International Real Estate Property News from jml for 2010

Landlords who don't have specialist buildings and contents insurance could end up having to pay out thousands of pounds in call-out charges and repair costs for damage caused by a boiler breakdown or leaks from tanks or pipes. The UK's leading insurance provider to the lettings industry is warning property owners that trying to save money by cutting back on things like insurance could cost them in the long-run particularly at this time of year when temperatures drop below freezing point. More Information here January 2010 Back to top

Lloyds Banking Group, which now owns a Monopoly over the buy-to-let mortgage market, have chosen to refuse to accept new business applications from The Money Centre. They have done this without providing us with an opportunity to meet the decision makers to review their rational or to appeal their decision. More Information here December 2009 Back to top

Primelocation’s International Search Index has revealed that in November, the number of searches for international property doubled, when compared to a year earlier. The website logged over one million foreign property searches, taking levels of interest back up to pre credit crisis days. More Information here December 2009 Back to top

The Negoiator has reported this according to the latest buy-to-let index from LSL Property Services.Rents fell by 0.6% in November, taking rents back to the levels seen at the end of August, reveals the group, which owns Your Move, Reeds Rains and Halifax. This follows four months of rapid rental inflation during the summer when rents rose at an annual pace of 13%. Half of the country’s regions saw declines, but rents fell fastest in the South East, down 3.3% in the month.

Only the Midlands and the East of England experienced increases in November. Landlords saw yields slip to 4.9% in November, a level last seen in November 2008, though they were 0.3% lower when adjusted for void periods. Nevertheless, investors who bought property a year ago have made a total return of 4.1%, which is the best annual total return on LSL’s record, which begins with property purchased in June 2007. The group’s index shows that in November, a typical rental property made £809 in capital gains and earned £665 in rental income, totalling £1,474.

Arrears worsened in November, with 525,000 tenants having not paid their rent on time, up from an unusually low 495,000 in October. Collectively, tenants owed £261m in overdue rent last month. December 2009 Back to top

HomeLet, who have been supporting the lettings industry since the birth of buy-to-let, have used their knowledge and expertise to deliver their most comprehensive range of landlord's insurance products to date.After months of development and years in the making HomeLet have launched Landlord's Insurance+ More Information here December 2009 Back to top

The British Government's Pre-Budget presented on Wednesday 9th December 09 by the Chancellor of the Exchequer (Finance Minister) will affect the owners of holiday homes. Individuals and companies who rent out holiday homes like the ones advertised on jmlvillas.com the low cost villa advertising service are set to lose their tax breaks and pay the same rate of tax as if they were renting out property in the UK. More Information here December 2009 Back to top

Letsure have just launched a recruitment campaign to increase the number of staff at their credit search reference centre at Granite House, Stockwell Street, Glasgow. The company that was established in 1983 has been based in Glasgow for many years and as Lumley Holdings Group up until it became part of the Erinaceous Insurance Group in 2007 being part of the same group that owned it's major competitor HomeLet. More Information here October 2009 Back to top

Lloyds Banking Group has reached an agreement in principle to sell its Halifax Estate Agencies to LSL for £1. The sale is expected to complete on January 15. The Halifax brand is not included in the sale and the Halifax estate agencies will be re-branded to either Your Move, Reeds Rains or Intercounty. There are 218 branches including 93 franchise operations involved in the £1 sale. There are 121 Halifax banking counters in the estate agent branches which will close early in the New Year. As a result, there will be about 360 job losses on the banking side. It is anticipated that about 1,050 estate agency staff will go with the sale to LSL. More Information here October 2009 Back to top

A letting agent in Chester has gone into liquidation after it emerged he owes almost £200,000 to a variety of creditors. Martin & Co franchisee Geoff Lavery owed nearly £100,000 to different landlords and tenants and another £86,000 to companies such as Rightmove and Homelet. Martin & Co could, and should, have acted sooner in the case of the Chester franchise, the National Approved Letting Scheme has suggested. This has been strongly denied by the company which will this week seek a High Court warrant for the arrest of its former franchisee. Martin & Co chief executive Ian Wilson said that it is a major issue in the lettings industry that agencies use rental money and tenants’ deposits as their own cashflow, and he said there was no effective regulation. More Information here October 2009 Back to top

