News

Central London property price boom continues

admin — 2/10/2012 8:54:00 AM

Central London continues to enjoy immunity from the difficulties across the property market according to quarterly Land Registry figures released today.

Prices rose by 12 per cent in the heart of the capital, whereas prices fell 1.25 per cent in England and Wales over the course of 2011.

The Royal Borough of Kensington & Chelsea broke the £1m average flat price barrier, with prices rising by £418 per day in 2011.

Naomi Heaton, chief executive of the London Central Portfolio, said: "The research published today indicates the continuing decoupling of prime London central from the rest of the UK.

Source: AboutProperty.co.uk

NRIs send $4.6 billion dollars home and drive international property sales sky-high

admin — 2/10/2012 8:49:00 AM

An estimated 30 million NRIs (non-residenti Indians) worldwide sent nearly $4.58 billion in remittances back home regularly last year according to the World Bank, as they continue to drive international property sales to record highs in the sub-continent.

India has pipped China in receiving the highest amount of remittances for five consecutive years now. China is thought to have received $4.57 billion.

Working abroad in at least 130 different countries, NRIs are driving a boom in domestic house prices in India as they seek to invest in property.

The depreciation of the rupee and its rise in value versus most of the other West Asian currencies has helped to boost the trend says the World Bank.

Source: OPP.org.uk

China limits mortgage loans for foreigners

admin — 2/10/2012 8:46:00 AM

China’s top economic planner, the National Development and Reform Commission (NDRC), stated that it will no longer approve medium and long-term loans to banks if they intend to use such borrowings to fund mortgages taken out by foreigners.

The world’s most populous country has been putting the brakes on its runaway economy since last year, pinpointing the booming property market as the catalyst. While already clamping down on Chinese property speculators, the authorities are now targeting foreign buyers.

Some see the move as a little late as property prices have already started falling. New home prices fell in 52 out of 70 Chinese cities in December from the previous month, the National Bureau of Statistics said.

Foreign direct investment also fell for the second straight month in December as the environment for overseas money looks less welcoming. Investment into China has surged in recent years with international investors looking to profit from China's booming economy.

Source: Telegraph.co.uk

Bank of England to get new powers to limit mortgage amounts

admin — 2/10/2012 5:45:00 AM

Chancellor George Osborne is set to hand new powers to the Bank of England to regulate the mortgage market by allowing it to set loan-to-value ratio limits.

The new powers would be aimed at controlling busts and booms, by banning unsustainable mortgages and preventing another housing bubble, or stimulating more lending.

The Financial Policy Committee (FPC) at the Bank will be able to set LTV limits – for example, setting them at 75% if it feared a credit bubble, or at 95% if it wanted to encourage more lending.

Osborne told MPs in a debate on the Finance Bill that the new committee, which has already been set up but does not come into legal force until next January, is to be led by the Governor of the Bank of England.

Source: EstateAgentToday.com

London gets new powers on housing and Olympics

admin — 2/10/2012 5:40:00 AM

London will take control of its Olympic legacy, housing and regeneration under a £3bn deal announced by communities secretary Eric Pickles.

New powers will transfer to the Greater London Authority and mayor from April following the Localism Act 2011.

The deal means mayor Boris Johnson will be accountable for the capital's affordable housing programmes including key sites like Greenwich Peninsula and the Olympic Park in east London.

The £3bn of funding will support his commitment to build 55,000 affordable homes by March 2015 and bring 45,000 existing social homes up to standard across London.

Source: AboutProperty.co.uk

Manchester draws up plan for new homes and mortgages

admin — 2/10/2012 5:35:00 AM

Manchester has unveiled radical plans to underwrite the mortgages of first-time buyers and invest £25m of pension fund cash in building new homes.

The Manchester Evening News (MEN) reported that the city council has already identified five sites for 250 homes. These will be offered for sale or rent as part of a pilot scheme, with Greater Manchester Pension Fund paying the construction costs.

The homes will be built in Chorlton, Wythenshawe and Gorton. If the programme is successful it could be rolled out over 10 years.

The council also plans to create a 'Manchester mortgage', a scheme to underwrite up to 20 per cent of loans for first-time buyers.

Source: AboutProperty.co.uk

Harry Redknapp's rise from council house to £8m mansion

admin — 2/10/2012 5:30:00 AM

Harry Redknapp admits that his impoverished East End upbringing left him virtually illiterate.

“No one had it harder,” Harry said at his trial.

But the most ambitious kid on the block wasn’t going to let that stop him from making a fortune from what he did best – kicking a football around the tough streets.

When he was talent-spotted playing for East London Schools in the 50s he was on his way to making the “Big Time”, as his mates on the Burdett council estate called it.

Source: Mirror.co.uk

Buyers 'should take advantage of cheaper Italian property'

admin — 2/10/2012 2:35:00 AM

Many sellers in Italy have reduced the asking price of their properties in recent months, prompting one local real estate expert to urge buyers to take advantage of the situation.

Linda Travella, of Casa Travella, explained Italian vendors were slower to cut the amount they were asking for their homes than other Europeans.

However, she noted they have recently realised doing so is encouraging investors to look elsewhere for their next purchase and many have therefore started to offer Italian properties for sale at "below market value".

Ms Travella added the strength of sterling against the euro means buyers from the UK can also benefit from the exchange rate.

Source: PropertyShowrooms.com

Pisa’s Tower Straightened for Real

admin — 2/10/2012 2:25:00 AM

On the 1st of April 2006 we published an April Fool story entitled "Tourists in Pisa surprised to find tower straightened". Back then, the idea that people could wake up and find the tower standing straight in the Campo dei Miracoli was so far from the truth to seem like the perfect April Fool material.

Six years later, however, extensive engineering works on the legendary tower have actually sharply reducing its tilt from an angle of 5.5 degrees to 3.99 degrees. While the result is that the tower will survive to delight future generations of tourists, the renovation in 2011 ended its status as the farthest leaning tower.

Currently the northern German town of Suurhusen holds the Guinness World Record. The church tower slants at an angle of 5.19 degrees, now well ahead of its cousin in Pisa. The Suurhusen church tower is in competition with several other towers in Germany and one in St. Moritz, Switzerland, for the Guinness World Records title.

While European cities battle for the record, a modern masterpiece of architecture, Capital Gate, in Abu Dhabi is the world's furthest man-made leaning tower purposely built to lean 18 degrees westwards - more than four times that of the world famous tower of Pisa in its "tiltiest" days.

Source: ItalyMag.co.uk

Builders group sees pickup in housing this year

admin — 2/10/2012 2:18:00 AM

The U.S. housing market will begin to mount a turnaround this year, building toward a solid recovery in 2013, according to a forecast issued Wednesday by the chief economist of a homebuilding industry trade group.

The outlook by National Association of Home Builders Chief Economist David Crowe calls for U.S. sales of new homes and single-family home construction to improve this year compared to 2011, when they hit record lows.

The forecast still leaves new home sales and construction well below the levels of a healthy housing market, however. That reflects the severity of the industry's downturn, and it suggests the housing market could be years away from full health.

"I'm looking at 2012 as sort of a ramping event to get a much more solid recovery in 2013," Crowe said in a telephone interview.

Source: Google.com

Canadian prices could soar by nearly 10% this year says CREA

admin — 2/10/2012 2:15:00 AM

Residential property prices in Canada could soar by as much as 9.3% in 2012, says The Canadian Real Estate Association, as international buyers and a strong domestic economy keep the market busy.

But this is just business as usual. The news comes on the back of several boom years for the Canadian home market. In the year to the end of June 2011, the National House Price Index rose by 4.52% according to the National Bank of Canada – Teranet.

And there were similar price jumps in 2009 and 2010. Richard Way, editor of www.OverseasGuidesCompany.com, told OPP this week that “compared to its nearest neighbour, the U.S., Canada has performed tremendously well over the last 3 years. Across the board house prices are increasing and rental yields are up with Montreal being by far the most successful with rental yields averaging at 5.7%.”

However, “market-calming measures” are now starting to appear in Canada. One of the sost significant is the country’s new “Harmonised Sales Tax” which has been implemented in Ontario and British Columbia. “New houses in Ontario are now subject to an additional 5% sales tax on top of the existing provisional sales tax of 8% and British Columbia will also face an additional 5% on top of its current 7% standard tax,” explains Way.

Source: OPP.org.uk

Cyprus property sales jump 97 per cent

Ivan Radford — 2/9/2012 12:29:00 PM

Photo credit: Lisa_on_Flickr

Cyprus has long been the black sheep of the overseas property family. With its economy in turmoil, hit hard by the Eurozone crisis, prices and demand have been plummeting for months. But Cyprus surprised the world this week with the news that domestic property sales in January jumped by 97 per cent compared to 2011.

The figures, published by the Department of Land and Surveys, show that 697 local sales were completed in January, compared to 354 in January the year before, marking the second consecutive monthly increase in transactions for the market.

The rise, which followed a 22 per cent increase in December, has been attributed to the tax incentives introduced by the government last year. The incentive, which reduces VAT for first-time-buyers who live there permanently, also abolishes Property Transfer Fees on the first sale of a property for six months.

Since 2004, when domestic buyers were priced out of the market, property transactions have dipped. "A fall in the Island's GDP and rising unemployment means that the ‘good days' have gone", admitted real estate analysts Leaf Research to Cyprus Property News last month.

But now local investors are rushing to complete transactions before the deadline arrives.

So what does this boom mean for overseas investors?

While locals look to Limassol for property, Paphos is the primary place of choice for international investors. According to the Land Registry, 35 per cent of overseas purchases in 2011 took place in the popular town. But demand continued to dip, with sales volumes dropping by 18 per cent compared to 2010.

As Greece, Italy and Spain continue to cause wider economic concern, confidence in Cyprus property remains low abroad - particularly in the UK, where Brits make up the main buyer demographic. Scandals over missing title deeds and developers extorting investors' money have scarred many, prompting the government to introduce new measures last year to try and repair the country's tarnished image. Meanwhile, developers are busy targeting China in an attempt to find buyers unaffected by either crisis.

In January this year, 106 contrasts were deposited by overseas investors in the Registry, indicating almost the exact opposite of the upward domestic trend. "To put this into perspective," writes Global Edge, "in 2007 sales to foreigners averaged 940 per month."

Yet while overall foreign transactions fell by 37 per cent at the start of 2012, sales in Paphos actually increased by 23 per cent.

With prices predicted to fall throughout the year and the tax incentives in place, the cost of purchasing a home is certainly low enough to be attractive. But as investors await compensation, Cyprus is still searching for a way to restore confidence in its property market. If the current trend continues for another few months, could a surge in domestic transactions be enough to convince buyers that it's safe to return?

Not scared of Cyprus property?

Browse our listings of houses, condos and other real estate in Cyprus:

http://cyprus.themovechannel.com/property/all

UK construction industry continues to falter

admin — 2/9/2012 11:10:00 AM

The UK construction industry continued to stall during the final three months of 2011, as doubts were cast over the Government's ability to boost private funding to deliver on proposed infrastructure projects, according to the latest RICS Construction Market Survey.

Only 14% of surveyors stated they felt the Government would be successful in its Autumn Statement pledge and generate sufficient institutional funding for planned infrastructure projects.

There was also a healthy degree of scepticism about the Get Britain Building Fund, with only a quarter of surveyors across the UK believing that it would have impact positively the sector.

This rather pessimistic assessment reflected the overall position of the industry in the final quarter of the year, with a net balance of 7% more respondents reporting falling overall workloads (from -1%).

Source: PropertyTalkLive.co.uk

Overseas investors 'looking for deals in up-and-coming Paris districts'

admin — 2/9/2012 11:08:00 AM

International property investors are increasingly targeting up-and-coming districts in Paris in order to find the best opportunities.

This is according to Thomas Elisian of Paris Attitude Vente, who told the Telegraph overseas buyers are "increasingly willing to look at 'newer' neighbourhoods if they can get an advantageous deal".

Among the districts that may interest investors looking for a French property are the tenth, 17th and 15th arrondissements.

