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Two major agency brands have agreed to merge in the latest high-profile industry deal.
An update from The Property Franchise Group (TPFG) this morning said it has recommended an all-share merger with Belvoir.
The combined group will have a market cap of approximately £214.4m and will benefit from increased scale with more than 930 property franchise locations, managing approximately 152,000 tenanted properties across the UK and will be expected to sell more than 28,000 properties per annum.
Paul Latham, non-executive chairman of TPFG, said: "I am delighted to confirm that we have reached an agreement with the Belvoir board and major Belvoir shareholders on the merger with Belvoir. We believe that the Merger represents a compelling opportunity for all shareholders.
"Belvoir brings further breadth through its nationwide network and a financial services business which will be complementary to our current offering. The merger will enable us to continue to grow in the sector and, ultimately, deliver greater value to shareholders of the combined group."
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According to the News on TV last night Michael Gove is bringing a law in Parliament regarding any problems with rented properties and the works willl need to be rectified in record time. this will develop into a problem for Landlords and the Government will find that Landlords will sell their properties and Government will have even less properties for rent.
Just repair things in a timely manner- no professional, quality landlord will bat an eyelid at this.
A brief check shows this new law is targeted at social housing landlords where some of the worst issues and service levels exist. This also isn't completely new, just refined, 'Awaab's Law' has been in the pipeline since the boy's tragic and totally unnecessary death. The only sad thing is that a tragedy like this was needed for gov to take action.
Exact proposed wording as follows:
Under proposals which have gone out for consultation today, social landlords will be required to investigate hazards within 14 days.
They will have to start fixing the hazards within a further seven days, and make emergency repairs within 24 hours.
The consultation proposes that landlords who fail to act on issues within the timeframe can be taken to court where they might be ordered to pay compensation to tenants.
Good ole Michael Gove - knows everything about how the rental sector works (wonder why there are no properties to rent and rents are sky high) (-;
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