—National, Annualized Home Price Appreciation Slows for Second Straight Month, Falling by Almost a Full Percentage Point—
SANTA ANA, Calif., March 19, 2024–(BUSINESS WIRE)–First American Data & Analytics, a leading national provider of property-centric information, risk management and valuation solutions and a division of First American Financial Corporation (NYSE: FAF), today released its February 2024 Home Price Index (HPI) report. The report tracks home price changes less than four weeks behind real time at the national, state and metropolitan (Core-Based Statistical Area) levels and includes metropolitan price tiers that segment sale transactions into starter, mid and luxury tiers. The full report can be found here.
New York-Jersey City-White Plains, NY-NJ HPI
In the New York-Jersey City-White Plains, NY-NJ CBSA, home prices increased by 6.3 percent in February compared with a year ago and increased 0.5 percent compared with January 2024. See below for price-tier data.
February National House Price Index Highlights
The First American Data & Analytics’ non-seasonally adjusted (NSA) HPI showed that nationally in February1 2024:
-
House prices increased 0.7 percent between January 2024 and February 2024.
-
House prices increased 6.3 percent between February 2023 and February 2024, the slowest annual pace since October 2023.
-
House prices are now 50 percent higher compared to pre-pandemic levels (February 2020).
-
House price growth reported in last month’s HPI for December 2023 to January 2024 was revised up 0.1 percentage points, from 0.3 percent to 0.4 percent.
“After reaching a recent peak in December, annualized home price appreciation slowed for the second consecutive month, bringing more clarity to the trajectory for price appreciation in 2024. In February, our preliminary estimate of annualized appreciation dropped by almost a full percentage point,” said Mark Fleming, chief economist at First American. “The last time there was a slow-down of this magnitude was in early 2023 when the Fed was aggressively raising interest rates. While the supply of homes for sale is slowly increasing as the spring selling season approaches, persistent inflation is keeping mortgage rates elevated. The relative increase in homes for sale is a welcome sign for prospective home buyers and seems to be helping to normalize house price appreciation, an added benefit heading into the spring home-buying season.”
Year-Over-Year Price-Tier Data for the New York-Jersey City-White Plains, NY-NJ Metro Area: February 2023 to February 2024
The First American Data & Analytics HPI segments home price changes at the metropolitan level into three price tiers based on local market sales data: starter tier, which represents home sales prices at the bottom third of the market price distribution; mid-tier, which represents home sales prices in the middle third of the market price distribution; and the luxury tier, which represents home sales prices in the top third of the market price distribution.
CBSA |
Starter |
Mid-Tier |
Luxury |
New York-Jersey City-White Plains, NY-NJ |
10.9% |
8.9% |
4.6% |
“Nationally, starter-home price appreciation remains strong as first-time home buyers hunt for homes to buy from current starter homeowners, who are the most sensitive to the rate lock-in effect and unable or unwilling to list their home for sale to fuel a move-up purchase. The lack of mid-tier move-up demand is significantly weakening price appreciation in the mid-market,” said Fleming. “Mid-tier prices for the markets we track are mostly flat compared with a year ago and down by more than 3 percent in Warren, Mich. and Nassau County, N.Y.”
February 2024 House Price State2 Highlights
-
The five most populous states experienced the following year-over-year growth in the HPI: Pennsylvania (+7.9 percent), New York (+5.3 percent), Florida (+4.9 percent), Texas (+4.8 percent), and California (+4.7 percent).
-
There were no states with a year-over-year decrease in the HPI.
-
Full 50-state HPI data is available here.
Visit the First American Economic Center for more research on housing market dynamics.
Next Release
The next release of the First American Data & Analytics House Price Index will take place the week of April 15, 2024.
First American Data & Analytics HPI Methodology
The First American Data & Analytics HPI report measures single-family home prices, including distressed sales, with indices updated monthly beginning in 1980 through the month of the current report. HPI data is provided at the national, state and CBSA levels and includes preliminary index estimates for the month prior to the report (i.e. the preliminary result of July transactions is reported in August). The most recent index results are subject to revision as data from more transactions become available.