Major improvement project at the Port of Nice that could cause property prices to rise

Work has just started tjhis week on a three phase restoration project of the port in Nice, France that will make it more accesible to the main city, have underground parking and wider pavements.The 120 million budget programme should be completed in 2011. More Information here October 2009 Back to top

There are condominimumum suites in a Canadian development at Red Leaves,Muskoka, Ontario that is 2 hours north of Torronto had prices of $294,000 Cdn to over $700,000 Cdn. The last 84 suires are being offered from $1666,00 Cdn. The average price cut is abouut 35 per cent. Red Leaves developer Ken Fowler's company went into receivership a few months ago.August 2009 Back to top

The August edition has been called "Insurance Special". Rental property insurance has become a major industry with the growth of the domestic rental market in the UK over the last few years. Many insurance providers offer a tenant referencing service these days and no landlord or tenant should not be with out the appropriate insurance. The magazine is geared for the members of ARLA and naturally the magazine is full of ads for insurance, letting agent software, rental furnishings and other related topics More here August 2009 Back to top.

Gas Safe Register appear to be advising on their helpline that a landlord is obliged to obtain a new gas safety certificate every time a tenancy is entered into, notwithstanding any current gas safety certificate that is in place. According to the Pain Smith Landlord and Tenant Blog this is not the position.More here July 2009 Back to top

Hôtel Negresco in Nice, France -The owner has bequeathed it to a foundation for animals and the poor

Mme Jeanne Augier the owner of the famous Hôtel Negresco on the Promenade des Anglais has agreed that the hotel will be handed over to a charity on her death. The hotel was built by a Romanian entrepreneur, Henri Negresco in 1913 and it was bought by Mme Augier's father in 1957. The 86 old owner wants the property to remain French owned and the Mesange-Augier-Negresco foundation will also take control of her property portfolio in Nice, Grasse and Paris.More here July 2009 Back to top

According to a news report in the August 09 edition of "Living France" magazine after several slow months, there are certain factors that are coming in to stimulate the French property market. Le Crédit Lyonnais (LCL) has received a record number of mortgage applications in May - some 3,000 application from domestic and international buyers. Properties are now being offered for sale at much more realistic prices. The mortgage broker CAFPI forecasts that the price of luxury properties in France will remain stable in 2009.July 2009 Back to top

The August 09 edition of "Italy" magazine reports on a silver lining to the current economic crisis. Whereas not so long ago it was difficult to find a second home (unless it was remote or a wreck for under €100,000. However with vendors pricing property more competitively the magazine has sourced three delightful homes ranging from a two bedroom cottage 15 minutes from the beach at Scano di Montifeffo in Sardinia for €80,000 and a one bedroom townhouse in Gualdo Tadino, Umbria for €97,000 for further information see the August edition of Italy magazine page 69 £3.75.July 2009 Back to top

From October 1st the low cost carrier will be charging every customer £5 to check in on line when it introduces its new web check-in and bag-drop system.. Passengers can check-in online from 15 days to four hours before a flight If passengers forget or are unable, they will be charged £40 to be checked in at the airport. The airline will also charge £100 to change the name on a booking online, or £150 over the phone.July 2009 Back to top

Summer is here and Seaside property prices have rocketed 115% since 2001, according to new research from Halifax

This is higher than the 96% average increase in house prices across England and Wales. The Halifax Estate Agents Seaside Town Review, out today [July 4], tracks housing affordability in 96 seaside towns across England and Wales. It reveals that 90% of these have seen prices increase by over 100% since 2001. Houses in Pwllheli, North-West Wales, have increased the most, with the average house price up from £70,970 to £217,253.

