International Real Estate

Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices rose by 0.3% in February compared with January, with the average UK home costing £204,164. On an annual basis, house prices rose 0.7% – beating expectations for a 0.1% rise. The data from the DCLG is based on mortgage [...]

Source: http://www.financemarkets.co.uk/2011/04/12/dclg-house-prices-rise-0-3-in-february/

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The Bank of England’s decision to lower interest rates, means we are now seeing an all time ‘rates low’, with a fall from 3%, to 2%- the lowest level since 1951.

After November’s dramatic cut, this further reduction in rates is welcomed by many commentators who believe the move should help the slowing economy.

When asked to comment on BBC’s Radio 5 Live, Prime Minister Gordon Brown remarked-

“If the banks pass the interest rate reduction on, and I hope and believe that they should do so, then it’s of benefit to homeowners and businesses right across the country,”.

So far however, only a small number of mortgage providers have said that the rate cut will be passed on in full to standard variable rate mortgages.

Whilst HSBC, Bristol and West, and Lloyds TSB have taken the decision to pass on the rate reduction by the full one percent, the UK’s biggest mortgage lender HBOS has announced they will be cutting rates by a quarter of a percent, whilst Nationwide- the UK’s biggest building society, is reducing rates by 0.69 of a percent.  

Northern Ireland’s ‘Big four’ banks, comprised of Ulster Bank, First Trust, Northern Bank and Bank of Ireland are said to be matching the bank of England’s 1% interest cut. Ulster Bank has commented that its tracker customers will benefit from the cut but meetings are to be held to discuss other financial products.

Whilst the decision to reduce interest rates will be welcomed in Northern Ireland, Pricewaterhouse Coopers Philip McDonagh has commented that the economic outlook remains grim-

“We had hoped to see a cut of 1.5 percentage points, but today’s 1 % cut still sends a positive message to beleaguered businesses and homeowners.”

Source: http://www.propertynews.com//blog/782/

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The quaint Spanish town of Moraira offers potential property buyers a wealth of opportunities, it has been claimed.

This is according to the World Property Channel, which noted that the region has been attracting much attention of late as a holiday destination.

Having grown from a small fishing village, Moraira is now considered to be an attractive holiday and retirement resort, with many European visitors being attracted by its traditional culture and charm.

Indeed, those looking to buy property in Spain will find that the town boasts two beaches, three golf courses, a marina and three Michelin star restaurants.

Speaking to the news provider, Manolo Cabrera, founder of Search & Survey, said: "Moraira is a very popular destination for UK consumers who are either considering building or buying a holiday home or retiring in Southern Spain.

"The area is quintessentially Spanish and there is a variety of plots and villas in prime locations available, making it a very attractive location for UK buyers."

Source: http://www.propertyshowrooms.com/spain/property/news/moraira-offers-buyers-taste-traditional-spain_311254.html

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When Rose Kane accidentally discovered a new way to bake bread, which she realised would appeal to children, she decided to turn it into a business. With support from Invest Northern Ireland she developed a home baking kit for kids that produces loaves of bread with logos or doodles on every slice, and so Doodle Bread was born.

Rose, who has a design degree and previously worked as a chef, set up the business with Denis Anscomb, and her husband, Ronan. The business quickly attracted attention and won a national design award.

Doodle Bread operates mainly through an online presence and so far Rose has sold over 1,000 Doodle Bread kits online. “We’ve built up an online community and now also have a presence in retail outlets including the House of Fraser. Our vision is to be the Lego of educational food toys,” says Rose.

With such an ambitious plan Rose felt she needed more support to develop her business skills so signed up for Invest NI’s Propel programme. The programme is designed for entrepreneurs with ideas for businesses that have the potential to scale up and reach significant export growth. Propel provides salary support, initial seed investment, master classes, mentoring from local and international experts, and access to potential investors.

Rose says: “The Propel programme gave me the ability to focus and streamline my thinking. It also helped me get the business ready to seek investor funding. We’ve been awarded the E-Synergy Proof of Concept grant for £40,000 but will be seeking further investment to allow us to develop our range of products. Propel is excellent in that as well as providing group master classes and expert advice, we had access to a mentor on a one-to-one basis, which was invaluable. ”

Invest Northern Ireland is currently looking for entrepreneurs with new fast knowledge based businesses ideas to participate in the Propel programme. The programme is designed for entrepreneurs with ideas for businesses that have the potential to scale up and reach significant export growth.

The deadline for applications for Propel is Friday 15 April 2011 and applications can be made online through the dedicated website www.propelprogramme.co.uk

Related Articles:

Propel Programme Paves the Way for Investor Funding for New Business

Propel Programme Calls Ambitious Entrepreneurs

Source: http://www.propertynews.com//blog/962/

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Some 1.6 million homes are sitting empty in Florida, the state’s census bureau has revealed.

The number of unoccupied homes in the region has risen by 63 per cent over the past ten years, with such high levels of oversupply expected to keep home prices depressed.

In California, eight per cent of the state’s housing units are now vacant, while in Nevada 14 per cent of residential homes are empty.

