International Real Estate

Property in the UK enjoyed its biggest increase in asking prices since May 2010 this month, the latest figures have found.

According to statistics compiled and released by the Find a Property website, prices climbed by 0.5 per cent over the course of the month.

The news may be of interest to individuals looking at UK property, with the rise suggesting that there are now opportunities to make a return on real estate within the country.

The price increase is the second month in a row that the housing market has seen a return to positive growth, following an increase of 0.3 per cent in February, the real estate portal said.

Nigel Lewis, property analyst at the firm, noted that it has been a year since asking prices rise for consecutive months.

"The unpredictable nature of the housing market means that it’s impossible to predict how prices will behave throughout the rest of 2011, but this month’s figures do indicate that consumer confidence is still present," he added.

Source: http://www.propertyshowrooms.com/united kingdom/property/news/uk-property-prices-rise-for-second-consecutive-month_311256.html

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An additional £14 billion in mortgage lending over the next two years by the nationalised Northern Rock bank is expected to be announced today.

It is understood the bank will make an extra £5 billion in loans this year with a further £9bn in 2010.

The move follows Chancellor Alistair Darling’s decision last month to reverse the rapid wind down of the bank’s loan book.

Ministers are increasingly anxious to see the flow of credit restored to home-buyers and businesses amid continuing reluctance by the banks to lend as they rebuild their balance sheets.

Northern Rock is well ahead of schedule on its repayment of the money it borrowed from the Government, with £9bn outstanding at the end of December compared to £27bn a year earlier.

Meanwhile, Gordon Brown last night issued a warning to banks in Britain and around the world that they must end risky speculation and resume their traditional role as “stewards” of people’s money.

The Prime Minister was among eight European leaders meeting in Berlin who agreed on proposals to overhaul the global financial system, bringing hedge funds and other elements of the “shadow banking system” under international supervision.

“We have got to show together that we can restructure the banking system around sound banking principles that deliver the integrity and the trust and the openness and transparency that is essential for people to once again trust the banks,” he told the closing news conference.

“We are are looking at how, working with all continents, we can ensure the best means by which the banking system can serve the public — stewards of people’s money rather than speculators with people’s money.”

Earlier, however, Mr Brown targeted his comments directly at Britain’s high street lenders, calling for a return to “traditional” banking practices and “prudent” lending.

Mr Brown and Chancellor Alistair Darling were returning to London last night to be briefed on talks which took place over the weekend between the Treasury and UK banks on the Government’s asset-protection scheme.

The plan, which is expected to be finalised this week, will see the taxpayer underwrite the so-called “toxic” assets held by the banks in an effort to get the flow of credit going again.

Mr Brown called on the banks to resume lending to first-time home-buyers on modest incomes who had not been able to build up large deposits.

At the same time, however, he said he had instructed the Financial Services Authority to curb the issuing of 100%-plus mortgages which plunged many borrowers into trouble when the housing market crashed.

“We do want to see the reinvention of the traditional savings and mortgage bank in Britain, for loans to be made on prudent and careful terms, not just to people with large deposits, but to those on middle and modest incomes who wish to buy their home but who have not been able to save a huge deposit,” the PM said. “We have got to get the balance right between serving home owners better and encouraging responsibility in the housing market.”

Shadow treasury chief secretary Philip Hammond said the Government was acting too late.

“Gordon Brown is trying to shut the stable door on irresponsible lending long after the horse has bolted,” he said.

Source: http://www.propertynews.com//blog/807/

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Laurence Llewelyn-Bowen is back with a brand new search to find Northern Ireland’s House of the Year.

The search is now on for the BBC NI House of the Year. The brand new series aired for the first time on Monday 3rd January 2011 on BBC 1, and is presented by Laurence Llewelyn-Bowen. The series will run on a Monday evening for seven weeks, consisting of six heats each containing three magnificent houses from across the province. The winner from each heat will then go forward to the series finale and have the chance of winning the prestigious honour of Northern Ireland’s House of the Year.