This is followed by property in Rock in Cornwall, where prices have increased 200% from £102,825 to £308,073, and Maryport in Cumbria, with prices up 177% from 41,096 to £113,641. Property in Whitehaven was most affordable in the first quarter of the year, according to the research, which classifies property as affordable if the average house price in the town is lower than the price someone on average earnings can pay. The top 10 least affordable seaside locations to live in the first quarter were in the South West, with Sandbanks in Dorset topping the list, followed by St Mawes, Rock and Fowey. Source The Negotiator July 2009 Back to top

NAEA Survey shows demand is outstripping supply - four house hunters for every property in the UK

Demand is outstripping supply across the UK housing market, with estate agents registering four house hunters to every available property. The monthly market survey of the National Association of Estate Agents found that the average branch had 299 house hunters on its books in May - up from 265 the previous month and 247 in May 2008.The average branch had 69 properties on its books. For the second month running estate agents also reported a successful selling period. The average branch sold 10 properties, a 30 per cent increase on the same time last year and double that sold on average in August 2008. Gary Smith, President of the NAEA, said: "This is really good news for the housing market and the UK economy in general.

"NAEA members are showing that there are buyers a-plenty out there. More often than not these are also potential sellers who are at the beginning of the process - so there is bound to be a lag which creates a shortage of properties in the short term. With mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession." Source NAEA July 2009 Back to top

According to new research from LSL Property Services. This is equivalent to 11.6% of all rent due, according to the research, which is based on 18,000 rental properties and tenancies from around the UK. Around 133,000 tenants faced potential eviction for arrears at the end of May, equivalent to one in 25 renters. A whopping 557,170 tenants had not paid their rent at the end of last month, with one in seven of these over two months late with their payments. Tenants in England and Wales were collectively behind with their rent by £254m. June 2009 Back to top

US home sales were up 2.4 per cent in May, but prices were still depressed, the National Association of Realtors has reported. May’s increase was the first back-to-back monthly gain since September 2005.A NAR practitioner survey in May showed first-time buyers accounted for 29 percent of transactions, and that the number of buyers looking at homes is nearly 10 percentage points higher than a year ago.June 2009 Back to top

A report in The Irish Times on the 22nd June has stated that Landlords who own houses in rural area have been urged by Gardai (Irish police) to ensure they are not being used as drug factories.

The warning comes following a Vietnamese last week was convicted of turning a rented house into a cannabis growing factory. The report said that Son Van Hoaing aged 57 admitted cultivating cannabis plants at Lissacull, Castlerea, Co Roscommon in August 2008.

Gardai found 180 plants inside the house and cannabis herb worth about €124,000. Gardai are now fearing similar factories have been set up around the State. A Garda spokesperson said "The people who rent these houses make sure the rent is paid on time and do nothing in the community which might attract attention". As in Britain, landlords should inspect their properties regularly and if they are employing a managing agent instruct them to carry out routine inspections.

HomeLet releases a new Tenant's contents insurance product available via jml insurance

HomeLet the major Landlord and Tenant insurance provider in the UK is releasing a new Tenant's contents insurance product. The insurance provider has been listening to customer feedback and introduced "Tenant's Contents Insurance +". The new tenant insurance is more affordable by Tenants.More here June 2009 Back to top

Tenants and Renters - Have you got your property insured? New HomeLet Tenant's insurance product being launched

The market leader HomeLet is introducing a new tenants insurance policy on Friday 19th June 09. The reason behind this is that have done a lot of research into the market place. HomeLet will now allow up to three people to share the same policy, as long as they’re employed and not a full-time student. They looked at their prices in those areas which are still in the higher bandings. They realised they were a little uncompetitive, and that many tenants decided not to buy, so HomeLet has updated these too. Find out more by seeing this sory in full at the jml insurance Blog June 2009 Back to top

Irish property market might be very quiet but "Estate agents correx boards" have had a lot of use

(click on image)There are not so many properties selling in Ireland in 2009, however the manufacturers of correx the material normally used for estate agents for sale and sold boards has once again had a new lease of life thanks to the Local and European elections. More on this here June 2009 Back to top

Lancashire-based Saxtons has been closed down by the High Court for the misappropriation of client funds. In a statement issued by the Insolvency Service today, the group is accused of failing to pay rental payments collected on behalf of landlords and failing to refund deposits collected from tenants. The group, which comprised Saxtons (Residential Lettings) Limited, Saxtons Residential Limited and Saxtons (Burnley) Limited, operated as estate agents and letting agents in the Rossendale area until it was wound up in the High Court last month following an investigation by the Companies Investigation Branch of the Insolvency Service. The investigation discovered numerous complaints made by landlords and tenants about the wrongful retention of rental payments and deposits. It also discovered that the group did not operate a tenancy deposit scheme, despite claiming to do so, while falsely claiming to be members of industry bodies, which it wasn't. Source The Negotiator June 2009 Back to top