Managing director of Sifex Sarah Francis told the newspaper that real estate assets in the tenth arrondissement experienced capital appreciation of ten per cent over the course of 2011.

Source: PropertyShowrooms.com

Realistic approach to rents is vital in 2012, reveals Belvoir index

Ivan Radford — 2/9/2012 11:05:00 AM

A realistic approach to rents is vital in the year ahead, says Belvoir MD Dorian Gonsalves.

The monthly index report for 2011 produced by Belvoir Lettings, the specialist residential lettings agency, shows that contrary to many reports in the national press, many regions have not recovered to the levels of rent achieved in 2008.

"The Belvoir Lettings Index has been running since March 2008 and during this time we have seen the rise, fall and recovery of the rental market," says Belvoir MD, Dorian Gonsalves.

"In 2012, with over four years of analysis, we can now confidently comment about national rental trends, regional differences and local changes at office level.

“During 2011 there were frequent reports in the national press about the stratospheric rise of UK rents. However, although the Belvoir Index reveals rental increases in 2011 versus 2010, many regions have still not recovered to the rents achieved in 2008. Just five areas across the UK have overtaken the rental heights of 2008. These regions are London (+5%), North East (+6%), Yorkshire (+2%), South West and West Midlands (+1%).

Other regions, such as the North West, were up in 2011 compared to 2010, but were still down compared to 2008 heights (-3%), with the East Midlands (-6%) and East Anglia (-5%) the furthest away from 2008 heights.

"At Belvoir, we are predicting that this regional rental fluctuation is likely to continue throughout the year, although some areas such as the South East are likely to see a higher increase as rental prices force people out of London into the Home Counties. With regard to other areas, I think rents will be relatively stable and any increases are likely to be very modest.

"I believe that increased rents and stable or decreasing house prices will result in increased rental yields in 2012. However, this will clearly be very dependent on the outcome of the Eurozone crisis and its impact on credit and borrowing.

"The UK rental market is strong, but landlords should be realistic about the rents that can achieved in their area and talk to specialists who understand the local market, as buying in the wrong area can be very costly."

Video - How the housing market could shape the 2012 election

admin — 2/9/2012 11:00:00 AM

A new Standard & Poor’s Case-Shiller Home Price Index showed U.S. home prices fell for a third straight month in two Florida cities, Miami and Tampa.

Jeffrey Brown discusses the housing market’s role this election season with The Wall Street Journal’s Arian Campo-Flores and Jed Kolko of the real estate website Trulia.

Watch the full debate on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/how-the-housing-market-could-shape-the-2012-election/

Santander cracks down on interest-only mortgages

admin — 2/9/2012 9:19:00 AM

Santander has become the first major high street bank to insist that home owners need a 50pc deposit – or 50pc equity in their home – if they want an interest-only mortgage.

This move not only affects those buying a property, but will also hit existing borrowers who are moving home. If their current home loan breaches these new rules they will have either to switch to a repayment mortgage or to pay off a significant slice of their debt.

Before the credit crunch interest-only mortgage deals were particularly popular with first-time buyers looking to get a foothold in the housing market, as the monthly repayments were lower when compared with borrowing the same amount on a repayment basis. This enabled some buyers to effectively borrow more.

Since then, most lenders will allow homebuyers to borrow only up to 75pc of the property value on an interest-only basis.

Source: Telegraph.co.uk

Snow and exchange rate encourages property buyers in the French Alps

admin — 2/9/2012 9:10:00 AM

An improvement in the exchange rate between the UK and the Euro is encouraging buyers in France who are snapping up ski properties, it is claimed.

According to Richard Deans, who heads the UK sales office of MGM French Properties, the firm’s sales to UK buyers in January were more than three times the number achieved in the same month last year and the trend is continuing.

‘While many firms were enjoying a break between Christmas and New Year, we became very busy during the last week of December, dealing with a huge number of new enquiries from what I describe as ‘true buyers, not dreamers,’ he said.

‘It seems that many of them had just been waiting for the exchange rate to go back to 1.2%, significantly reducing their outlay on a new ski property compared with the amount they would have paid a few months ago and now they are making firm decisions,’ he explained.

Source: PropertyWire.com

Homes in foreclosure decline by 130,000

admin — 2/9/2012 9:05:00 AM

Slowly, but surely, the foreclosure crisis seems to be abating.

The number of homes in foreclosure shrunk by 130,000, or 8.4%, in 2011, according to a report from CoreLogic, an economic research firm.

These are homes owned by borrowers who had slipped far behind on payments, forcing lenders to put them into the foreclosure process. The homes remain foreclosure inventory until they're sold -- either at auction or in a short sale, which is when a home is sold for less than the mortgage value -- or until homeowners are current again on payments.

There are dual reasons for the inventory drop, according to Mark Fleming, chief economist with CoreLogic.

Source: CNN Money

Central London prices up 12% in a year, says Knight Frank

admin — 2/9/2012 9:00:00 AM

Estate agents operating outside the gold-paved streets of London might want to look away now – but Knight Frank is reporting that prices of prime central London property have risen 11.9% since this time a year ago and are now 42% higher than their post-Lehman low in March 2009.

The firm says central London prime house prices rose another 0.9% in January, and it is predicting a further 5% rise this year.

Knight Frank now includes the City and – Rupert finds this still very hard to say –Shoreditch in its definition of ‘prime central London’, traditionally thought of as areas with Mayfair, Knightsbridge, Kensington and Chelsea postcodes. Knight Frank had earlier added the South Bank area to its ‘prime’ definition, surprising those who had never thought of Waterloo, London Bridge and Bermondsey as dream destinations.

Liam Bailey, Knight Frank’s head of residential research, said: “The strength of London’s luxury sector, against a backdrop of economic difficulties both domestically and globally, has surprised many over the past year.

Source: EstateAgentToday.co.uk

Beijing office rents ‘rise 75%’ to top New York

admin — 2/9/2012 5:52:00 AM

Office rents in Beijing are more expensive than New York after rising 75 percent last year as China’s rapid economic growth sparked strong demand, an international real estate company said.

The Chinese capital is now in fifth place for the world’s most expensive office space, with New York’s midtown Manhattan coming sixth, Cushman & Wakefield said in its 2012 rankings released this month.

The top spot was captured by the southern Chinese territory of Hong Kong, followed by London and Tokyo. The Russian capital Moscow was fourth.

“The unprecedented urbanisation process in China and strong economic growth will continue to drive up the demand for office space,” Andy Zhang, managing director of Cushman & Wakefield China, said in a statement.

Source: VancouverSun.com

Asking price discounts hit all-time high

admin — 2/9/2012 5:52:00 AM

One in three of the properties currently for sale have had their asking price cut, according to Zoopla.co.uk.

The property search website says the average reduction off the original asking price has now reached an all-time high of £19.580 or 7.5 per cent as sellers try to attract buyers. The discount has grown by £1,000 in the last 12 months.

Glasgow is the asking price discount capital of the UK with an average price reduction of £12,566 or 9.2 per cent. But it's closely followed by Blackpool with a nine per cent discount and Maidstone with 8.5 per cent.

Stockport has the highest proportion of homes for sale with discounted prices (49 per cent) followed by Chesterfield (45 per cent) and Rotherham (44 per cent).

Source: AboutProperty.co.uk

'Robo-Camera' Goes 'RoboCop' on Some London Residents

admin — 2/9/2012 5:45:00 AM

"Stop! This is a restricted area!'

The statement is the sort of warning you might expect to hear from a robot guarding a top-secret facility in your average B-grade sci-fi flick.

But some residents of a housing development in England are reportedly getting it from a robot camera that -- in the process of surveilling their communal garden -- photographs them and threatens prosecution, and they aren't pleased, The Guardian reports.

As a result, the district council in London's borough of Camden recently apologized for the surly "robo-camera," the newspaper says.

Source: RealEstate.AOL.com

Tennessee home where Johnny Cash lived his final days for sale

admin — 2/9/2012 2:45:00 AM

One of the most famous homes in country music — or any musical genre, given the reach of Johnny Cash's career — was the home of Cash and his wife, June Carter Cash.

The property at 200 Claudill Drive in Hendersonville, Tenn. — which figured in the award-winning Cash biopic, "Walk The Line" — was the Cash family's home for nearly all of their 35-year marriage. The massive, 13,880-square-foot home, runs along on Old Hickory Lake.

What is less known, however, is that Cash wound up living in the house he owned across the street at 185 Claudill Drive. The ranch home was built by the same architect, Braxton Dixon, and Cash had used it to house his own parents prior to their passing.

"He spent his last days there after it was harder for him to get around in a wheelchair in lake house,'' said Stan Peacock, whose father-in-law the — a former Grand Ole Opry musician — bought the house from the Cash family in 2004.

Source: MSN.com

Wealthy pouncing on prime Spanish properties as Murcia and Alicante struggle says Lucas Fox

admin — 2/9/2012 2:40:00 AM

Prime properties in good locations should help the Spanish market begin to show some “positive signs,” international agency group Lucas Fox told OPP this week.

Having analysed the 2011 second half markets in Barcelona, Mallorca, Ibiza and Costa Brava, where the company has its main offices, Lucas Fox concluded that:

• Prices in the prime locations of Barcelona in remained resilient through 2011 but it remains possible to purchase properties at discounts of up to 30% on 2007 prices.

• The Ibiza property market experienced a healthy 2011 with strong demand from international buyers for luxury properties cross the island

• The Mallorca market is currently very slow but there are signs that it will replicate the 2011 success of Ibiza with predictions of increased foreign property investment in 2012

Source: OPP.org.uk

Monaco blossoms as French tax changes hammer traditional Riviera deals

admin — 2/9/2012 2:30:00 AM

New French property tax laws are pushing wealthy buyers away from the traditional Riviera resorts and into Monaco say local agency and accountancy experts.

Monaco is becoming an ever-more “popular choice of tax residence not only because there is no wealth or income tax but also because of its aspirational location on the coast, its high quality of life and its high levels of security,” Cecile Acolas of tax advice and residential planning consultancy Ellisium Partners told OPP this week.

Ellisium Partners, which runs a network of specialist agencies for international poperty buyers looking for a luxury home on the Cote d’Azur and the surrounding region, believes that “the latest French tax reforms - which are applicable from 1st January 2012 – (have led to) additional tax advantages when buying a property in Monaco.”

Acolas told OPP that “the June 2011 law reduced to 4.5% the registration tax charged on a typical Monaco property sale. Monaco in particular allows an investor to rent their property without any tax on the rental income and also to sell a property without paying Capital Gains Tax.”

Source: OPP.org.uk

Infographic: Spain - At a Glance

Ivan Radford — 2/8/2012 2:42:00 PM

The most popular area of Spain for property is the Community of Valencia, according to the latest At a Glance infographic from TheMoveChannel.com. The infographic, which is based upon the enquiries received by the property portal in the last 12 months, shows that buyers scour South-East Spain for real estate, with Valencia attracting 32.24 per cent of all enquiries.

Close behind is Andalucia, which received 30.84 per cent of Spanish property enquiries, followed by Murcia, which accounted for 19.04 per cent. These top three regions carve out a clear favourite corner for buyers, who look almost exclusively at homes for sale in the Costas: Costa Blanca, Costa Calida, Costa del Sol and Costa de la Luz all fall within the three regions, while Costa Brava is located in the other key popular area of Catalunia, which is ranked sixth.

The least popular areas are La Rioja and Cantabria, which saw zero enquiries across the 12 months, indicating an overwhelming focus on holiday homes near the coast rather than inland cities. Even the Community of Madrid, surrounding the country's capital, received just 0.08 per cent of all enquiries, far behind that of rising tourist zone Galicia (0.52 per cent).

Buyers also search for sun and sand away from the mainland. Together, the Balearic Islands and Canary Islands accounted for over 12 per cent of Spanish real estate enquiries on the site. The Balearics alone received 5.13 per cent - more than the whole of northern Spain combined.

Denia, located in the popular Valencian Community, attracted the highest number of destination searches on the portal. Xabia received 3.8 per cent, with four of the top 10 destinations belonging to the Province of Alicante. Given the wider popularity of Spain's island regions, the absence of the Canaries or Balearics from the top 10 suggests that buyers search for property by island as opposed to looking for specific cities.