The competition is again being judged this year by esteemed industry experts in the form of, award winning architect Des Ewing, leading local estate agent Michael Dunn and Suzanne Garuda whom provides her expert eye for all things interior design.

Episode one featured stunning residences in Derrygonnelly, Newcastle & Lisbane.

Episode two focuses on outstanding houses in Portstewart, Maghera & Hillsborough.

Source: http://www.propertynews.com//blog/978/

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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 National Association of Realtors (NAR) has announced its Pending Home Sales Index rose in February after two months of declines. The surprise rise comes after a series of gloomy reports for the US housing market. On a monthly basis, the index rose 2.1% to 90.8, confounding analysts expectations of a fall of 1%. On [...]

Source: http://www.financemarkets.co.uk/2011/03/29/us-pending-home-sales-index-up-in-february/

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The National Association of Realtors (NAR) has announced its Pending Home Sales Index rose in February after two months of declines. The surprise rise comes after a series of gloomy reports for the US housing market. On a monthly basis, the index rose 2.1% to 90.8, confounding analysts expectations of a fall of 1%. On [...]

Source: http://www.financemarkets.co.uk/2011/03/29/us-pending-home-sales-index-up-in-february/

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According to the Land Registry, house prices fell by 0.8% in February compared with January, putting the average cost of a home at £162,215 in England and Wales. However, on an annual basis, the Registry said prices fell by 1.7% in February. It must be noted that the Land Registry compiles its data from completed [...]

Source: http://www.financemarkets.co.uk/2011/03/28/land-registry-reports-0-8-fall-in-february-house-prices/

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Pinkerton Murray received the ultimate industry accolade on Friday 3rd December by being crowned as the Gold winner of Best Office in Northern Ireland at the 2010 Estate Agency of the Year Awards in association with The Sunday Times and The Times, held at the lavish Lancaster Hotel in Kensington London.

The event, now in its eighth year, is recognised as the most important event in the industry calendar and attracted agents from across the country representing over 4,000 branches. It was once again supported by The Sunday Times and The Times with the winners presented with their awards by one of Britain’s most successful athletes, James Cracknell.

Following their initial submissions, each of the winners were subjected to rigorous scrutiny by a panel of independent industry experts and the whole judging process was once more overseen and supported by the Property Ombudsman Christopher Hamer with Peter Bolton King, Chief Executive of National Federation of Property Professionals acting as Arbiter.

Richard Johnson, Sales Manager commented “Having worked for Pinkerton Murray for four years I’m extremely proud that industry experts have concluded that we are the best Estate Agent in Northern Ireland. We have a fantastic team spirit and whilst we know we are good at what we do, for others to recognise us in this way is amazing.”

Stephen Murray, Sales Director added “I think that what influenced the judges here is that, despite a tough market place, Pinkerton Murray has been able to identify real buyers who are able to proceed where other agents so often fail and I’m proud that we will be able to use this accolade to persuade more vendors to let us handle their property sale. This award has put the icing on the cake of an incredible year which has seen us increase our market share and work incredibly hard to innovate and find buyers more quickly and the message of all of that in our submission obviously impressed the judges.”

Pinkerton Murray stood out in their region as an ever expanding estate agency in its home territory of North Down, capturing the hearts and minds of the judges with their entrepreneurial spirit and drive. As a company in its infancy and completing only its fourth year in business last year, Pinkerton Murray have shown that exemplary customer care creates business and when combined with modern technology and a dedicated team of employees Pinkerton Murray are becoming a force to be reckoned with.

The Judges’ Report highlighted the particular qualities of Pinkerton Murray stating, “Pinkerton Murray is a relatively new agency and impressed the judges with their business growth in a short space of time and in a difficult market. Based in an area with a relatively small population compared to the rest of the UK, the team strive to enhance their profile and capture greater market share with professionalism, enthusiasm and expertise. They fully deserve the gold.”