The HPI uses a repeat-sales methodology, which measures prices changes for the same property over time using more than 46 million paired transactions to generate the indices. In non-disclosure states, the HPI utilizes a combination of public sales records, MLS sold and active listings, and appraisal data to estimate house prices. This comprehensive approach is particularly effective in areas where there is limited availability of accurate sale prices, such as non-disclosure states. Property type, price and location data are used to create more refined market segment indices. Real Estate-Owned transactions are not included.
Disclaimer
Opinions, estimates, forecasts and other views contained in this page are those of First American’s Chief Economist, do not necessarily represent the views of First American or its management, should not be construed as indicating First American’s business prospects or expected results, and are subject to change without notice. Although the First American Economics team attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2024 by First American. Information from this page may be used with proper attribution.
About First American Data & Analytics
First American Data & Analytics, a division of First American Financial Corporation, is a national provider of property-centric information, risk management and valuation solutions. First American maintains and curates the industry’s largest property and ownership dataset that includes more than 8 billion document images. Its major platforms and products include: DataTree®, FraudGuard®, RegsData®, First American TaxSource™ and ACI®. Find out more about how First American Data & Analytics powers the real estate, mortgage and title settlement services industries with advanced decisioning solutions at www.FirstAmDNA.com.
About First American
First American Financial Corporation (NYSE: FAF) is a premier provider of title, settlement and risk solutions for real estate transactions. With its combination of financial strength and stability built over more than 130 years, innovative proprietary technologies, and unmatched data assets, the company is leading the digital transformation of its industry. First American also provides data products to the title industry and other third parties; valuation products and services; mortgage subservicing; home warranty products; banking, trust and wealth management services; and other related products and services. With total revenue of $6.0 billion in 2023, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2023, First American was named one of the 100 Best Companies to Work For by Great Place to Work® and Fortune Magazine for the eighth consecutive year and was named one of the 100 Best Workplaces for Innovators by Fast Company. More information about the company can be found at www.firstam.com.
_______________
1 The most recent index results are subject to revision as data from more transactions become available.
2 The HPI for non-disclosure states and markets that fall within non-disclosures states are not included in this month’s HPI report.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240319932225/en/
Contacts
Media Contact:
Marcus Ginnaty
Corporate Communications
First American Financial Corporation
(714) 250-3298
Investor Contact:
Craig Barberio
Investor Relations
First American Financial Corporation
(714) 250-5214
State-run RITES Ltd, a PSU under the Ministry of Railways involved in transport consultancy and the engineering sector, is eyeing markets like Vietnam for international consultancy, a top company official said on Tuesday.
Speaking at an event, RITES Ltd Chairman and Managing Director Rahul Mithal said international consultancy will be a very important focus area for the company.
“One very important focus area of ours is going to be international consultancy… under RITES Videsh which is basically a strategic initiative.”
“It is not a separate unit or anything. It is our inhouse, more focused approach and more focused accounting in which we will see how much revenue and margins we are getting from international consultancy. That is going to be a very important focus area for us,” Mithal told reporters here.
The Memorandum of understanding with Abu Dhabi port is a very important step in that direction, he noted.
The company, he said, has a strategic initiative called ‘RITES Videsh’ which it launched a year back. It is basically a more focussed approach on international business-whether it is international consultancy or it is export of rolling stock.
The company, he said, will tap various sectors including metro, airports and institutional buildings.
Stating that highways is again a very important vertical for the company, he said the PSU is working in many states including North East, in this area.
Mithal said the company was a consultant for the Gwalior airport.
He said the Odisha government wishes the company to do the detailed project report (DPR) for their new upcoming airports. The company, he said, also got orders for providing inspecting engineering services for augmentation of Mangalore and Lucknow airport.
“In airports whether it is for initial DPR or inspecting engineering services, we are getting a lot of orders. This we see as a very important sector,” he explained.
The company sees the metro as a very important sector which it will tap.
Another important area that the company is tapping is institutional buildings and RITES is working on the new block of IIT Delhi, he explained.
JLL has named Ahmed Hemmat as the new leader of its Project & Development Services practice in Egypt.
An industry veteran, Hemmat brings over 20 years of experience in the construction and mixed-use development sector to JLL, one of the world’s largest professional services firms in the real estate sector.