As such, full recovery of the housing market is expected to be a long and drawn out process, according to Ingo Winzer, a housing market analyst and founder of Local Market Monitor.

Mr Winzer forecast that prices in Florida will drop even further, another five per cent in 2011 and three per cent in 2012.

"Even after that, they’re not going to rebound, they’ll just sit on the bottom," he said.

The news may prompt some individuals to look at property in the US, with the current low prices meaning that there is an opportunity to pick up a bargain.

Source: http://www.propertyshowrooms.com/usa/property/news/florida-home-1-6m-empty-properties_311260.html

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Mortgages advances made to house purchasers has reached a two year high, with 55,300 loans taken out in October according to the Council of Mortgage Lenders; 43% more than the same month last year.

October also saw a steady amount of first time buyers in the mortgage market with 19,700 house purchases, though tougher mortgage criteria has meant that the average deposit they have required has been as much as 25% of the purchase price.

While mortgage advances increased for house purchases, the amount of people refinancing the mortgage on their existing home was relatively low with only 33,000 people changing over to a new mortgage. Michael Coogan, director-general of the CML, commented that “We are still in a two-speed mortgage market.”

Christine Farrell, head of the Residential property department at Wilson Nesbitt solicitors in Belfast, Northern Ireland recently expressed concern about the property market in early 2010, pointing to the end of the stamp duty holiday and increasing property prices from confidence gaining sellers. Time will tell if the ‘two-speed mortgage market’ grinds to a very slow ‘one speed’ in the first quarter of 2010 as some economists have recently predicted.

First published on Wilson Nesbitt website

Source: http://www.propertynews.com//blog/883/

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The recent financial crises and subsequent economic fallout within Europe has highlighted the damage that irresponsible lending can have.

A new legislative proposal from the European Commission has been tabled with the intention of preventing this practise from happening in the future.

Under the guidelines, borrowers will enjoy a higher level of protection through robust rules concerning advertising, pre-contractual information, advice, creditworthiness assessment, and early repayment.

The news may lead to an increase in the number of individuals looking to buy property in Spain, with current low prices in the country meaning that there are plenty of opportunities to pick up a bargain.

Internal market and services commissioner Michel Barnier commented: "During the boom years, we saw examples of borrowers and lenders acting on the assumption that the good times could not end.

"The draft set of rules presented today is designed to ensure a high standard of pre-contractual information and improved lending practices across Europe."

Recent figures from Moneycorp and Rightmove found that Spain remains one of the most popular destinations for British buyers.

Source: http://www.propertyshowrooms.com/spain/property/news/eu-draws-up-draft-mortgage-proposals_311276.html

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The latest Housing Survey report from the University of Ulster, in partnership with Bank of Ireland and the Northern Ireland Housing Executive, provides both confirmation that conditions in the local housing market remained very challenging in the three months to the end of March 09 while also carrying the hint and expectation of more positive news to follow in future surveys.

The report shows that while it is unlikely that the property market has yet reached the absolute trough in the price cycle, with the notable exception of the new build segment, the restoration of affordable housing in Northern Ireland is well advanced.

With an average of £157,000, prices are now back at the pre-property boom levels of early 2006. The highest average price was in North Down – £177,785 – while the lowest was in the Craigavon/Armagh area – £131,703.

Commenting on the findings of the report, Alan Bridle,Head of Economics & Research, with Bank of Ireland noted ‘It is encouraging to report market sources indicating a considerable uplift in enquiries and viewings in recent weeks – in some cases up by around 30% in comparison to the same period in 2008′

New Builds and Resale Homes

One of the interesting features of the results of the latest survey is the dichotomy between activity levels in the new build segment (over 40% of sales in the report) and the resale market for older stock which may reflect the series of developer initiatives designed to stimulate the market.

Click here to read the latest Northern Ireland Housing Survey

Source: http://www.propertynews.com//blog/835/

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The retail real estate outlook for Egypt, Saudi Arabia and Kuwait is looking encouraging going into 2011, according to a new analysis.

Source: http://feedproxy.google.com/~r/OverseasPropertyAndRealEstateNews/~3/hE2k1TO2Mnk/middle-east-retail-outlook-201012204787.html

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House prices in Italy recorded declines of just 0.3 per cent last year, with some areas of the country even seeing values rise.

The news may tempt investors to buy property in Italy, with the news indicating that the market is now near the bottom, Overseas Property Professional reports.

According to the Bank of Italy, the cities of Cagliari, Catania and Genoa all enjoyed increases in terms of prices and research suggests that agents are more positive about the future.

Indeed, 61 per cent of those surveyed by the bank expect the overall housing market to improve over the next two years, while 26 per cent expect it to stabilise.

The bank believes that Italy’s better performance could well be attributed to the country’s property investment laws which favour the buyer.

Banks in Italy have a solid guarantee on deposit for off-the-plan developments, the news provider explains, while properties resold after five years of ownership are exempt from capital gains tax.

Source: http://www.propertyshowrooms.com/italy/property/news/italian-agents-positive-future_311244.html

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