Pinkerton Murray were delighted to receive the award with Managing Director, Victoria Pinkerton commenting “Quality industry awards are important, not only do they recognise the hard work and effort that our staff put into their jobs and the quality customer service they deliver, but it is a clear endorsement to any potential customer that Pinkerton Murray is serious about delivering high standards of service in an industry that often receives negative press”

“We feel that this award really justifies our efforts in ensuring our clients’ needs are met and exceeded at every possible opportunity. Having seen the other strong entrants at this year’s award ceremony, including other local estate agents it makes us feel honoured that our clients hold us in such high regard. We have a great brand and an amazing team and to be named as one of the best seven small firms in the whole of the country this year and the very best in Northern Ireland is something that we are all extremely proud of.”

Source: http://www.propertynews.com//blog/980/

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The Bank of England has reduced interest rates to a record low of 1% from 1.5%, in an attempt to boost the shrinking economy.

This is the fifth interest rate cut since October, as the Bank seeks to encourage more lending.

However, there are concerns that savers will be hurt by lower interest rates. Business groups argue that this rate reduction will not be enough to ease the economic crisis, and will not encourage banks to lend. The decision comes after official data showed the UK had entered a recession in December, after two successive quarters of economic contraction.

The Bank Rate has now been reduced from 5% in October last year.

In a statement, the Bank of England said that the rate cuts, along with government measures to boost the economy, “would provide a considerable stimulus to activity as the year progressed.”

Mortgage cuts

Meanwhile, many lenders responded by cutting some of their mortgage rates. Halifax said it would pass on the rate cut to customers with standard variable rate mortgages. Other lenders to pass on the rate change to holders of such mortgages include Nationwide, Barclays, Lloyds TSB and Skipton Building Society.

Business worries

Some business groups said they were not sure further rate cuts would work. The Federation of Small Businesses (FSB) said that what was needed was improved access to capital.

It said that a survey of its members found that 63% wanted rates to remain at their current level, compared with only 24% who wanted a further cut. “These figures suggest that the recent interest rate cuts are not having the desired effect and other means of economic stimulus are required,” said FSB national chairman John Wright.

However, the Bank of England argues that “although the transmission mechanism of monetary policy was impaired, the past cuts in Bank Rate would in due course nevertheless have a significant impact”.

Balancing act

Others business groups welcomed the cut. The Institute of Directors’ chief economist Graeme Leach said: “The interest rate transmission mechanism is clearly impaired but it is not yet kaput”. 

The Ernst & Young Item Club supported the Bank’s decision, but added that the economy was in “deep recession” and believed that interest rates should drop further – “possibly to zero”.

Hetal Mehta, senior economic adviser to the Ernst & Young Item Club, highlighted the “difficult task” the Bank faced.

“However the Bank now has to act to avoid deflation without fear of a further weakening of sterling; a weaker currency should serve to add to the competitiveness of exports.”

Responding to Thursday’s cut, John Philpott, chief economist at the Chartered Institute of Personnel and Development said: “The Monetary Policy Committee is right to cut Bank Rates to 1%, even though some question the merit of doing so without greater effort to increase the availability of credit to hard-pressed businesses.”

But he added: “With conditions in the job market deteriorating rapidly what’s needed now to stem the rise in unemployment is early action to boost the supply of money to our cash-strapped economy.”

Economic data

The rate cut comes against a backdrop of gloomy economic data.

The economy contracted by 0.6% between July and September, and by 1.5% from October to December, Office for National Statistics (ONS) figures showed.

And the ONS also said UK unemployment had risen to 1.92 million in the last quarter of 2008 – the highest level since 1997.

Figures from the Purchasing Managers’ Index (PMI) released earlier this week showed manufacturing remained weak last month, despite a slight improvement on December.

Source: http://www.propertynews.com//blog/796/

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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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