The determinants of business performance of estate agency in England and Wales

Purpose: This paper seeks to investigate the factors influencing the business performance of estate agency in England and Wales. Design/methodology/approach: The paper investigates the effect of housing market, company size and pricing policy on business performance in the estate agency sector in England and Wales. The analysis uses the survey data of Woolwich Cost of Moving Survey (a survey of transactions costs sponsored by the Woolwich/Barclays Bank) from 2003 to 2005 to test the hypothesis that the business performance of estate agency is affected by industry characteristics and firm factors. Findings: The empirical analysis indicates that the business performance of estate agency is subject to market environment volatility such as market uncertainty, housing market liquidity and house price changes. The firm factors such as firm size and the level of agency fee have no explanatory power in explaining business performance. The level of agency fee is positively associated with firm size, market environment and liquidity. Research limitations/implications: The research is limited to the data received and is based on a research project on transaction costs designed prior to this analysis. Originality/value: There is little other research that investigates the factors determining the business performance of estate agency, using consecutive data of three years across England and Wales. The findings are useful for practitioners and/or managers to allocate resources and adjust their business strategy to enhance business performance in the estate agency sector.

Epidemiological study of oesophageal and gastric cancer in south-east England

Background: This epidemiological study was carried out to establish the magnitude of the changing incidence of gastric and oesophageal cancer. Methods: Time-trend analyses of subsite-specific cancers of the oesophagus and stomach were performed using data from the Thames Cancer Registry database (1960-1996) for the South Thames Region. The changes in sex ratio and peak age of incidence are reported. Results: In the upper two-thirds of the oesophagus there was no significant change in the incidence rate, but the lower third of the oesophagus showed a marked rise for both sexes (average annual change + 0.05 for men, + 0.009 for women). For the gastric cardia, the incidence in males increased (average annual change + 0.025), while in females it remained unchanged. Cancers of the oesophagogastric junction showed a clear increase for both sexes (average annual change + 0.07 for men, + 0.009 for women). There were changes in the sex ratio and peak age of incidence for all subsite cancers for both sexes. Conclusion: Over a 37-year period the incidence of cancer of the oesophagogastric junction increased threefold, while the incidence of cancers of the other subsites of the stomach decreased. Further studies are needed to investigate the aetiology of these changes.

A systematic comparison of buildingEXODUS predictions with experimental data from the Stapelfeldt trials and the Milburn House evacuation

In this paper, the buildingEXODUS evacuation model is described and discussed and attempts at qualitative and quantitative model validation are presented. The data sets used for validation are the Stapelfeldt and Milburn House evacuation data. As part of the validation exercise, the sensitivity of the building-EXODUS predictions to a range of variables is examined, including occupant drive, occupant location, exit flow capacity, exit size, occupant response times and geometry definition. An important consideration that has been highlighted by this work is that any validation exercise must be scrutinised to identify both the results generated and the considerations and assumptions on which they are based. During the course of the validation exercise, both data sets were found to be less than ideal for the purpose of validating complex evacuation. However, the buildingEXODUS evacuation model was found to be able to produce reasonable qualitative and quantitative agreement with the experimental data.

The promised land

Examines the House of Lords ruling in Thorner v Curtis on whether the claimant could rely on proprietary estoppel against the estate of the deceased, who had died intestate, based on an assurance given by the deceased that the claimant would inherit the deceased's farm. Reviews case law on proprietary estoppel and testamentary promises, and considers the possible application of constructive trust doctrine in similar cases.

Virtual assignments: breach of covenant against parting with or sharing of possession

Comments on the Chancery Division decision in Clarence House Ltd v National Westminster Bank Plc on whether the alienation covenant in a lease of commercial premises had been breached by the tenant effecting a virtual assignment of it, under which all the economic benefits and burdens of the lease were transferred to a third party without there being any actually assignment of the leasehold interest or change in occupancy.

Beneficial entitlement: no longer doing justice?

Discusses the House of Lords ruling in Stack v Dowden on the size of each legal owner's share of the equity in the family home in the event of the relationship breakdown of an unmarried couple. Considers whether the parties intended their beneficial interests to be different to their legal interests in the property. Comments on the court's primary concern of establishing, from the parties' conduct, their intention as regards beneficial ownership. Looks at whether indirect financial contributions give rise to a beneficial interest under a constructive trust and notes the relevance of the doctrine of proprietary estoppel.

Joint ownership and beneficial entitlement: Stack v Dowden.

Explores the issue of the share of beneficial entitlement to the family home where the legal title is jointly owned, but where there has not been an express declaration of a beneficial joint tenancy. Discusses the House of Lords judgment in Stack v Dowden which addressed this point. Explains how the judges moved the focus away from the court imposing its own sense of fairness on the parties or imputing an intention based on the circumstances to one where the concentration will be on the parties' relevant conduct. Outlines three other points of interest referred to in the judgment: (1) whether an indirect financial contribution could support a constructive trust; (2) whether proprietary estoppel and common intention constructive trusts should be assimilated; and (3) whether a mortgage liability is equivalent to a financial contribution.

Showing interest

Comments on the Chancery Division judgment in Jones v Kernott on the beneficial interests of former cohabiting partners in their family home. Considers whether the partners must have intended to vary their shares when the man stopped paying the mortgage, bought a house in his own name and went to live there. Discusses whether the court could take into account what was considered fair between the partners based on the whole course of dealing, including non-payment of maintenance for children.

The legal pendulum swings back

Comments on the Court of Appeal judgment in Abou-Rahmah v Abacha on liability for dishonest assistance to a breach of trust. Discusses whether an objective standard should apply to determine whether the accessory acted dishonestly. Reviews case law, examining whether the combined test proposed in the House of Lords judgment in Twinsectra Ltd v Yardley is still good law.

Personal and proprietary tenancies

Examines the Chancery Division ruling in London Development Agency v Nidai on whether a number of agreements providing for the construction of a bridge and shop premises on the retaining walls of a river resulted in a binding legal lease or a series of bare licences. Comments on the failure of the judgment to mention the House of Lords ruling in Bruton v London & Quadrant Housing Trust and discusses whether a Bruton tenancy is capable of binding third parties.

A clear direction

Comments on the House of Lords decision in Thorner v Curtis, also referred to as Thorner v Major, on whether an unpaid farm labourer could rely on assurances made by the farmer that he would inherit the farm, to establish proprietary estoppel when the farmer died intestate. Considers whether the assurances had been clear and whether the property to be inherited could be specifically identified. Notes the Lords' consideration of the possible existence of a constructive trust. [From Legal Journals Index]

Estoppe right there

Examines the House of Lords judgment in Cobbe v Yeoman's Row Management Ltd on whether an experienced property developer was entitled to relief on the basis of proprietary estoppel for the cost of obtaining planning permission to demolish an existing property and build new houses under a non-binding oral agreement. Sets out two requisite conditions needed when deciding whether estoppel existed. Considers whether unconscionability was a separate element in making a claim for proprietary estoppel. [From Legal Journals Index]

Cohabitation and conflict

Considers some of the potential legal difficulties that can occur on the breakdown of a cohabiting couple's relationship. Covers disputes surrounding the ownership of the family home and the use of constructive trusts following the House of Lords decision in Lloyds Bank Plc v Rosset. Outlines the recommendations of the Law Commission in its report Cohabitation: the Financial Consequences of Relationship Breakdown. [From Legal Journals Index]