Houses prices in Ireland continue to fall as buyers hold out for further declines

The Irish Times has reported that house prices fell 1.9 per cent in April according to the latest edition of the Permanent TSB/Economic and Social Research Institute (ESRI) house price index. The April decline in average national house prices marks an accelaration in the monthly drops in the first 3 months of 2009. Property prices in Ireland have now fallen back to levels last seen in 2004. The average house price in April 2009 was €248.640 compared with €311,078 in February 2007.More information here May 2009 Back to top

If you own a property in France you should have completed your tax return by the 31st May. The French tax authorities could have sent you the fdecration form "Avis Impôt sur le revenue". They have a specialist department for non resident owners "CDI Non Residents" at 93465 NOISY-GD- CEDEX. If you don't actually let your property, you must not ignore the form, fill it in and send a letter explaining that you don't let the property or have stopped letting it.More information here May 2009 Back to top

The property search engine for buying and renting has just published the May rental index for the UK. It was the first time that rents have not shown a month-on-month decline since as far back as August 2008. Average asking rents remain unchanged at £819 pcm, but are still 5.5% lower than May 2008 when rents stood at £867 pcm. In May 2009, the average time a property to rent was on the market was 65 days, 16 days longer than May 2008. Asking rents rose in 23 of 33 London boroughs, with the Capital experiencing a month-on-month rise of 0.4 per cent. This took the average rent from £1,623 pcm in April 2009 to £1,630 pcm in May 2009. .More information here May 2009 Back to top

Gerrards Cross, Buckinghamshire -based Roberts Newby has bought the lease of Chalfont St Giles-based Colman & Green. The branch, which closed down around nine months ago, is currently undergoing a £20,000 refurbishment, will be rebranded as Robert Newby Partnership. Simon Colman has been drafted in to run the branch. Colman, who has spent the last few years working in property development, founded the agency, later selling it to John Green in the mid-90s, who himself sold out five years ago. John Green was a former partner of A C Frost & Co before they sold to the Prudential and later started up again as The Frost Partnership.The most recent owners are understood to have ceased trading around nine months ago. Source Negotiator / jml archive. May 2009 Back to top

Insurance in Ireland – Household and Landlord Insurance now available in Ireland

Following on from the successful launch of Irish Property insurance on the jml Insurance website in November 2008, www.irishpropertyinsurance.com Kay International can offer cover for the Republic of Ireland. This site offers introductions to companies like Intasure Home and Holiday Home insurance and with Kay International Plc coming on board as an introducer offering a complete spectrum of household and residential property insurance products ranging from simple landlords cover through to blocks of flats and property portfolios. More information here May 2009 Back to top

The Financial Times has reported thatSharp price falls in European property hotspots and a gradual strengthening of the pound are luring cash-rich UK investors back to the continental mainland just in time for summer. Foreign exchange providers and estate agents are reporting revived interest from cash-rich Britons looking to snap up holiday homes in popular locations across France, Spain, Italy and Portugal. More information here May 2009 Back to top

The Ombudsman for Estate Agents has rebranded as The Property Ombudsman Service. The name change marks boost to consumer protection in property sector.The OEA was founded as the Ombudsman for Corporate Eastate Agents in 1990. In 1998 it included residential estate agents and in June 2006 lettings and property management agents.