The infographic also reveals the search behaviour of buyers on Google across the last 12 months. Users hunting for Spanish real estate tend to use general phrases, such as "property for sale in Spain", while the most commonly searched type of property is "houses for sale in Spain". Search activity peaks during the spring and summer months, but "apartments for sale in Spain" attract the most attention in the second half of the year, appearing in almost 1000 more searches from August to October than from February to April.

Click here for the full infographic.

Editor Ivan Radford comments: "Spain: At a Glance continues our series of infographics by giving a new angle on another familiar property destination. While the popularity of the Spanish Costas is well-known, the contrasting lack of attention paid to property in areas away from the coast is quite striking to see.

"It's also curious that searches for apartments increase during the last six months of the year. This could point to a surge in seller activity as well as a spike in buyer interest. Overall, the statistics are a reminder that even during the Eurozone crisis the traditional lifestyle buyer profile lives on."

Notes to Editors

Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.

The website address is http://www.TheMoveChannel.com and the office address is 24 Jack’s Place, Corbet Place, Spitalfields, London, E1 6NN.

Contact Dan Johnson on 0207 952 7650 for further information.

Horseplay for active over 50's with new French equestrian village

Ivan Radford — 2/8/2012 2:39:00 PM

Over the past decade, horseback tourism has experienced dramatic growth throughout France and with more and more people in their 'third age' looking to move across the channel in pursuit of a healthy and happy lifestyle, owning an active living property in France set within a charming equestrian village could be the way to go.

For many years, British travellers have been fascinated by the South-West areas of France that conjures up an image of a return to rural life at a relaxed pace, perfect for those in their golden age. However, very few people who arrive in the area actually get to discover the real France, one that comprises lovely wooded hillsides, gentle winding rivers and a green land of farms. Indeed, in order to fully explore these lands, it is important to ditch the car and get some real 'horse power' behind you.

While horse riding offers a great way to discover new places, trotting down country lanes can also provide emotional and physical benefits it has been revealed. Equine therapy or hippotherapy, uses a horse's rhythmic movement to provide a base of physical support with the American Hippotherapy Association suggesting that sitting astride a walking horse helps simulate the human's normal walking gait, and allows elderly individuals to build flexibility and postural strength. Suitable for both old and young, this therapy has also been said to aid recovery in stroke victims as well as children with Autism and individuals who suffer from depression and anxiety.

Danny Silver, MD of The Villages Group, owners of the first equestrian 'Village' in France, comments,

"It is clear that the relationship between humans and animals is strong. While horses can provide help to those with physical and mental ailments, for those in their 'third age' who are in their prime of life and still fighting fit, pleasure can still be had in horse riding. Indeed, a riding holiday is a great idea for anyone who likes nothing better than getting away from it all and exploring the great outdoors and it is for this reason that we at The Villages Group are developing an active living resort at an equestrian site in this unique area of France.

"The Equestrian Centre Village, which has just been given the go ahead by the Community Mayor, will be perfect for over 50's.Although the main activity here will be horse riding, residents can also enjoy numerous other activities including cycling, canoeing, golf, potholing, hot air ballooning and even hand-gliding as well as excellent fishing in the free to use private lake, all within easy reach."

BBC shuns glamour to report on Olympics from council block

admin — 2/8/2012 2:37:00 PM

Presenters such as Clare Balding, Gary Lineker and Sue Barker will have a bird’s eye view of the Olympic site – but worried tenants fear being kicked out to make way.

The top five floors and roof of Lund Point, in Newham, east London, have been requisitioned by the broadcaster.

A studio will be built on the roof and the top five floors will be used for offices and storage.

Walls inside some of the flats will be knocked down to make room for better camera angles and views of the Olympic park. The 1960s building, which was used in the British horror comedy Attack The Block last year, is home to about 30 families.

Source: Metro.co.uk

Video - Jennifer Aniston buys a sleek $21 million home

admin — 2/8/2012 11:27:00 AM

Real estate must be a common interest among “Friends” castmates, as Jennifer Aniston just bought a sleek A. Quincy Jones Mod in LA for $21 million. Take a look at photos of Aniston’s new home. Aniston clearly has good taste in homes as the photos show a completely remodeled California modern fit for any Hollywood A-lister.

Watch the full video on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/jennifer-aniston-buys-a-sleek-21-million-home-celebrity-home-news/

USA still faces a rocky road to recovery says top economist

admin — 2/8/2012 9:20:00 AM

The U.S. residential market still faces a long and “rocky road” to recovery, Karl Case, the co-creator of the S&P/Case-Shiller Index of property values said this week as prices feel more steeply than expected.

As one of the most influential independent housing indicators in the States, the S&P/Case-Shiller index of property values in 20 cities has just revealed that prices declined by 3.7 percent in November 2011 versus November 2010, after decreasing 3.4 percent in October year-on-year.

This was worse than the 3.3 percent drop predicted by a group of leading U.S. economists for a Bloomberg News survey this month. And any sort of recovery is being hampered by yet another wave of foreclosures that threatens to keep the prices under pressure, Bloomberg reported this week.

The news comes as the U.S. Federal Reserve put out a statement saying that that the American housing sector “remains depressed.” The view is that more stability in housing prices will be required before investors start to take advantage of the country’s record-low mortgage rates.

Source: OPP.org.uk

Florida stays top of the pile for U.S. online searches

admin — 2/8/2012 9:15:00 AM

Florida has retained its top spot as America’s most popular destination for international property buyers researching the market on the web.

According to the U.S. residential listings site Point2, “Florida was the most attractive state for international visitors in Q4 2011, retaining the top spot among all U.S. states, for the second consecutive quarter.”

Homes in “Florida attracted 31.04% of all international traffic to the U.S. in Q4, yielding just under 2% of its Q3 share to competing states,” Point2 told OPP this week.

“Arizona held its position as the second most popular online destination, and increased its share of traffic from 15.15% in Q3, to 19.44%. Nevada also carried over its Q3 spot, holding to third place, with a marginal increase in its share of traffic (8.61% versus 8.22%).”

Source: OPP.org.uk

30-Year Mortgage Rate Falls to 9th Record Low in a Year

admin — 2/8/2012 9:10:00 AM

The average rate on the 30-year-fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. But even with the cheapest rates in history, the housing market remains depressed.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That is below the previous record of 3.88 hit two weeks ago.

The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.

Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.

Source: RealEstate.AOL.com

Tracy Morgan in Foreclosure Fracas Over Mom's Mortgage

admin — 2/8/2012 6:10:00 AM

Tracy Morgan is no stranger to controversy, but it's not often that a comedian can count his mother among his biggest critics.

The "30 Rock" funnyman is being accused of not helping to save his mother from foreclosure on her Ohio home, the New York Daily News reports.

Morgan's mother, Alicia Warden, told the Daily News that she owes approximately $25,000 on her home. After an apparent spat with Warden, in which Morgan accused his mother of speaking with the media behind his back, she claims that he reneged on his offer to help with the mortgage. Instead, he is currently offering a $2,000 "one-shot deal," Warden told the paper.

If Warden does not make a minimum payment toward the mortgage by Feb. 23, the lender will initiate foreclosure proceedings.

Source: RealEstate.AOL.com

Bank of America Plaza to Sell at Foreclosure Auction

admin — 2/8/2012 6:05:00 AM

In today's post-bubble housing market, it's not uncommon for landmark buildings to fall into foreclosure. But this Atlanta tower is noteworthy for two reasons – it's the tallest skyscraper in the Southeast, and its sale smacks of irony.

The Bank of America Plaza, the 55-story skyscraper where BofA still holds office space, is scheduled to hit the auction block on Tuesday, the Atlanta Business Chronicle reports.

The building's current owner, BentleyForbes, fell behind on mortgage payments after buying the property from BofA and a real estate investment company in 2006.

Just as we've seen in the residential market, commercial buyers over-leveraged loans by betting on still-climbing prices. In 2006 the 1.25 million-square-foot property sold for $436 million. Today, it's worth less than half that, at approximately $202 million, Bloomberg reports.

Source: RealEstate.AOL.com

More families set to lose their homes as squeeze bites deeper

admin — 2/8/2012 6:04:00 AM

Britain is braced for a sharp rise in home repossessions as the consumer squeeze forces thousands of struggling families to the wall.

Low interest rates and lower-than-expected unemployment kept repossessions at relatively small numbers through the recession and they eased again as the country struggled into a tepid recovery. However, with incomes failing to rise to match inflation and unemployment set to increase sharply as government cutbacks bite and an embattled private sector fails to replaces jobs lost from the public sector, economists fear that will change.

The Council of Mortgage Lenders is already forecasting a 22 per cent rise in repossession for 2012 to 45,000. But if the economy fails to meet up to expectations or if unemployment rises more sharply than expected those figures could easily be blown off course and look much worse at the end of the ear.

People dealing with those in financial difficulties also say that while mainstream lenders have made efforts to help manage the problem by exercising forbearance with borrowers in arrears and even restructuring loans, they have been frustrated that sub-prime lenders – which deal with less financially stable individuals – have been less willing to help.

Source: Independent.co.uk

Edinburgh house prices down 1.1% annually

admin — 2/8/2012 6:00:00 AM

Latest house price figures from ESPC show that the average house price in Edinburgh fell by 1.1% annually in the three months to January.

Between November and January the average selling price of a property in the Capital was £211,956 – down from £214,222 during the same period a year ago.

Commenting on the latest figures David Marshall, business analyst with ESPC said: “There has been very little change in the factors affecting the market over the last year or so and consequently trends have been fairly consistent. The market for smaller properties continues to face the greatest difficulties as the impact of lending restrictions has a more pronounced effect on buyers here. Conditions are comparatively favourable for sellers of larger, family homes although across the board the number of homes selling is still well below that recorded prior to the credit crunch.

“The likelihood is that 2012 will see a continuation of recent trends. Sellers of smaller properties will still find the market more challenging. The falls we’ve seen in prices since 2007 will offer some first-time buyers who had previously been priced out of the market an affordable way onto the property ladder.

Source: PropertyTalkLive.co.uk

China growth could drop by half in 2012 because of the Euro crisis warns IMF

admin — 2/8/2012 5:50:00 AM

“The risks to China from Europe are both large and tangible,” and “China would be highly exposed through trade linkages,” said the report, which was published by the IMF resident representative office in China.

The IMF forecast for China's annual growth in 2012 has already been lowered to 8.2% from a previous forecast of 9% but if Europe's performance is worse than expected then China's export-driven economy would be badly hit.

“In the absence of a domestic policy response, China's growth could decline by as much as 4 percentage points relative to the baseline projections [of 8.2%] leading to broad-based consumer and asset price deflation,” the report warned.

That would entail a growth rate far below the level the ruling Communist Party has identified as necessary to create enough jobs for it to maintain its grip on power.

Source: MercoPress.com

Global commercial property markets slowing improving despite economic woes

admin — 2/8/2012 2:50:00 AM

While economic uncertainty still affects the main commercial real estate centres around the world, global real estate markets are showing steady improvements, according to Jones Lang LaSalle’s latest forecasting report.

The firm’s Global Office Index reveals t5hat the fourth quarter of 2011 was the eighth consecutive quarter where prime office rents have risen, up 0.8% over the previous quarter and 6% up on the fourth quarter of 2010. Global vacancy is edging down to the lowest point for the past two years at 13.6%.

‘The majority of global leasing markets are holding firm, and many are showing remarkable resilience especially among the BRIC countries, as well as robust showings from Canada, Australia, Germany and the Nordics,’ said Jeremy Kelly, director in Jones Lang LaSalle’s global research team and report author.

‘While leasing markets in the major financial centres are softening, the limited supply pipeline should ensure that they do not move significantly out of balance,’ he added.

Source: PropertyWire.com

Singapore faces 10pc price crash

admin — 2/8/2012 2:40:00 AM

Singapore’s leading residential property developers are increasingly gloomy about the outlook for the city’s 2012 real estate market, with some analysts predicting that prices could fall by as much as 10%.