Throughout his career, Hemmat has worked both as a consultant and a client, gaining valuable insights and perspectives from different roles within the industry. He has held positions in organisations such as Emaar, Majid Al Futaim, Turner, and Gleeds.
Ahmed Hemmat is Head of Project & Development Services for Egypt.
Notable projects he recently worked on include the delivery of multiple large-scale projects in Uptown Cairo and Cairo Gate.
On his new role, Hemmat said: “I am grateful for this opportunity to lead the Project & Development Services team in Egypt. Working alongside the talented professionals within the organisation, I look forward to leveraging my experience to deliver exceptional results for our clients. Together, we will drive innovation, growth, and success in the region.”
JLL’s Project & Development Services team helps clients deliver projects in the build environment, offering development management, project and programme management, cost management, fit-out & workplace design, engineering design & sustainability, health & safety, and digital services.
In the Middle East & Africa region, the practice has around 600 consultants.
Welcoming Hemmat into the fold, Elaine O’Connor, the Head of Project & Development Services for Egypt and Africa, said: “Ahmed is a forward-thinking leader with a proven track record of delivering high-value projects. We are confident he will continue to drive our business forward in Egypt and build upon our success.”
For most of us, our first introduction to the housing market – and capitalism on the whole – was through Monopoly.
Whether you were a family that piled straight through the game or one that paused it to ‘come back later’ after multiple excruciating hours spent at the kitchen table, there’s no doubt that it’s a classic British experience.
As we all know, the premise is relatively simple: you use your money to buy properties and gain a monopoly over the market. If only getting on the ladder was that simple IRL.
Now, researchers have crunched the numbers to reimagine the Monopoly board, which was first created almost 90 years ago in 1935, with 2024 house prices. And of course, the difference is wild.
The most expensive spaces on the board are Park Lane and Mayfair, which originally cost £350 and £400 respectively.
If you add one house, the rent is £175 or £200 for any unlucky player that lands there, but if you have a hotel, it skyrockets to a whopping £1,500 and £2,000. It’s the closest many of us get to landlordism.
In real life, data from Rightmove shows that, over the last year, the average property in Park Lane cost £12,000,000 – up 167% from the 2019 peak of £4,500,000.
Elsewhere, the average property in Mayfair now costs £5,587,014.
According to new research from 1337Games, the average asking price for properties in Park Lane in 2024 is now £7,750,00 – and it’s exceeded Mayfair in taking the top spot, where asking prices are now £5,459,353 on average.
Bond Street is the third most expensive street on the Monopoly board, with the original price resting at £320. Now, properties cost an average of £5,143,612. Imagine if the Monopoly game came with enough pound notes for that?
Then comes Oxford Street, which in the original version of the game goes for £300. In 2024, the average asking price for a house in this central London location is £2,633,630. Perhaps its all those American sweet shops pushing up prices.
However, modern-day prices have seen Regent Street overtake Oxford Street, which originally both cost £300. Nowadays, Regent Street actually costs £3,779,522, whilst Oxford Street has dipped slightly lower at £2,633,630.
Latest London news
To get the latest news from the capital visit Metro.co.uk’s London news hub.
Monopoly street prices: 1935 vs 2024
- Mayfair: £400 original cost vs £5,459,353 in 2024
- Park Lane: £350 vs £7,750,000
- Bond Street: £320 vs £5,143,612
- Oxford Street: £300 vs £2,633,630
- Regent Street: £300 vs £3,779,522
- Piccadilly: £280 vs £3,746,179
- Coventry Street: £260 vs £796,774
- Trafalgar Square: £240 vs £2,159,064
- Leicester Square: £180 vs £1,097,240
- Fleet Street: £220 vs £1,449,275
- The Strand: £220 vs £2,199,282
- Vine Street: £200 vs £478,486
- Marlborough Street: £260 vs £2,942,500
- Bow Street: £180 vs £1,156,591
- Northumberland Avenue: £160 vs £832,500
- Whitehall: £140 vs £808,717
- Pall Mall: £140 vs £2,578,778
- Pentonville Road: £120 vs £949,588
- Euston Road: £100 vs £695,000
- The Angel Islington: £100 vs £977,222
- Whitechapel Road: £60 vs £701,340
- Old Kent Road: £60 vs £600,997.
