Century 21 Cowan & Rutter, which is active in the residential market covering areas within Fulham SW6 and Chelsea, SW10, will offer a range of sales, lettings and property management services.Jonathan Cowan, Director of Century 21 Cowan & Rutter, said: “We recognise the highly competitive nature of the estate agency market. Our relationship with CENTURY 21 UK allows us to significantly increase our range of applicants and enhance the services we offer within our areas of operation.”acquisitions Brown and Merry Carter Jonas January 23, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicensed rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img read more

Significant rise in residential property transactions

first_imgHome » News » Housing Market » Significant rise in residential property transactions previous nextHousing MarketSignificant rise in residential property transactionsSome estate agents expect to see the number of residential property transactions jump after the General Election.PROPERTYdrum1st May 20150519 Views There has been a sharp increase in the volume of residential property transactions in the UK in the last five years, according to Ludlow Thompson.The company report that transactions have risen by 37 per cent in the last five years, from 878,720 in 2010-11 to over 1.2 million in 2014-15, helping to boost the wider economy.HM Revenue and Customs data reveals that over £10 billion has been raised in revenue from stamp duty on property and land over the past 12 months, which is more than capital gains tax and inheritance tax collectively.Stephen Ludlow, the company’s Chairman, commented, “Not only does the increased activity show that the residential property market is booming, the increased revenue from stamp duty is hugely beneficial in putting the UK on a firmer financial footing.”Last week, HMRC data revealed that the number of residential property transactions reached 100,790 in March, down 2.4 per cent compared to the corresponding month in 2014.“House sale completions are limping along as we approach the final furlongs before the election,” said Adrian Gill (left), Director of Your Move and Reeds Rains estate agents.”But while many prospective buyers are currently dragging their heels, Gill expects to see that see change after the election.“Buyers may be beating around the bush at the moment, but once the political path forward becomes clear, housing market activity will fall back into step,” he added. “We usually see an uptick of confidence following a General Election, almost regardless of the outcome, and any summer boost will propel things from an already high base.”Despite the year-on-year fall in transactions, the Mortgage Advice Bureau (MAB) said that it was pleasing to see the number of monthly property transactions hit over 100,000 last month.Brian Murphy (right), Head of Lending at Mortgage Advice Bureau (MAB), commented, “After a quiet winter – where the number of monthly property transactions dropped below 100,000 for four consecutive months – it is encouraging to see that the growth observed by HMRC in February has been sustained. The number of transactions in March was up four per cent compared to the beginning of the year, suggesting the seasonal slowdown in activity is coming to an end.”Although pleased to see “that there is still plenty of life in the market”, Murphy insists that maintaining affordability and addressing the supply-demand imbalance remains a priority.“A sustained lack of properties coming on the market will stunt future housing activity, and drive up house prices at a rate that could leave first-time buyers on more modest incomes barred from the property ladder,” he added.residential property transactions revenue stamp duty May 1, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Winkworth about to pass 100-branch milestone

first_imgHome » News » Agencies & People » Winkworth about to pass 100-branch milestone previous nextAgencies & PeopleWinkworth about to pass 100-branch milestoneHelped by several key senior appointments this year including leading industry figure Michael Stoop, the agency added seven branches to its total during 2017.Nigel Lewis5th January 201801,222 Views Winkworth says its branch network is about to go past the 100-mark when it opens three new offices during the opening months of this year.This is on top of seven new branches opened last year including colds starts in Cheltenham (pictured, right), Sunningdale and Surbiton in London, three existing agencies converting to the Winkworth brand in Kingsbury (in London) and Dartmouth and Torbay in Devon plus an extra branch for an existing franchisee in Milford-on-Sea in Hampshire.The company also says it has seen an unusually busy period of new enquiries coming in about franchising opportunities – up by 26% year-on-year during 2017.Winkworth’s current expansive activity is down to, in part, the re-hiring of former franchisee Michael Stoop in July who, after 25 years spent away from the firm working for several franchising giants including Martin & Co, is now working for Winkworth as a consultant.“Following the success of last year, we’re putting more emphasis on our expansion over the course of 2018 to ensure we have a strong network of offices supported by some of the most skilled people in the industry,” says Winkworth CEO Dominic Agace (pictured, left).“We’re always on the lookout for experienced property professionals who want to take the next step in their career and open their own estate agency office, or those with an already successful estate agency looking to futureproof their business.“As a franchise we offer the best of both worlds, giving the independence you need to run your own estate agency, while providing the support and guidance for your office to be the best it can.”Anyone interested in a Winkworth franchise should email: [email protected] also won Gold in the Website of the Year category during last year’s Negotiator Awards for its recently-revamped company site.sunningdale Michael Stoop surbiton kinsbury Cheltenham dartmouth Dominic Agace torbay winkworth January 5, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Be clearer about upfront fees and ‘local experts’ hybrid estate agents are warned

first_imgHome » News » Agencies & People » Be clearer about upfront fees and ‘local experts’ hybrid estate agents are warned previous nextRegulation & LawBe clearer about upfront fees and ‘local experts’ hybrid estate agents are warnedThe Advertising Standards Authority has published guidance largely aimed at online agents after a rush of complaints in recent years.Nigel Lewis19th July 20180931 Views A thinly-veiled warning to online and hybrid estate agents to put their advertising and marketing ‘houses in order’ has been issued by The Advertising Standards Authority (ASA).Published yesterday, it includes problems highlighted by recent ASA adjudications and the watchdog says agents must in the future be clearer both about what their fees cover and when using the term ‘local experts’.The guidance references recent ASA adjudications involving HouseSimple in February 2017, an online offering from traditional agent Pink & Cow in June 2017 and Purplebricks in June 2018.Specifically, the watchdog is worried that some agents are not being clear about whether their fees are ‘upfront’ or not, and what ‘flat fee’ really means for consumers.Flat fee claimsFor example, under the ASA advertising codes, it is wrong for agents to claim they offer a ‘flat fee’ but then charge extra for conveyancing.The ASA says that although online agents can promote low fees they should make it clear whether accompanied viewings are part of the fee, or not.And while hybrid agents are free to claim that they offer ‘local experts’ they must not imply they have physical branches in an area when they do not, the ASA says.But the watchdog’s guidance also warns traditional agents too. This includes advertising that ‘stretches the facts’ about a property, a problem that the ASA says it still receives many complaints about.And all agents have been reminded once again to ensure that their fees are presented as inclusive of VAT, not ‘plus’.“Be clear and truthful in your advertising and look at ads from the consumer’s point of view,” says Jim Tebbett, a Senior Compliance Executive at the ASA with a track record in lettings and auctions regulation (pictured in main image, above).“As soon as you’ve drafted some marketing or advertising material, look at it externally and try and think how the consumer would understand it.”Read more about hybrid estate agents.hybrid agents HouseSimple jim tebbett Purplebricks online agents advertising standards authority ASA July 19, 2018Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more