Wong Heang Fine, President of the Real Estate Developer's Association of Singapore (REDAS), said this week that “we are cautious. On the market going forward, it all depends on how the global economy goes in the next eleven months. So it's really anybody's guess."

The pessimism seems to be focused on home values which are not rising as quickly. The latest figures from URA (the Singapore government’s Urban Redevelopment Authority) shows the rate of price increase for private residential properties moderated for the ninth consecutive quarter at the end of last year, and rental rates are also slowing down too.

January sales volumes are expected to be good, but REDAS has warned that they will be distorted by a couple of big project launches. According to REDAS Presidnet Wong Heang Fine, the January numbers should be looked at “in perspective ... (they will have been) generated by the new launches of two or three projects. The numbers themselves do not really reflect the entire state of the market. "

Source: OPP.org.uk

Finnish 4Q house price slide is first since 2009 - KTI

admin — 2/8/2012 2:30:00 AM

Finnish house prices fell in the last quarter of 2011 for the first time in almost three years, sliding by 1.4% from the third quarter, says Helsinki real estate research group KTI.

Source: Pie-Mag.com

Investment in German residential property portfolios surges

admin — 2/7/2012 1:50:00 PM

Transaction volumes across German residential property portfolios of more than 50 units increased by 44% year on year to €6.12 billion in 2011, new research from CBRE has revealed.

The number of traded residential units also increased by 27% to around 92,000 units within 194 transactions, indicating that the market for large portfolios of over 1,000 units has regained momentum.

The demand for residential units in Berlin was particularly strong. The capital city traded around €2.3 billion and more than 32,300 residential units last year, which accounts for 37 per cent of the registered investment volumes and 37% of all residential units in Germany.

Source: Property Wire

Spain still reigns for FX but transactions back to the UK rise to nearly a fifth

Ivan Radford — 2/7/2012 1:45:00 PM

Whilst Spain remains the most popular destination in terms of volume of currency transactions in 2011, interestingly, the UK takes second place with 18% of transactions according to the latest data compiled by FX specialist, Currency Index.

Almost a quarter of all FX transactions in 2011 (24.99%) were sent to Spain, unsurprising given the country's appeal as a top holiday and second home destination. However, while France took the third spot with 14.83% of all transactions followed by the US in fourth place at 9.01%, one of the most surprising results was the volume of transactions sent to the UK last year.

Robin Haynes, MD of award-winning Currency Index explains,

"18.10% of FX transactions, nearly a fifth, last year were made back to the UK. This is most likely a result of people returning home from overseas or in a few cases sending currency to UK-based Euro/USD accounts for example, which can be overseas properties where a lawyer's client account is in the UK for example. In addition, part of these transactions will be business clients repatriating income and also individuals earning money abroad. It really is amixed bag but of note none the less.

"In Q4 2011, there was a 15% increase in people bringing money back to the UK probably due to the Euro crisis which sparked panic and saw people moving money back to locations seen as safe havens."

Indeed, the Eurozone sovereign debt crisis has caused fear to spread but for those considering buying property abroad, the reduction of the value of the single currency means that now is in fact one of the cheapest times to buy a place in the sun.

Haynes comments,

"There is a lot of confusion and scaremongering going on in the Euro at the moment but in spite of this, overseas property buyers should rest assured that the single currency devaluation will mean that they will currently be able get over 8% more for their money than if they were buying Euros in July last year."

Buying property abroad?

Visit TheMoveChannel.com's dedicated currency exchange channel:

http://currency.themovechannel.com/

Charles Dickens house hits the market

Ivan Radford — 2/7/2012 1:10:00 PM

Photo credit: Prime Location

How do you celebrate the 200^th birthday of Charles Dickens? One way is to buy his old house. Winterbourne Country House on the Isle of Wight was home to the author in 1849 and is up for sale just in time for his bicentenary. Dickens, who was born exactly 200 years ago today, lived there while writing "large tracts" of David Copperfield, according to the property's listing on Prime Location.

Winterbourne, located on the outskirts of island's seaside resort Ventnor, was one of the author's many houses in the UK. Indeed, Dickens' property legacy ranges almost as wide as his that of his literature, with residences spanning from his childhood home in Kent and family house in Camden to his stay in Southwark's debtor's prison and later dwelling in Bloomsbury.

Dickens travelled widely, but singled out his Isle of Wight home for its view of the English Channel. In a letter to his wife on Saturday 16^th June 1849, he wrote: "I have taken the most delightful and beautiful house belonging to White at Bonchurch, cool, airy, private bathing everything delicious - I think it is the prettiest place I ever saw in my life, at home or abroad."

While he lived at Winterbourne, he was host to a range of literary friends, including Alfred Tennyson and William Thackeray. Now, the property welcomes visitors of a different type by operating as a guest house.

The property is being sold as two separate lots, with the main house listed with seven bedrooms and a swimming pool for £1.495m and a smaller cottage for £325,000. "This could either be let out or bought as guest or staff accommodation for the main house," says the agent, Christopher Scott.

Indeed, commercial property in the UK has great expectations for 2012 thanks to the London Olympics. Hotels in the capital have predicted surging occupancy rates, while buy-to-let investors are lining up for healthy short-term yields. But wider figures are indicating a weak start to the year across the country. With mixed performances in regional markets, rental values fell by an average of 0.1 per cent in January, according to the latest CBRE Monthly Index.

Nick Parker, Senior Analyst of Economics & Forecasting at CBRE, said: "This month's overall property performance isn't surprising; sentiment has been weakening in line with the global economic slowdown since the middle of last year, and while it is a weak start to 2012, performance this year will be largely dictated by how events unfold in the euro zone."

Despite the hard times on the continent, some agents still have a positive outlook for the UK market, which is increasingly fuelled by interest from international investors looking for a safe financial haven.

Waterside Properties, which has just opened a new Isle of Wight office, told Property Wire: "This is an exciting time to be in property on the Isle of Wight. Despite the tough market conditions Waterside are still selling properties along the North of the Island, which has always been a desirable location due to its links with the South Coast and London."

With its Dickens connection and consistent level of tourist demand, the Bonchurch B&B on the Isle of Wight will be hoping that the market for this house is far from bleak.

Great expectations for your new home?

Browse our listings of houses, apartments and other overseas property:

http://www.themovechannel.com/property/all

Video - Do we need neighborhood advice from Zillow?

admin — 2/7/2012 11:15:00 AM

What is Zillow's Neighborhood Advice? It's a fairly simple idea that takes the conversation many have with their friends and family offline, about the home buying experience, online.

But what’s in it for the real estate agent?

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/do-we-need-neighborhood-advice-from-zillow/

No upturn in 2012 as UAE market continues to decline

admin — 2/7/2012 10:38:00 AM

Housing analysts in the UAE reported this week that the housing market there will continue to decline as the region goes on suffering from too much supply.

According to Reuters, analysts covering the UAE residential sector have concluded that the four-year decline in house prices will not come to an end in 2012.

Growth in the second largest Arab economy is expected to slow this year to 3.1%, which will not help Dubai's property prices to recover after plunging by two-thirds from their 2008 peak.

Prices in the emirate will ultimately ease another 8%, while neighbouring Abu Dhabi, which is now showing signs of pressure, will see housing prices fall by as much as 11% this year.

Source: OPP.org.uk

Now existing home owners face mortgage squeeze

admin — 2/7/2012 7:50:00 AM

Problems getting a mortgage and raising a deposit are not confined to first-time buyers and are spreading to existing owners too, according to the Council of Mortgage Lenders (CML).

Home movers typically rely on the proceeds of the sale of their existing home as they key source of finance for the deposit on a new proceed.

However, with house prices still 10 per cent or more below the peak of 2007, moves have less equity to play with when they are looking at taking out a typical 70 per cent mortgage.

"It seems reasonable to suppose that a significant proportion of recent house-buyers would be unable to finance a move up to a more expensive home today, unless they also had substantial savings to top up their deposits," says the CML.

Source: AboutProperty.co.uk

UK celebrity hotspots revealed

admin — 2/7/2012 7:46:00 AM

Parents looking to raise the next top celebrity should avoid a move to East Anglia and plump for London instead, according to research from FindaProperty.com.

Unsurprisingly the capital is the top location in the UK for rearing a new global superstar, with an 80 per cent greater chance of finding fame for the city's residents.

East Anglia comes out bottom, with only 3.8 per cent of UK celebrities originating from the East of England, despite nine per cent of the population living there.

It is also a particularly poor showing for Northern Ireland and the South West, while the North West, Wales and Scotland join London in the top four.

Source: AboutProperty.co.uk

W Retreat's Koh Samui Residences sell out in 2 months

admin — 2/7/2012 7:42:00 AM

All four of the luxury beach-front properties at The Residences at W Retreat on the Thai island resort of Koh Samui have sold out within two months of the development’s launch in Hong Kong.

The Residences at W Retreat Koh Samui project will feature 12 villas on completion and interest in the scheme is overwhelming its backers. The number of units is being kept deliberately low to add and air of exclusivity and prestige says the developers.

“The demand for The Residences at the W Retreat Koh Samui has greatly exceeded expectations,” Sunny Bajaj, Managing Director of Amburaya Hotels & Resorts, told OPP this week.

Speaking as the lead developer of the property, Bajaj said: “There is strong demand worldwide for Thai resort properties and, in particular, for the W lifestyle brand. Discerning buyers from all over are quickly recognizing that The Residences at the W Retreat are an excellent investment.”

Source: OPP.org.uk

Murcia tipped to become a property hot spot

admin — 2/7/2012 7:36:00 AM

A Paramount theme park, a new continental airport and the biggest shopping mall in Europe are set to combine with other local factors to make Murcia in Spain a property hot spot, it is claimed.

The CasaCalida Property Group believes that savvy property investors will take advantage of current low prices to buy property now and be able to rent it out if they wish.

According to Steve Long, chief executive officer of CasaCalida, enquiries about properties in Murcia have increased since it was confirmed as the location for Paramount’s new Theme Park.

‘I have been telling people for years that Murcia is the best place in Spain if not Europe to invest in property. I certainly put my money where my mouth is and in 2003 to 2006 along with investor partners we invested over €14 Million of our own cash on land banks suitable for future sector approved development projects,’ he said.

Source: PropertyCommunity.com

Auckland set to become more international as foreigners flock to the city

admin — 2/7/2012 7:15:00 AM

A metropolitan lifestyle, good schools and a green environment are just some of the factors that are attracting an increasing number of foreigners to live and work in Auckland, New Zealand.

In fact the city is becoming so popular, especially with Asians, that by 2021 non European will make up nearly half of the population, according to new research.

In a decade for every 100 residents in Auckland, 27 will be Asian, 17 Pacific Islanders, 12 Maori and just 53 will be European, down from 59 today.

‘Auckland has dominated New Zealand’s population growth over the last two years, which allows for births, deaths, arrivals and departures of residents,’ said Statistics New Zealand population manager Andrea Blackburn.

Source: ExpatForum.com

First-time buyer applicants surge 'through the roof'

admin — 2/7/2012 7:11:00 AM

A chain of estate agents claims it is seeing a last-minute surge of interest from first-time buyers looking to buy before the end of the Stamp Duty holiday in March.

Staff across the 100-strong haart branch network are said to have reported a steep rise in applicant levels among first-time buyers keen to take advantage of the tax relief.

Haart says it is registering over 5,000 potential house buyers per week at present.

The Treasury announced in the autumn that it would end the current Stamp Duty tax relief for first-time buyers on March 24. The scheme, introduced by the previous government, temporarily removed the 1% charge for first-time buyers purchasing properties up to £250,000.

Source: EstateAgentToday.co.uk

US mortgage giant plans massive auction of 122,616 foreclosed properties

admin — 2/7/2012 4:40:00 AM

America’s Federal Housing Finance Agency has approved a giant residential real-estate auction at Fannie Mae (the Federal National Mortgage Association) to help the mortgage giant unload its inventory of 122,616 foreclosed houses. No date has been set yet for the ground-breaking auction but, for the first time, the U.S. regulators are also going to allow Fannie Mae to sell houses in bulk. The test sale also will include pools of non-performing loans.