At the other end of the spectrum, the cheapest street in Monopoly was always the Old Kent Road – which is, as the name alludes to, one of the oldest roads in England that was originally part of an ancient Celtic track. The more you know.
Originally, this would set you back just £60 on the board, but nowadays, it’s anything but. In 2024, the average asking price for a property here is £600,997.
In actuality, the cheapest Monopoly location to snap up a property is now Vine Street in Westminster, where you can become a homeowner for an average of £478,486.
By 1935’s standards, this would originally set you back £200 – not far behind the likes of Fleet Street, The Strand and Trafalgar Square.
As we know all too well, the property market in the UK is absolutely dire at the moment – and these new Monopoly prices reflect that grim reality.
According to Zoopla, the average UK house prices is now £263,600, but the average salary is only around £35,464 per year. And if you’re in the Big Smoke, the average property price increases to £709,975.
Comparatively, in the 1930s, 85% of new houses sold for less than £750, which equates to around £45,000 in today’s money.
So, the next time you sit down to play Monopoly, relish in the original prices – because these days, getting on the property market is a million miles away from the 1930s.
MORE : Moment huge swarm of rats crawl out from bins in London street
MORE : Sign up to the Key newsletter for property news, DIY inspo and expert tips
MORE : Girl, 8, buys four-bedroom home after investing pocket money
Get all the need-to-know property news, features and advice from Metro every week.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
BACKGROUND:
Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website, www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” | means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” | means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below; |
“Cookie Law” | means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” | means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and |
“We/Us/Our” | Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. |
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- What Data Do We Collect?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- You may restrict Our use of Cookies. For more information, see section 13.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
Name of Cookie | Purpose | Strictly Necessary |
JSESSIONID | Used only to collect performance data, with any identifiable data obfuscated | No |
__cfduid | This cookie is strictly necessary for Cloudflare’s security features and cannot be turned off. | Yes |
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
Name of Cookie | First / Third Party | Provider | Purpose |
__utma, __utmb, __utmc, __utmt, __utmz | First | Helps to understand how their visitors engage with our website | |
_fbp | First | Helps to understand how their visitors engage with our website |
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
SEC Charges Two Investment Advisers with Making False and Misleading Statements About Their Use of Artificial Intelligence
Washington D.C., March 18, 2024 — The Securities and Exchange Commission today announced settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their purported use of artificial intelligence (AI). The firms agreed to settle the SEC’s charges and pay $400,000 in total civil penalties.
“We find that Delphia and Global Predictions marketed to their clients and prospective clients that they were using AI in certain ways when, in fact, they were not,” said SEC Chair Gary Gensler. “We’ve seen time and again that when new technologies come along, they can create buzz from investors as well as false claims by those purporting to use those new technologies. Investment advisers should not mislead the public by saying they are using an AI model when they are not. Such AI washing hurts investors.”
“As more and more investors consider using AI tools in making their investment decisions or deciding to invest in companies claiming to harness its transformational power, we are committed to protecting them against those engaged in ‘AI washing,’” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As today’s enforcement actions make clear to the investment industry – if you claim to use AI in your investment processes, you need to ensure that your representations are not false or misleading. And public issuers making claims about their AI adoption must also remain vigilant about similar misstatements that may be material to individuals’ investing decisions.”
According to the SEC’s order against Delphia, from 2019 to 2023, the Toronto-based firm made false and misleading statements in its SEC filings, in a press release, and on its website regarding its purported use of AI and machine learning that incorporated client data in its investment process. For example, according to the order, Delphia claimed that it “put[s] collective data to work to make our artificial intelligence smarter so it can predict which companies and trends are about to make it big and invest in them before everyone else.” The order finds that these statements were false and misleading because Delphia did not in fact have the AI and machine learning capabilities that it claimed. The firm was also charged with violating the Marketing Rule, which, among other things, prohibits a registered investment adviser from disseminating any advertisement that includes any untrue statement of material fact.
In the SEC’s order against Global Predictions, the SEC found that the San Francisco-based firm made false and misleading claims in 2023 on its website and on social media about its purported use of AI. For example, the firm falsely claimed to be the “first regulated AI financial advisor” and misrepresented that its platform provided “[e]xpert AI-driven forecasts.” Global Predictions also violated the Marketing Rule, falsely claiming that it offered tax-loss harvesting services, and included an impermissible liability hedge clause in its advisory contract, among other securities law violations.