Corporate bidders will have to have at least $5 million in assets to take part in the pilot sell-off and private individuals will be allowed into, provided that they have an income of more than $200,000 pr annum. Private couples will need to have a combined income of more than $300,000.

All of the bidders will have to have a proven track record as successful landlords because the properties purchased cannot be flipped says Fannie Mae. Buyers will also have to rent out the houses for a yet unspecified term of years. Many of the houses to be included in the test auction are occupied by tenants. These are persons who had been renting the units when their landlords defaulted on the property's mortgage. Federal and state laws protect them from eviction.

More information about bidder registration, is available on the FHFA's Website (www.fhfa.gov), under the REO Asset Disposition link. According to the FHFA site, the assets in the pilot auction will come from areas hard-hit by the downturn such as Atlanta, Chicago, Detroit, Fort Lauderdale, Las Vegas and Los Angeles.

Source: OPP.org.uk

Kuwait fund pounces on Manhattan's luxury apartment market

admin — 2/7/2012 4:40:00 AM

The investment arm of Kuwait's social-security fund has been investing in luxury apartment buildings in Manhattan's Noho neighbourhood this month according to a report out this week from Reuters.

The Wafra Investment Advisory Group completed the purchase of 2 Cooper Square, a 144-unit New York apartment block last week for an undisclosed sum.

The building includes a rooftop swimming pool, a video-game centre and a private movie-screening room.

Source: OPP.org.uk

Robots may greet you at next open house

admin — 2/7/2012 4:35:00 AM

It will take at least a few years, but the whiz kids at M.I.T. are working on a robot that may guide you through a home that’s for sale.

Q. Is it true that some real estate open houses are now being conducted by robots instead of real-life agents?

A. Not yet, but they could be soon. The elite Personal Robotics Group at the Massachusetts Institute of Technology has worked for years to develop what team members call “highly expressive humanoids.” They include a robot named Rea, who currently exists in a virtual world, where people can ask questions about buying property.

The group’s goal is to create lifelike robots that easily can interact with humans, work with them side-by-side, and learn from everything people ask or tell them.

Source: DailyHerald.com

Fire at multi-million pound Mayfair home

admin — 2/7/2012 4:30:00 AM

Twenty fire engines and three aerial ladders were called to the blaze at the five-storey Georgian townhouse on Grafton Street in Mayfair, central London.

A spokesman for London Fire Brigade said part of the roof along with the fourth and fifth floors had been ablaze.

The Grafton Street house was refurbished after being sold for £13 million in 2007 to a company registered in the British Virgin Islands, and is now thought to be worth upwards of £20 million.

A roof garden with a retractable roof was destroyed in the fire. Through the front door, water could be seen dripping through the ceiling onto a marble floor.

Source: Telegraph.co.uk

Can creative thinking help Portugal’s property market?

Ivan Radford — 2/6/2012 2:30:00 PM

Photo credit: Melenama

International house hunters may have heard of Felice Cohen, the woman who adapted to fit her life in a 90-square foot apartment in New York. Recording a video of her cramped conditions, her creative solutions to survive in the tiny property soon went viral. Now, as Ms Cohen finds herself able to afford a full-sized New York home, her unique approach to real estate finance has been hailed as “an inspiration to penny-pinched tenants across the world”.

Indeed, it’s not just in Manhattan that people are thinking outside the box. Investors in Portugal have come up with an innovative way to solve the problem of bank financing: side-stepping the banks altogether.

Portuguese agent Infinito Real revealed that "a few savvy developers" are coming up with an "alternative method of funding" to invest in the country’s real estate, arranging their own loans so they can afford to purchase property.

"The demand is there but financing is still proving difficult," Infinito's Managing Director Stephen Anderson comments. "However, recently we have seen a few savvy developers offering an alternative method of funding to avoid the stumbling block of acquiring finance from the bank, thus helping to get the property market moving."

The new approach sees investors place a deposit of 30 per cent, according to Property Wire, and then agree with the developer to pay off the remainder free of interest over several years. The investor can sign the deeds as soon as the deposit has been made, allowing them to own the property straight away.

Anderson adds: "This developer funding method is aimed at a variety of investors but is generally ideal for those people who are able to get finance in 12 months, just not now."

The innovative bank-hopping follows signs of other investor strategies to cope with the euro crisis. Buy-to-let investment has seen a recent surge in activity as buyers seek to fund their property purchases. Indeed, a RICS report from last month showed that letting demand was still strong in Portugal with the buoyant rental market experiencing "robust demand and strong transaction expectations".

Talking exclusively to TheMoveChannel.com in January, Portuguese agent CSF Property outlined positive hopes for 2012: "Portugal has been quite sensible. They've raised taxes, they're spending, they haven't spent as much on Christmas and roads and things like that and we're starting to see some light... There's no oversupply here and that's the one thing that's saving the market."

Portugal remains one of the most vulnerable economies in the Eurozone after Greece, but if investors and developers continue to think outside the box, could creative thinking be the second thing to save the property market this year?

Looking for a bright investment idea?

Browse our listings of houses, apartments and other property in Portugal:

http://portugal.themovechannel.com/property/all

Property investment activity dips in Romania

admin — 2/6/2012 2:05:00 PM

There has been a decline in the level of investment flowing into the Romanian commercial property sector in 2011.

Head of valuations and consulting at DTZ Echinox Bogdan Sergentu explained the amount of money invested in Romanian real estate dropped by 13 per cent in 2011, compared to the previous year.

Bucharest was the main target for those seeking such assets in the country, with developments in the city accounting for six out of the 13 transactions completed last year.

Mr Sergentu added 69 per cent of the total investment volume for 2011 was spent on mixed-use developments, despite a greater number of deals being agreed in the retail sector.

Source: Property Showrooms

Demand for prime office properties in Dublin expected to be high in 2012

admin — 2/6/2012 2:05:00 PM

Lettings activity showed an increase of 25% in 2011 in Dublin, compared to 2010, causing vacancy to reduce from 23% to 21.6%, according to Savills latest office report.

The international real estate advisor predicts demand will remain strong for prime space in 2012 but overall vacancy rates may remain the same or marginally higher as some occupiers exit buildings.

The overall take up level for 2012 is forecast at around 130,000 square meters. Savills reports that demand continues to be led by a preference from occupiers for space in prime locations namely Dublin 2 and 4, which accounted for 24% and 32% of 2011 take up respectively.

The international telecoms, media and technology companies are anticipated to expand keeping market terms and conditions tight as zero development pipeline is forecast for 2012, against only 12,000 square meters of development completed across the market in 2011.

Source: Property Wire

Sale and rent back market shut down by FSA

admin — 2/6/2012 2:01:00 PM

The Financial Services Authority (FSA) has shut down the sale and rent back market after concluding that most deals were unsuitable and should never have been sold.

Under the deals, home owners struggling with the mortgage could sell their property to a company which would rent it back to them.

The FSA reviewed the sales practices of all regulated sale and rent back firms and found failings including:

- Failing to consider affordability and not giving customers enough time

- Giving incorrect information

- Financial promotions that breached FSA rules

- Inadequate training and record keeping.

Source: About Property

Most Brits confident about the UK property market, research finds

admin — 2/6/2012 12:59:00 PM

More people in the UK expect house prices to rise than fall in 2012, according to the third Halifax Housing Market Confidence Tracker that monitors public sentiment towards the housing market.

Over half said that concern over job security is a main obstacle to buying and Londoners are most optimistic about UK house prices, the survey also found.

Some 29% of Britons forecast that house prices across the UK will increase over the next twelve months, more than the 22% that predict a price decline over the same period. A large number, some 61%, also believe that house rents will increase over the next 12 months.

However, the outlook for the housing market remains subdued. The majority think that any house price movement over the next twelve months will be relatively small with around two thirds, 65%, expecting any movement to be between plus 5% and minus 5%.

Source: Property Wire

Greece makes last-gasp effort to secure IMF 130bn euro bailout deal

admin — 2/6/2012 12:57:00 PM

Greece will today make a last-ditch attempt to stave off bankruptcy, which would send the eurozone into economic chaos and could ultimately bring down the single currency.

Parties backing the country's coalition government will meet again to try and secure an austerity deal with rescue creditors. It follows an intense weekend of negotiations which failed to produce a breakthrough.

Prime Minister Lucas Papademos will meet leaders of three parties backing his coalition, who all publicly oppose steep cuts in private sector pay demanded by negotiators representing eurozone lenders and the International Monetary Fund.

Source: Daily Mail

GDS architects to design world’s first invisible tower

admin — 2/6/2012 12:55:00 PM

It seems that a rising trend in architecture is actually an older trend in magic: making large things disappear. Sou Fujimoto’s plans for a tower in Taiwan takes a stab at such a feat, using porous walls that allow views of the city to penetrate through the superstructure as if it were a curtain of mesh. Now, international practice GDS Architects are setting out to build what will allegedly be the world’s first invisible tower, an observation ‘anti tower’ that will be the first design proposal for a landmark that earns its keep by essentially refusing to be a landmark.

Though the renderings seen on Bustler reveal a somewhat phallic crystalline tower imbued with a tinted glow reminiscent of Avatar’s endangered forests, GDS Architects assured the Cheongna City Tower Competition jury that the Eco Prism will use optical technology to seemingly disappear, cloaking its extensive program of cultural, sports, and ecological activities in invisibility. The message behind the trickery is an admirable one: “Instead of symbolizing prominence as another of the world’s ‘tallest and best’ towers, it sets itself apart by celebrating the global community rather than focusing on itself. The tower subtly demonstrates Korea’s rising position in the world by establishing its most powerful presence through diminishing its presence.”

Source: Architizer

Lack of first-time sellers hits FTBs

admin — 2/6/2012 12:50:00 PM

A new hurdle has emerged for first-time buyers – a lack of suitable properties on the market.

A shortage of ‘first-time sellers’ means that the number of terrace homes and flats being put up for sale are down 31% and 28% on the third quarter of last year, Rightmove said this morning.

One-third of potential first-time buyers said that their biggest single concern is being able to find the right property.

Only one in 12 cited their ability to meet monthly mortgage payments as a major concern, but raising a deposit was the biggest concern, cited by four in ten potential first-time buyers. One in 14 expressed concerns about fluctuating house prices, although a small majority – 55% of those questioned in the Rightmove study – said they thought asking prices too high.

Source: Introducer Today

London new build property "driven almost exclusively by international buyers"

Ivan Radford — 2/6/2012 12:45:00 PM

The prime London new build residential market is now being driven almost exclusively by international buyers, generating a net £1.4 billion inflow of equity in 2011, according to new analysis from international real estate adviser, Savills.

This means that its dynamics have more in common with Hong Kong and Singapore real estate than with the wider UK property market. Much of this overseas equity has been generated from off-plan sales, prior to completion and helped to forward-fund some of the significant projects that are changing London's skyline and helping to regenerate significant areas of the capital.

As recently as 2009, UK buyers accounted for three-quarters of the prime London new build residential market but, in 2011, almost two-thirds of buyers (63 per cent) were international. At the top end of the market, international buyers were responsible for 88 per cent of all new build sales in the prime central area worth over £5 million.

A clear line is being drawn between old and new. People from the world's new economies - primarily Asia Pacific, Russia and the Commonwealth of Independent States (CIS) are a different type of buyer to those from the older economies - the UK, North America and Middle East, whose buyers have been coming to London for decades. Buyers from the new economies are much more likely to buy new build and have concentrated their buying in the new, up and coming areas of London, paying a premium for quality and rarity of product.

Numerically, overseas buyers in the new build sector, especially in the east of City markets are dominated by Pacific Asians and Chinese. This group accounted for 37 per cent of buyers in 2010 and 33 per cent in 2011, compared to just 4 per cent in 2009. This not only reflects concentrated marketing efforts in these regions but also an appetite for investment and willingness to commit to sales "off-plan", before completion. Buyers from Hong Kong, China, Singapore and Malaysia, dominate the apartment market, at lower price points than most other overseas buyers, although buyers from the Chinese mainland are relatively small in number and buy some of the cheapest properties due to the difficulties they have in expropriating their currency. Many are buying apartments for offspring in higher education in the UK.

Yolande Barnes, Head of Savills Research says: "Were the Chinese restrictions on property ownership overseas to be lifted and the Remimbi a globally traded currency, the Chinese propensity to spend could be vastly increased. We have estimated in the past that the Chinese billionaire market could move London prices by as much as 15 per cent."

In contrast to Pacific Asians, buyers from Russia and other Commonwealth of Independent States (CIS), as well as the Middle East and North Africa (MENA) are more likely to buy in the £5 million plus range in prime central areas. At this price point international buyers totally dominate the market, accounting for 88 per cent of sales of new build sales over £5 million (compared to 64 per cent in the second hand market). Almost three quarters of sales are to buyers from Eastern European and CIS countries (47%), the Middle East and Africa (24%).

At this top end of the market, the kudos of an address combined with proximity to high-end amenities, shopping, parks and international restaurants and bars, has led to a clustering of global wealth, within both the new build and second hand sectors.

In prime London's second hand markets, UK buyers accounted for 66 per cent of transactions last year, down just 9 percentage points compared to 2009, although over the past five years less than 37 per cent of second hand sales over £5 million went to domestic buyers. This said, buyers from the world's old economies accounted for a majority share of the top end of the second hand market. Buyers from North America, North Africa, the Middle East and Western Europe accounted for a further third of this market.

Investors and occupiers drive the new build market in almost equal measure, but different nationality groups have very different motives for buying. Middle Eastern, African and Asia Pacific buyers are primarily investment buyers, while those from the Asian sub continent and North America join domestic buyers in acquiring property for their own use or for use by parents. Without doubt, however, London's safe haven status underpins all international buying, with wealth preservation at the core of most purchases.

"Our expectations are that the demand from the new world economies into London's ‘old world' prime real estate will continue to be strong, with demand from Russia and other Eurasian countries, the Middle East and Africa dominating at the top end of the market," says Barnes.

"With prolonged social unrest, economic uncertainty and political tension across the globe, London property markets will display some counter-cyclicality. Wealthy individuals are likely to continue investing in overseas assets to safeguard their cash and provide themselves with an alternative living option, and while London retains its status as a leading global financial centre, its residential real estate will continue to be an asset class of choice.

"Chinese and Pacific Asian investment will continue to feature as investment buyers, though probably at a lower level than recently, and strongest markets for this group will be those with good access to the City or Canary Wharf and those underpinned by strong rental demand.

"But everybody will be watching to see what happens if and when mainland Chinese money is freed from current ‘export' constraints. We stand by our forecasts that if it were to flow into our markets at the rate at which new Chinese billionaires are being created it could boost prime central London values, particularly those within the new build sector, substantially."

House prices up 0.6pc in January

admin — 2/6/2012 11:15:00 AM

Halifax has provided a welcome boost to the UK housing market, having worked out that the value of the average home rose 0.6% in January, to £160,907.

The increase is only the second in the past six months and left January also registering a quarterly fall of 0.9% and an annual decline of 1.8%.

According to the lender, the annual rate of fall has edged lower in the last two months but remains comfortably above its May 2011 reading of -4.2%.

Source: Home Move

Condos attracting a lot of buyers in the Philippines, according to consultants

admin — 2/6/2012 11:12:00 AM

Property investors, many of them from overseas, are continuing to buy in the Philippines despite rising prices, experts point out.

Middle income residential developments have become popular the past few years because of their affordable prices while luxury condominiums have remained robust despite their steep prices, according to real estate advisory firm CB Richard Ellis Philippines.

‘You can’t buy large pieces of land in Metro Manila anymore so the next closest thing would be a luxury residential condominium,’ said Jose Luis Matti, executive director of CBRE Philippines Asset Services. Luxury condominiums are usually priced from P175,000 to P225,000 per square meter.

Units that are bigger than 200 to around 300 square meters are also considered to be in the luxury sector.

Source: Property Wire

US property prices fell 4.7pc nationwide in 2011, latest data shows

admin — 2/6/2012 11:10:00 AM

Residential property prices in the United States fell by 4.7% in 2011 compared with 201, the fifth consecutive yearly decrease, the latest index from Core Logic shows.

It is the first end of year report showing what has happened in the market throughout 2011 and indicates that although there is an overall decline, the state by state picture varies.

Also, if distressed sales, that is short sales and real estate owned (REO) transactions, are excluded from the figures, then prices fell by 0.9% in 2011, giving an indication of the impact of distressed sales on home prices in the last 12 months.

The report shows that national home prices including distressed sales decreased 1.4% on a month on month basis, the fifth consecutive monthly decline. However, the HPI excluding distressed sales posted its first month on month gain since July 2011, rising 0.2%.

Source: Property Wire

Kuala Lumpur prices crash 5.6pc says Knight Frank index

admin — 2/6/2012 11:05:00 AM

Residential prices in Kuala Lumpur crashed by 5.6% year-on-year in 2011 according to the latest Knight Frank Prime Global Cities Index. The Malaysian capital city was ranked 20th out of 23 locations surveyed, based on its annual rate of decline in home values.

The good news, however, is that the Knight Frank data also shows that the slump is slowing down, with Q4 prices dropping by only 0.6% YoY.

Source: OPP

New series of A Place in the Sun starts Monday

admin — 2/6/2012 11:00:00 AM

The new series of A Place in the Sun hits your screens on Monday 6th February, visiting winter sun destinations and with a brand new presenter joining our established lineup.

Laura Hamilton, star of Dancing on Ice and property aficionado, will join Jonnie Irwin and Jasmine Harman for the first series of a new show- A Place in the Sun: Winter Sun, helping the team in investigating the top winter sun destinations of the Caribbean, Florida, Spain and the Canary Islands. Alongside the other presenters Laura, who has been investing in property since the age of 20, will be digging deep to find out what’s really happening in each of the area’s property markets.

Since the last series aired the global recession has shaken the markets completely, meaning that bargain properties in dream locations are now more within reach than ever. Good news for our house hunters, who will hopefully be helped with finding their dream overseas properties within budget.

Source: A Place in the Sun

Video - Dubai housing market bottoms out, set for growth

admin — 2/6/2012 9:20:00 AM

According to property advisory firm Jones Lang LaSalle, Dubai’s residential market bottomed out in 2011, making way for growth this year.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/dubai-housing-market-bottoms-out-set-for-growth/

10 tips to be a bad landlord

Ivan Radford — 2/3/2012 1:41:00 PM

Photo credit: Sint Smeding

With the London Olympics only months away, agents are seeing a surge in enquiries from homeowners looking to rent out their property and take advantage of an expected increase in tourist numbers. For those looking to invest in a buy-to-let property, there are certain steps you should follow and many pitfalls to avoid.

To highlight the latter, here are the top 10 tips to be a rubbish landlord:

1. Pick a rubbish property

Picking a rubbish property is the fastest way to deter tenants. Make sure you invest in a house in a bad location and with poor transport links. Do not research the property you buy and avoid searching on a professional property portal.

2. Evict your tenants

If you're already letting out your property, tenants who pay their rent on time are a guaranteed source of income. But some landlords are evicting them in search of higher short-term profits from tourists, risking their investment yields. You should obviously follow suit.

Antonia Bance, head of campaigns at housing charity Shelter, told The Daily Mail this week: "Lots of letting agents are writing clauses into contracts being signed saying you can live here with the exception of this period [during the Olympics]."

3. Don't raise the rent

If you're a new buy-to-let investor, only a foolish landlord would refuse to take advantage of the predicted rise in tenant demand this summer. Asking rates during the Olympics are already skyrocketing, with some requesting over five times the market rate. A house in Dalston that fetches £300 a week, for example, is now being advertised at £1,625.

4. Don't do your paperwork

An easy way to fail at being a landlord? Ignore all your legal requirements. "Anyone wanting to let during the Olympics will need to apply for planning permission to let their property for less than 90 days," advises W. A. Ellis. "Without it, they are breaking the law and could be fined up to £20,000. The future sale of the property could also be affected as any enforcement notice will be registered as a legal charge and this may deter future buyers. A short let may also invalidate some insurance policies. If the rent is under £1923 per week, it will become an AST (Assured Shorthold Tenancy) and therefore, a Section 21 Notice must be served."

5. Don't allow pets

Lots of landlords don't like pets because of the damage they can do to a property. One landlord in Milwaukee was even jailed this week for killing a cat that had intruded upon his vacant rental home. But animals can have benefits, according to lettings agent Upad:

"The Dogs Trust praises the virtues of lets with pets," explains CEO James Davis. "They claim that not only will permitting pets increase the demand for your property but you'll also attract a better class of tenant. They further suggest that tenants with pets stay longer because they know how difficult it is to find an understanding landlord."

Long-term tenants and increased demand? No landlord wants that.

6. Don't follow safety regulations

You have an obligation to look after your tenants and make sure that your appliances are working correctly. Not maintaining your gas and electricity could have serious financial implications too, but what's the worst that could really happen? (An Oxford landlord recently left his boiler unchecked for over six months. Not only did he put his residents' lives at risk, he was fined £2,000 and ordered to pay costs of £2,179, reports Property Talk Live.)

7. Don't prepare for cold weather

According to Total Landlord Insurance, landlord claims as a result of burst pipes and flooding rise by an average of 100% in winter months versus summer. Checking your home for weaknesses during the winter is a key first step for a new landlord - so don't worry about doing it.

8. Don't check who your tenants are

A New Zealand landlord discovered last week that her home, located next to a primary school, was being used by her tenants as an unlicensed brothel. Who doesn't like a pleasant surprise now and then? (Residents are now calling for "Firecats Escorts" to be closed by the council.)

9. Avoid Landlord Organisations

Legislation keeps changing, but a Landlord Organisation can keep you up-to-date with the current laws and offer useful tax advice, as well as providing support from other experienced landlords. You should probably steer clear.

10. Be horrible to your tenants

"A good relationship between landlord and tenant is essential to a happy tenancy," adds Upad's Davis. "You don't have to be best buddies (although you can be if you want) but a respectful and amicable connection will go a long way."

Looking for marathon-sized rental yields this year?

Browse our listings of apartments, houses and other buy-to-let investments:

http://investment.themovechannel.com/property/buy_to_let/

Farmland investment is the "wise and ethical choice in 2012"

Ivan Radford — 2/3/2012 1:00:00 PM

Investing in high performance agricultural land would be a "wise and ethical choice in 2012", according to some real estate agents.

Property Frontiers CEO Ray Withers highlights the importance of alternative asset classes such as farmland for the New Year:

"As an investor myself I always consider the fundamental elements of supply and demand behind any investment. Today the pressure we place upon our land is vast and global food shortages are cleanly apparent."

Indeed, with the global population rising fast, passing the 7 billion mark last year and large areas of farmland previously used for food production being transformed into fields of bio fuel crops, the pressure placed on our food supply is increasing. Even today's most prolific philanthropist Bill Gates has turned his attentions to the issue of global food shortages, funding the research, development and protection of agricultural lands and techniques.

According to the Knight Frank Wealth Report 2011, food and soft commodity prices have hit record heights in the UK, with wheat prices reaching £200 per tonne in 2010 as supply faces rising demand. As a result, the OECD estimates that production must increase by 70% before 2050 to satisfy global population growth and changing consumption trends.

Is farmland the new the green gold of 2012?

As a tangible asset, farmland is highly appealing to investors, especially those cautious of volatile stocks, shares and bonds. Not correlated with mainstream asset classes, investment in agricultural land is based simply on supply and demand and, similarly to gold, has remained one of the most robust asset classes in recent times.

For years cash-rich and land-poor nations have been purchasing agricultural land in overseas shores such as the US, Australia, Russia and South America. For many, including Withers, the vast farmlands of South America are the preferred choice due to the productive climate and soils. Politically calm and economically stable nations such as Uruguay have established and productive agricultural lands with foreigners owning up to 25% of food production land.

But this trend has sparked a desire for individual investors to own any slice of farmland, be it in the Yorkshire Dales or Uruguay.