Without admitting or denying the SEC’s findings, Delphia and Global Predictions consented to the entry of orders finding that they violated the Advisers Act and ordering them to be censured and to cease and desist from violating the charged provisions. Delphia agreed to pay a civil penalty of $225,000, and Global Predictions agreed to pay a civil penalty of $175,000.
The SEC’s Office of Investor Education and Advocacy has issued an Investor Alert about artificial intelligence and investment fraud.
The SEC’s investigations were conducted by Anne Hancock, HelenAnne Listerman, and John Mulhern under the supervision of Kimberly Frederick, Brent Wilner, Corey Schuster, and Andrew Dean with the Division of Enforcement’s Asset Management Unit. Ragni Walker, Thomas Grignol, and Peter J. Haggerty of the Division of Examinations and Roberto Grasso of the Division’s Office of Risk and Strategy assisted with the investigations.
Unit: Digital Communications
Location: Delhi
Reports to: Communications and Media Manager
Remuneration: 674,400 /- per annum
Employment Status: 6 month consultancy
Last date to receive application: 31st March 2024
Purpose of role:
We are running against time in the fight for our planet. Increasing greenhouse gas emissions, unsustainable agriculture patterns, exclusionary transport systems and more are contributing to the changing weather patterns and frequent occurrences of extreme weather events. This is further widening the gap for the marginalized and disadvantaged communities, making the masses more vulnerable to climate change. Greenpeace India’s environmental campaigns are focused on just transition, climate change adaptation and building momentum towards more inclusive transport and agriculture systems. Digital communications is a critical part of strategising the narratives, stories, tactics that will effectively help the audience relate to the campaign, build support and ultimately take action on the issue. The role is expected to bridge the goals of the campaigns with the people in a compelling, actionable manner using storytelling, insights analysis, data and by constantly having our ears on the ground.
The Digital Communications Consultant should be able to create engaging, creative, interactive and compelling content for Greenpeace India’s digital pages, including social media & website. The individual should be proactive in ideating digital communication strategies for a whole range of requirements such as our campaigns, environmental topics, current affairs, offline engagement activities and more. The individual should be able to ideate and script content based on facts, narrative, external realities and use digital analysis to assess the impact of communications material. It is of vital importance that the individual has the skill to take data driven decisions and the ability to articulate the same to the team.
Main Duties:
● Co-create strong audience data driven digital communications strategies.
● Stitch audience-centric narratives based on the campaign demands.
● Develop effective, original, and targeted creative copies.
● Run polls, A/B testing ads to understand the audience better.
● Execute compelling posts for social media that are focussed on driving up page
performance
● Calendarize digital posts, write copies and ensure timely execution.
● Proactively stay on top of digital trends and internalise it whenever relevant.
● Proactively scout for content collaborators, social media influencers and network with them
● Field visits and on-ground coverage of Greenpeace India events for social
media amplification. Eg: Lives, reels, pictures
● Write & produce scripts for videos when required.
● Take data driven decisions and provide rationale for decisions taken on the digital front.
● Use tools/software to analyse results of engagement
● Coordinate with the various units within the program department and
fulfil multiple campaign needs.
● Interact with the relevant team members besides line manager.
● Handle aspects of the monthly communications reports by collecting data from
stakeholders on digital platforms
● Follow organizational guidelines and value system while writing content
Decision:
● While the digital consultant is expected to play a proactive role in ideation,
planning and execution process of digital content, the final sign off will be
made by the communications manager.
● Any form of digital communication like social media posts, SMS or statements should be drafted with utmost care to follow organisational guidelines on value, language and stand on issues
Knowlege & Experience:
● At least 3 years professional experience as a creative writer in the digital space
● Excellent command over the English language, knowledge of Hindi and another
Indian language will be preferred.
● Expert writing, editing and proofreading abilities.
● Ability to work with challenging & dynamic online content.
● Knowledge of online tools to analyse data on social media and take data-based
decisions.
● Strong interest in the world of social media and keep track of new platforms and
updates.