Withers concludes: "Investing in high performance agricultural land, in the right location and via the right investment structure would be a wise and ethical choice in 2012."

Video - Top commercial real estate trends to remain same in 2012

admin — 2/3/2012 12:50:00 PM

Commercial real estate trends and issues that were prevalent in 2011 will continue into 2012, according to Steve Hentschel, managing director and head of Real Estate Banking, Gleacher & Co.

Watch the full video interview at TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/top-commercial-real-estate-trends-to-remain-same-in-2012/

Fewer Chinese and more Russians buying property in central London

admin — 2/3/2012 11:22:00 AM

The number of European Union and Chinese buyers of prime central London property declined over the course of last year while the number of purchasers from the UK and Russia grew, according to the latest report from Hamptons International.

The report, which tracks the nationality of prime central London buyers, highlights the proportion of buyers from the UK, Middle East, European Union, China, Far East, USA, Russia, India, South Africa and the rest of the world.

The results highlight a change in the buying habits of both European Union and Chinese buyers throughout 2011. The proportion of European Union buyers fell by 19% per cent throughout the year. Chinese buyers demonstrate a similar trend, peaking at 13% of all purchases in the second quarter but falling to just 2% in the last three months of 2011.

Conversely, the report highlights growing numbers of buyers from the UK, the Middle East and Russia. UK buyers returned to the sector in the second half of 2011, peaking at 44% of all purchases in the third quarter. Middle Eastern buyers were the only nationality to increase quarter on quarter throughout 2011, peaking at 16% in the fourth quarter.

Source: PropertyWire.com

Active landlords in the UK may sit tight in 2012 says ARLA

admin — 2/3/2012 11:18:00 AM

There was increased buying and selling activity in the Private Rented Sector (PRS) in the UK in 2011 but this may not continue in 2012, according to the latest research from the Association of Residential Letting Agents (ARLA).

It shows that the number of landlords that sold a property in the last 12 months increased from 6% to 8% in the fourth quarter of 2011. The number of landlords saying they had bought properties also rose, from 23% to 25% over the same period.

These figures suggest that landlords focused on reshaping their property portfolios during the year, said ARLA.

Landlords in the North West of England were particularly active, with 31% of respondents buying at least one property during the year, and 11% sold at least one.

Source: PropertyWire.com

Twice as many UK mortgage holders save rather than pay down their debt

admin — 2/3/2012 11:15:00 AM

Despite recent research showing that overpaying on a mortgage offers better longer term rewards than saving, twice as many UK mortgage holders save regularly rather than pay down their debt according to new research from online bank first direct.

A survey of 1,022 UK mortgage holders found that 42% are saving regularly, double the proportion that regularly overpay on their mortgage at 21%.

One reason for this could be a widespread lack of awareness among mortgage holders on the current details of their loan, says the research.

Almost a third, 31%, don't know the interest rate on their mortgage, 43% don't know the total cost of their mortgage including interest, and a quarter do not know whether or not they are able to overpay on their mortgage.

Source: PropertyWire.com

Aerosmith's Steven Tyler Buys in Maui

admin — 2/3/2012 11:10:00 AM

Aerosmith lead singer and "American Idol" judge Steven Tyler has purchased a home on Hawaii's Maui for $4.8 million. It was listed for $6.5 million.

On a quarter-acre, the 3,000-square-foot home has two bedrooms and 3½ bathrooms. Located on the water in a nature preserve area near Wailea, the pentagonal home has several outdoor decks overlooking the coastline. There's also a floor-to-ceiling aquarium and an infinity-edge saltwater pool.

The seller was Fred Constant, owner of Constant-Diamond Mountain Vineyard in California's Napa Valley, who bought the property in 2002. He says he decided to sell partly because he was no longer using it enough to justify keeping it.

Mr. Tyler, 63, has performed with Aerosmith for more than 40 years. The 11th season of "American Idol" premiered on Fox on Wednesday.

Source: The Wall Street Journal

Dubai mortgage lender reports profit spike

admin — 2/3/2012 8:20:00 AM

Dubai mortgage lender Tamweel has reported a four-times increase in profits in the last three months of 2011, hinting at a stabilising property market.

The fourth quarter yielded AED31 million net income for Tamweel, compared to AED8 million a year previous.

Chairman Abdulla Ali Al Hamli said in a statement: “Tamweel is firmly back in business.”

“Tamweel will continue to play a key role in supporting the long-term recovery of the country’s real estate sector.

Source: OPP.org.uk

Expats miss Britain's countryside even more than its sense of humour

admin — 2/3/2012 8:16:00 AM

Those living in the desert landscape of the United Arab Emirates long for the British countryside more than those in any other country, with 85 per cent selecting it as one of the three things they miss the most.

The survey by Lloyds TSB International shows that across all countries of residence, nearly half – 46 per cent – of expats miss the British countryside.

Our sense of humour was the second most missed aspect of life in Britain, chosen by 42 per cent, while our pubs were third, having been selected by 41 per cent of the 1,034 expats that were surveyed.

Britons now living in Germany miss the British sense of humour the most – 65 per cent – followed by those in Canada – 60 per cent – and South Africa – 54 per cent – while our pubs are missed more in Australia than in any other country.

The least missed aspects of life in the UK are our politics and the weather, which both collected only five per cent of expats’ votes.

Source: Telegraph.co.uk

Bulgarian construction sector is still lagging behind

admin — 2/3/2012 8:12:00 AM

In 2011, GDP of Bulgaria is anticipated to record a surge of 2-2.5%. Compared to the overall economy, the Bulgarian construction sector is still lagging behind in revival. This is reported in the actual market report by Buildecon. In 2011, growth rate is to be negative for the third year in a row. The pace of reduction is slower than in 2010 and in 2009, and the bottom is to be hit in 2011 at around € 7bln for construction output (at current price) and the sector is to start to rebound in 2012. In 2012, the share of civil-engineering is to exceed 50% of the total output.

Leading segments would again be road construction, due to the large-scale infrastructural projects financed through the EU Programs and renovation initiatives funded by municipalities. In the period of 2012-2013, civil engineering is to compensate the downturn of the other two sub-sectors since for these two years the government is planning the highest absorption rates in EU funding. Residential construction might be triggered only by certain renovation activities in 2012-2013, while the leading segment in non-residential construction is to be industrial construction.

In the residential sub-sector a certain trend of alteration of building types occurred during the crisis years – massive multi-family complexes give way to individual small–scale projects. Investors were pressed by low demand and difficulties in finding financial resources. Homebuyers were attracted by decreasing property prices, but at the same time, they were stopped by the economic uncertainty and the risk of losing future incomes.

Non-residential construction saw an unstable year as well. No major projects reached completion in H1 2011, especially in the three so far leading segments: commercial, office and hotel constructions. Nevertheless, forecasts for the years 2012 and 2013 in terms of shopping centers are more optimistic with a number of new malls to be completed. Existing properties are characterized by higher vacancy rates and dropping rent levels, which might restrain eventual future investment incentives. As a result of the postponed modernization and the available EU support, the upcoming period is to experience growing activity in the field of industrial and agriculture-related constructions.

Source: Property-Magazine.eu

Las Vegas real estate market starts 2012 on 10-year high

admin — 2/3/2012 8:06:00 AM

Homes for sale in Las Vegas hit record high all-cash purchases in buying spree from from institutional and private investors. Las Vegas real estate is currently #1 in the US for price-to-rent ratio making it possibly the best rate of return on cash-flow properties in America. LasVegasRealEstate.org reports that Las Vegas real estate market prices have reached 20-year lows as Nevada led all states with foreclosure sales accounting for nearly 50% of the 48,186 purchases in 2011.

Ashley McCormick of Realty One, Nevada's number one Las Vegas real estate company, says that even the most most discerning buyers are running the numbers and embracing Las Vegas. She notes that people who went through a foreclosure or short sale more than three years ago are starting to re-enter the market. Money that has been sitting on the sidelines for years is making its way into the Las Vegas residential market buying mostly Las Vegas foreclosures with over $720 Million just in the last 90-days.

McCormick says that the strong rental market is backed by the service industry that is directly tied to tourism. According to the annual tourism report the average Las Vegas tourist spent more and stayed longer compared to a year earlier. Visitors stayed an average of 4.6 days with the average cost of a vacation package since 2010 at $651 and holding thru 2011. February is expected to post record numbers as Las Vegas is the number one choice for Super Bowl Parties followed by Las Vegas Valentine's Day events and weddings. Vegas is know for it's incredible deals on travel, entertainment and now buying second homes, Las Vegas high rise condos or immediate cash-flow investment properties.

Source: JSOnline.com

Rising bills put the squeeze on first-time buyers

admin — 2/3/2012 5:30:00 AM

It is more difficult for first-time buyers to get on the housing ladder now than during the 2009 recession, according to a new study by RBS.

The bank's new ability to buy index says that despite the lowest mortgage payments in a decade first-timers have been squeezed by tax and national insurance rises, flat earnings and rising living costs.

The growing cost of essentials in 2011 has outweighed the effect of falling house prices and rising incomes.

The index has deteriorated for three consecutive quarters to a low of 98.6 in the third quarter of 2011 compared with an average of 96.5 in 2009.

Source: AboutProperty.co.uk

Brazilian commercial real estate 'demonstrating resilience'

admin — 2/3/2012 5:25:00 AM

Brazil's commercial property sector is one of the few in the world to record positive sentiment towards rental expectations and capital value growth during the first quarter of 2012.

According to the Royal Institution of Chartered Surveyors (Rics) Global Commercial Property Survey for the final three months of 2011, Brazil's real estate market has shown resilience in the face of a largely negative picture elsewhere in the world.

Respondents in the country are predicting a rise in rental values, as well as capital growth, in the period from January to March this year. Canada is the only nation where sentiment is more positive in these two respects.

Property professionals in Brazil also anticipate demand from occupiers will continue to outpace the supply of available premises over the next few months.

Source: PropertyShowrooms.com

Sales via Scottish solicitors exceed £4billion in 2011

admin — 2/3/2012 5:20:00 AM

22,537 homes were sold in 2011 through solicitor estate agents, with a combined value of £4billion based on figures released by Solicitors Property Centres (SPC) Scotland.

Malcolm Cannon, Chairman of SPC Scotland and Chief Executive of Edinburgh Solicitors Property Centre (ESPC) said,

“In the face of a gloomy economic picture it is good to see that the property market is continuing to tick over. Homes are taking longer to sell and sellers have to be more realistic about the price that they are asking for.

“However, it is important that the market continues to function and those who need to sell their property for lifestyle, work, personal or financial reasons are able to do so. I believe that these figures indicate this is the case”.

Source: PropertyTalkLive.co.uk

Luxury Cyprus resort starts targeting Chinese market

admin — 2/3/2012 5:18:00 AM

Cyprus luxury project Aphrodite Hills is targeting Chinese buyers in a step away from traditional purchaser markets.

Speaking exclusively to OPP Miranda Zachariou, communications manager for Aphrodite Hills said: “As well as our core British and Russian markets, this year we are also starting to look at Chinese buyers.”

Zachariou explained that the investment potential of the Chinese market “They have a good economy and the Chinese are making investments. Plenty of Chinese students study at the universities in Cyprus.”

“It is a bit of an unknown for us, but we are excited and we shall see what happens.”

Source: OPP.org.uk

French Riviera property drops below €2m for first time

Ivan Radford — 2/2/2012 1:22:00 PM

Photo credit: Sharon.Schneider

The price of French Riviera property has dropped below €2 million for the first time, according to the latest EstateNetFrance report. The agent's Luxury Property Index reveals that while demand from buyers stayed strong in January, the average cost of prime real estate on the Riviera is now at an all-time low of €1,925.383.

As the prices fell at the start of 2012, the number of houses for sale in the area actually increased; 16 per cent more properties were on the market last month compared to December 2011 as sellers held back on listings before the change in French tax laws, which came into effect at the start of January.

"The total market value is less today than a year ago at €23.16 billion", says EstateNetFrance, marking a 6.87 per cent drop from January last year. This follows another price drop in 2011, when values decreased by 5.6 per cent across the year.