● Ability to write concise, attention grabbing and hard-hitting copies that puts the
message across in a simple yet effective manner.
● A team player who is able to balance the expectations of the campaigns and deliverables
● Strategic ability to shape campaigns in a manner that benefits the visibility and
positioning of communications.
● Proactive and ability to work under pressure and deliver within tight deadlines.
● Flexibility around working hours and travel
Preferred Qualifications:
● Journalism, Communications, Digital Marketing, Environmental Studies, Public Policy, Political Science, Social Work, Gender Studies
Organization Skills:
● Planning and organizing: Proactive in identifying the requirements, organise
and calendarize tasks and execute deliverables in a timely, efficient and effective manner.
● Initiative and innovation: The digital communications consultant should be a highly creative individual who is able to derive inspiration from current affairs, external developments, social media trends and day-to-day experiences to conceptualize relatable and effective content to communicate Greenpeace India campaigns, ideas and environmental issues at large.
● Working with others: We are looking for a strong, creative team player who is
open to ideas, will derive inspiration from other team member’s experiences and
eventually conceptualize strategies that reflect the team’s work and drive it
towards tangible actions.
How To Apply:
Do send your letter of interest (350 words or less) along with the latest resume to
[email protected]g stating ‘Application for the post of
“Digital Communications Consultant” in the subject line.
We are a small team and would revert to applicants only after 8 working days from the last date of application. While we would put in our best to revert to each individual, in case you don’t hear from us in the 8 working days then it is likely that your application would not have been shortlisted.
Please note: This position is open exclusively to female candidates.
“Whilst these changes, which will become visible on the portals within the coming weeks, will mean agents have to start obtaining the information required and there are opportunities to improve business, it will undoubtedly, also expose agents to greater risks”
– Michael Day – Integra Property Services
Whilst the regulations have been in force since 2008, the recent guidance from National Trading Standards is creating a different landscape in which sales and lettings agents have to operate.
The provision of upfront material information (Parts A, B and C in trading standards parlance) covers elements to do with a property where (A) is always considered material to all properties regardless of location – items such as tenure, price, council tax etc. (B) is information that must be established for all properties and includes items such as utility types and provision, details of the accommodation and details of non-standard construction and (C) is information that may or may not need to be established depending on whether the property is affected or impacted by the information.
This could include any restrictions such as listed buildings, conservation areas, easements, wayleaves and servitudes. Elements such as flood risk, coastal erosion, accessibility, building safety, planning and mining.
Crucially, agents should deal with and quote facts, not provide “interpretations” of the information disclosed. This may be easier to suggest than comply with when being asked by consumers about the property.
Parts A, B and C are there to try and be helpful to agents in focusing on basic material information. There have, however, been many prosecutions and redress scheme awards relating to other elements that were considered material information and either disclosed incorrectly or not disclosed at all.
Michael adds: “Whilst these changes, which will become visible on the portals within the coming weeks, will mean agents have to start obtaining the information required and there are opportunities to improve business, it will undoubtedly, also expose agents to greater risks.
“It is currently mandatory for agents to be members of a redress scheme (either TPOS or the PRS). The TPOS has a mandatory requirement on members to hold at least £100,000 or PI (professional indemnity) insurance cover. The PRS does not have this requirement, just a recommendation to have cover in place.”
With the portals likely to include a descriptor of “Ask the agent” whenever an item of material information is omitted from property details, there is the strong possibility of agents receiving larger numbers of queries and questions about aspects of a property and the likelihood that the agent may stray into providing advice or comments accordingly.
This will increase the risk of erroneous information or an interpretation of that information being passed to a consumer with the subsequent risk of complaints and/or prosecutions increasing.
Without PII cover in place, an agent could be facing the entire costs of handling the complaint and making whatever compensatory award or fine etc that may result. Appropriate PII cover will, at least, mitigate this position.
Michale’s advice to agents is fivefold:
(1) Look at what is required going forward both operationally and strategically and ensure you are up to speed with what is required.
(2) Review your PII cover
(3) Look at current systems and processes to ascertain whether fit for purpose
(4) Develop a new plan which uses compliance as an enabler, not a constraint and develop a compliant differentiator for your business
(5) Train staff accordingly
Michael concludes: “I believe that having an appropriate level of PII cover should be mandatory for all agents and it would certainly be good business practice for an agent to ensure that their cover is adequate and appropriate.
“The outline proposals for ROPA, i.e. mandatory qualifications, a new regulator and licensing of agents doesn’t specifically mention the need for PII cover although it is likely to include, should it ever become mandatory.”
By Lee Haye-ah
SEOUL, March 19 (Yonhap) — President Yoon Suk Yeol vowed Tuesday to abolish a real estate policy adopted by the previous administration to stabilize home prices, saying it only caused greater suffering to the people.
Yoon was referring to a 2020 policy under which the government of then President Moon Jae-in decided to gradually raise the declared prices of apartments and other types of real estate to 90 percent of their market prices by 2035.
In South Korea, the government uses the declared prices as the basis for various property taxes, and the aim of the measure was to levy “fairer” taxes and bring soaring house prices under control.
“Our government will completely abolish the rash plan to make declared prices realistic so that the people can stop being anxious,” Yoon said during a government-public debate at Seoul Art Space Mullae, a multi-purpose creative space in western Seoul.
“It would be great if we could amend the law, but even before revising the law, we will use various policy tools to produce the effect of an abolition,” he said.
Yoon claimed the Moon administration tried to tamp down skyrocketing house prices caused by its own policy failures by imposing “punitive” taxes, but that they only led to a sharp increase in the housing burdens of ordinary people owning one home.
“The side effects were enormous and the people’s suffering only increased,” he said.
In addition, Yoon said the government will purchase 100,000 units of newly built small to medium-sized homes over the next two years to lease to vulnerable people for low rent.
He also vowed to carry out a major urban regeneration project in Seoul’s old city center, including the western Yeongdeungpo Ward where the debate was held.
The “New Village Project” will see the renovation of old single-family homes and multi-home residential buildings into modern town houses, with the help of 10 trillion won (US$7.47 billion) in government investment over the next 10 years, he said.
hague@yna.co.kr
(END)
- Author, James Pearson
- Role, BBC Political Reporter, Hereford & Worcester
Patients with severe skin conditions – including cancer – have had treatments delayed, after a team of NHS consultants left in Worcestershire.
A series of resignations and retirements led to the “collapse” of the county’s acute dermatology services last summer, according to Worcestershire Acute Hospitals NHS Trust.
More then 2,350 dermatology patients in the county are currently waiting for diagnosis or treatment, according to the most recent figures.
The trust’s joint chief medical officer said the services had been a “source of sleepless nights”, but said no patients had so far been found to suffer significant harm.
While the services are currently being staffed by a private provider, their running could be handed over to neighbouring Wye Valley Trust in Herefordshire, to make them more resilient.
‘No significant harm’
At a health scrutiny meeting held by county councillors on Friday, joint chief medical officer Dr Julian Berlet said there had been a “real risk of harm to patients”.
“To date we are not aware of any directly attributable significant harm as a result of the waits, but that’s not to say it has not happened,” he said.
Dr Berlet added some patients would have seen their mental health and anxiety suffer through delays.
Senior managers at the county’s acute trust said the staffing issues had coincided with an increase in referrals, up from around 500 to 780 patients a month.
While the trust said cancer referrals had been prioritised, its managing director Stephen Collman said 36 patients were currently waiting more than 62 days for treatment.
That figure has fallen from a peak of 108 in October 2023.
Following the exit of the last substantive consultant in July 2023, a number of private providers were brought in to manage waiting times.
The trust also commissioned a review by the Royal Association of Dermatologists, to examine a deterioration in the relationship between clinicians and senior leaders.
“We wanted to get an independent view of what had happened,” said Stephen Collman, who joined the trust as managing director in November.
“I think it was that feeling of isolation… a feeling that there was a really high workload… and of where the trust was taking the service,” he said.
“People raising those issues… they chose to retire or leave. We have to reflect as a trust and say we didn’t respond well enough to that”.
In order to make dermatology services more resilient, the trust has proposed handing over their running to the neighbouring Wye Valley NHS Trust.
A handover date is dependent on the Herefordshire trust being able to recruit sufficiently, the trust said.