These reductions in cost drove sales of luxury Riviera property up by 16.29 per cent last year, as investors seized the chance to own a second home in the most desirable area of France. Indeed, Provence-Alpes-Côte d'Azur was recently found to be the most popular place for buyers in TheMoveChannel.com's At a Glance infographic, with the region attracting 15.65 per cent of all enquiries about French property in 2011.

But it's not just the French Riviera that attracts attention. French real estate ranked third in the portal's Top of the Props chart for January too, demonstrating the consistent appeal of property across the country. And as the Euro continues to weaken, houses in all regions of France are becoming more attractive.

According to OffshoreOnline.org, property in France is now 10 per cent cheaper due to currency fluctuation, the equivalent of saving £20,000 on a £200,000 home.

Buyers looking at high-end property in places such as Cannes should immediately see an enhancement on any rental returns, explains the expat broker, as the lower upfront purchase cost will boost the real yield they can expect from letting the home.

"The tide may be moving slowly in favour of the UK buyer with the weakening euro opening up some very attractive options for UK buyers," said Managing Director Tim Harvey. "With mortgage rates available from 3.45%, we have noticed a slow but steady increase in enquiries since before Christmas which has continued into the New Year."

EstateNetFrance agrees, describing France as a "buyer's market". "[Investors] seem to be ready to act early this year", observes the agent. With the country offering a safe haven from the eurozone crisis while still benefitting from lower prices, that comes as no surprise.

Heading to the South of France for the winter?

Browse our listings of houses, apartments and other French property:

http://france.themovechannel.com/property/all

Alicante revealed as top destination for British travellers in 2012

Ivan Radford — 2/2/2012 1:05:00 PM

Alicante takes the top flight destination spot for Brits travelling abroad in 2012 it has been revealed by price comparison website dealchecker.co.uk.

Up five places from last year, Alicante has always been a popular destination, offering great value getaways. A fall in local prices on everything from a restaurant meal to sun cream combined with the fact that the pound is at a two year high against the euro has made the Costas even more affordable this year according to an annual survey conducted by the Post Office.

Marc Pritchard, Sales and Marketing Manager of Taylor Wimpey España comments:

"In today's holiday market, people are looking for the best available deals to get the most for their money, and places like Alicante offer just that. To highlight just how affordable, the recent Post Office Survey highlighted Spain as the second cheapest destination with a price of £37.72 for eight everyday items. In tough economic times, holiday makers prefer to stick to what they know and the cheaper cost of travel and living in Spain will make the country even more attractive to bargain hunters this year."

Last year, over 286 million overnight stays were registered in Spanish hotels, representing an increase of 6.4% over the previous year, according to the National Statistics Institute (INE). Indeed, this trend looks set to continue according to a recent report from low cost airline Jet2.com and package holiday specialist, Jet2holidays where 1 in 3 sun seekers stated that they will be heading to the Iberian nation for their main holiday in 2012.

Making travelling to Spain even easier this year, Vueling, Spain's low cost airline, announced it is adding two new destinations to its list seeing new flights from Cardiff Airport to Alicante and Palma, Mallorca this summer.

Pritchard comments: "This is excellent news for Spain. These routes are to very popular holiday destinations and have the potential to significantly increase traffic to Spain. We are even more excited by the increase in passenger numbers this year as we have just completed the purchase of an amazing and unique first line plot of land with direct beach access in Villajoyosa between Alicante and Benidorm. This kind of location has not been seen on the international second home market for years and we are confident it will be a hit."

Looking for a more permanent vacation this year?

Browse our listings of houses apartments and other Spanish property:

http://spain.themovechannel.com/property/all

Student housing demand outstrips supply despite drop in applications

Ivan Radford — 2/2/2012 12:44:00 PM

Student housing demand is outstripping supply despite a drop in university applications.

UCAS announced yesterday that final student numbers for 2012-13 academic year fell by 7.4 per cent, as increasing tuition fees deter new UK students. Despite this drop from domestic applicants, which was expected by the organisation, the number of foreign students applying to study in Britain actually rose by 13.7 per cent, pushing housing demand up above supply levels.

"The reduction in applications means that 2012/13 applicant numbers are broadly in line with those of two years ago," Unite commented. "At this level, demand for university places still outstrips supply by approximately 32% and means that more than 156,000 students applying to study in 2012 will fail to secure a place."

Unite confidently predicts that rental yields will grow by 3.4 per cent this year as thousands of students seek accommodation.

Source: StockMarketWire.com

Video - This month in US real estate (February)

admin — 2/2/2012 12:08:00 PM

The monthly review of the American property market from Keller Williams Realty International, plus advice on how buyers can improve their credit score.

Watch the full report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/this-month-in-real-estate-us-february-2012/

Aussie rental market to boom says NSW chief

admin — 2/2/2012 8:58:00 AM

Australia’s rental market could boom in 2012 as the country suffers from a chronic lack of supply according to the chief executive of the Real Estate Institute of New South Wales.

Tim McKibben believes that it is currently “a landlords’ market”.

“When you’ve got 30 people lining up for the one property you’re essentially going to have 29 people missing out,”

Mckibben added that this scenario could worsen after a change in stamp duty requirements meaning potential homeowners now have to fund their stamp duty from this year.

Source: OPP.org.uk

America struggles with 3 million negative equity mortgages

admin — 2/2/2012 8:54:00 AM

A national write-down of three million negative equity mortgages in the United States, cutting borrowers’ loan balances to the point where they have positive equity in their properties, could cost the country’s taxpayers $100bn, says Edward DeMarco, the acting director of the Federal Housing Finance Agency.

Speaking in an open letter to Congress this week, DeMarco said that the US housing giants he oversees, mortgage financiers Fannie Mae and Freddie Mac, currently have about 10% of their borrowers in negative equity. And this “estimate does not include second liens or home equity lines of credit.”

Cutting the mortgage principal for all of Fannie Mae and Freddie Mac’s underwater borrowers to a 100% loan-to-value ratio, at a cost of $100bn, would be far too expensive for taxpayers, Mr DeMarco wrote in his letter, adding that he would be prohibited from taking such a step without congressional authorisation.

That estimate did not include the associated costs of training employees or upgrading the mortgage financiers’ systems, which are “outdated and inflexible” the Financial Times reported this week.

Source: OPP.org.uk

Three fifths believe it’s a buyer’s market

admin — 2/2/2012 8:50:00 AM

Two thirds of consumers surveyed said property prices will be the same or higher in 12 months’ time, up from 62% a year ago.

Just 13% believed it was a sellers’ market.

However Rightmove said deeper analysis showed that both findings masked significant regional and local variations which provided further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.

Miles Shipside, director of Rightmove, said: “Our survey shows that sellers in the south should have more reason to be confident than those in the north, though even within regions there is evidence of variations in confidence in localised micro-markets.

Source: MortgageIntroducer.com

Moving costs increase quicker than house prices

admin — 2/2/2012 8:45:00 AM

The cost of moving house in the UK has risen at a faster rate than house prices over the past decade, according to new research by Lloyds TSB.

Since 2001, the average cost associated with moving home for someone who already owns a home rose by 69% (£3632) from £5290 in 2001 to £8922 in 2011.

This is greater than the 64% rise in house prices over the same period. The expense of moving home is now at its highest level since the peak of the housing market in 2007.

House moving costs are currently equivalent to 27% of average UK gross full-time earnings, up from 22% in 2001.

Source: PropertyTalkLive.co.uk

Affordable housing output in London expected to fall

admin — 2/2/2012 5:42:00 AM

Despite a severe shortage of affordable homes in London, construction activity in the affordable housing sector in the capital is expected to fall, once the Olympics development is over, according to a new report from Drivers Jonas Deloitte.

The property consultancy's latest London Residential Crane Survey says that new homes building activity has increased across Greater London in the past year, particularly in East London, where the Olympic Games will take place.

The report highlights that there has been a 40% rise in residential construction activity since this time last year.

But the report suggests that there is growing evidence to show that momentum in the housebuilding industry has started to wane, due mainly to mounting economic uncertainty and regulatory changes, with the volume of new homes schemes falling since the last survey.

Source: WhatHouse.co.uk

Theme park investment spells good news for Florida agents

admin — 2/2/2012 5:39:00 AM

Overseas property agencies based in Florida like Feltrim International are delighted with the news that Walt Disney World and Universal Studios resorts are “ploughing millions of dollars into huge expansion projects” at their base in Orlando, which has just become the first-ever US city to surpass 50 million visitors a year.

“The market has stabilised and Florida is on the up,” Feltrim International manager Adam Cornwell told OPP. He is convinced that thinks that fresh attractions at world-renowned destinations like the big theme parks will help to get rid of the state’s backlog of foreclosures.

“Both theme parks have taken advantage of their massive marketing power and research prowess to get reduced construction costs in a move that they see as setting the scene for huge future success,” Cornwell told OPP this week.

Feltrim International is seeing a surge of “cash buyers, from Brazilians to Britons,” pushing up the market in Florida.

Source: OPP.org.uk

Bulgaria scores perfect performance on 2011 budget

admin — 2/2/2012 5:37:00 AM

The Bulgarian government has fulfilled its revenue and spending plans for 2011 at close to 100%, and recorded a budget deficit lower than expected, announced the Ministry of Finance Wednesday.

The report has confirmed that the state budget deficit for 2011 has been 2.1% of GDP for the year, lower than the 2.5% previewed in the state budget for 2011.

The Ministry of Finance has announced it has fulfilled its revenue plans for last year at 96.8%, meaning hit has gathered BGN 25.4 B in revenue, or 33.3% of GDP.

The government has spent close to BGN 27 B, which amounts to 95.8% of its spending plans for 2011.

Source: Novinite.com

Why is Lindsay Lohan moving out of her Venice Beach home?

admin — 2/2/2012 5:07:00 AM

So long, Venice Beach!

Storage trucks were seen at Lindsay Lohan's home today, and a source close to LiLo tells E! News that her creepy run-in with an alleged trespasser and constantly having looky-loos on her property are enough for her to finally pack up and leave...

"Her house is more accessible than Starbucks," the source tells us.

"People sit in lawn chairs with cameras outside on the sidewalk. This last incident where this lunatic knocked on her door was the straw that broke the camel's back. It just got her thinking that she needs to move. Lindsay contacted some real estate agents about properties that are gated and more secure, and in the interim, she's moved into the Chateau Marmont."

Source: EOnline.com

Selling distressed property 'important for South African market recovery'

admin — 2/2/2012 1:35:00 AM

Quickening the process of selling distressed real estate assets in South Africa is vital if the country's property market is to recover.

This is according to SA Commercial Prop News, which outlined several areas that need to improve before the real estate sector in the nation can get better.

Among them are employment growth, more support from lenders to borrowers who are struggling to pay their mortgages and an upturn in the global economy.

Commenting on the state of the South African residential real estate market, chief executive officer of Auction Alliance Rael Levitt said: "There's likely to be more pain before there are any real gains for the sector, primarily because of the giant inventory of homes on the market."

Source: PropertyShowrooms.com

Australians increasingly looking for buy to let properties in London

admin — 2/2/2012 1:25:00 AM

Increasing number of Australian buyers are purchasing property in London with a view to renting them out, it is claimed.

According to London property search company, Sourcing Property, they are buying as an investment. The company has acted for six Australian buy to let clients in the past three months alone.

‘The Australian dollar is extremely strong right now, largely due to Australia being so commodity rich and the boom in China’s demand for its commodities. We’re therefore seeing a number of Australia based buyers, mainly who are purchasing for an investment. They view central London property as a relatively safe investment, and they’re getting a saving on it due to the favourable exchange rate,’ said Jo Eccles, director of Sourcing Property.

‘Most of our Australian clients typically buy a one or two bedroom apartment between £400,000 and £800,000. Some of them fly over to the UK for about a week to look at the options, whereas others buy remotely and never physically see what they’ve bought. In this case, we do the search, shortlist and purchase via email and telephone. Because the rental market for good quality one and two bedroom flats is so strong in London, their buy to let investment is usually rented out within a couple of weeks at most,’ she explained.

Source: PropertyCommunity.com