Christopher Hamer is the Property Ombudsman. There will be a new logo for window displays, in blue with the OFT Approved Codes symbol alongside

for sales offices and green without the OFT logo for lettings. Commercial property sales members will have a black logo when the scheme expands soon to cover some of their activities. The Ombudsman will look into a complaint to see if he can resolve your dispute in full and final settlement. More information here

They have submitted our lettings Code of Practice to the OFT for endorsement under its Consumer Codes Approval Scheme, which they see as vital in current market conditions where lettings are dominating activity. The TPO can also resolve disputes referred by landlords or tenants and relating to lettings and management agents that are members of the Scheme. These agents follow the Code of Practice for Letting Agents, for which we are seeking OFT approval, in common with the Code of Practice for Residential Sales, however disputes relating to repayment of deposits paid by tenants and which are protected by an approved Tenancy Deposit Scheme should be referred to the relevant deposit protection scheme. More information here May 2009 Back to top

Ex JNP Director and Philip Green Estate Agents staff open new Estate Agents in High Wycombe, Bucks

The 1st June is the date that Wye Residential opens its doors in Crendon Street, High Wycombe. There are four partners. Darell Litchfield is a former Director of The JNP Partnership who left JNP last September to become a property consultant, but has decided to move back into sales. He has over 26 years local experience. He is joined by ex Philip Green Estate Agents staff - Partners in the new venture Steve Harnett, Sean Owen and Rob Mackay. May 2009 Back to top

New buy-to-let lending fell for the sixth consecutive quarter in the first three months of 2009

New buy-to-let lending fell for the sixth consecutive quarter in the first three months of 2009, reflecting the continuation of extremely challenging funding conditions as well as general housing market weakness, according to the Council of Mortgage Lenders. Buy-to-lending accounted for 6% of all gross mortgage lending in the first quarter, down from 12% a year earlier.

There were 22,400 new buy-to-let mortgages advanced in the first quarter, down from 38,000 in the fourth quarter of 2008 and 72,400 in the first quarter of last year. The total number of outstanding buy-to-let mortgages was 1,155,200 at the first quarter, slightly down from 1,157,000 at the end of 2008. By value, buy-to-let gross advances totalled £2.1 billion in the first quarter, down from £4.0 billion in the fourth quarter and £9.5 billion in the first quarter of last year. More Information here May 2009 Back to top

The government has published its long-awaited response to the Rugg Review of the private rented sector. Proposals include:

The proposed national landlord register would be run by an independent body. Landlords would have to register their name, home address and all rental addresses every twelve months.

The details of this scheme and the other proposals have yet to be published. The government has indicated that it will publish draft legislation later this year, but how the economy and the impending General Election may affect this remains to be seen. To read the government’s proposals in full and for the NLA’s initial response find out more here May 2009 Back to top

According to a report in www.estateagenttoday.co.uk on the 8th May 09, one of the worst affected is southern Ireland. Property prices in Dublin have dropped by 52% since 2007 – and one in five buyers today are paying cash

A report by the Irish Times looks at data on 192 house sales in the city in the first four months of this year. Almost all had been on the market since last year, and some since 2007. Only two of the 192 properties sold for above their asking prices and both were in low price brackets. The report also reveals why Irish auctioneers no longer reveal the prices they have achieved.

This is because in Ireland it is illegal to give out exact prices without the written permission of both buyer and seller. Auctioneers used to say ‘in the region of’ when revealing prices, but the National Consumer Agency threatened prosecution under the Consumer Protection Act unless they gave exact prices. The Agency had warned that some prices had been deliberately exaggerated as the market fell. However, it is known that the number of auctions in Ireland has fallen sharply from 1,500 in 2006 to just 127 last year. May 2009 Back to top

Philip Green and Partmers have been taken over by LSL Property Services who are the third largest property company in the UK. They also own well known estate agents like Your Move and Reeds Raine. Philip Green and Partners was established in 1993 by Philip Green and James Dimascio. The new Managing Director is Nick Devenport who has confirmed that although owned by a coporate it would remain an independently run concern. Philip Green has sales offices in High Wycombe, Hazlemere and Prestwood. May 1st 2009 Back to top

From The Negotiator 14th May 2009 LSLi snaps up Philip Green & Partners from administrators

LSLi has acquired High Wycombe-based Philip Green & Partners as part of its ongoing acquisition strategy. The agency, which was established in 1993, has three sales offices in Hazlemere, Prestwood and Stokenchurch, in addition to High Wycombe, where it lettings business also resides, though this is a completely separate entity.

LSLi, the subsidiary of LSL Property Services, has drafted in Nick Devonport to run the agency and manage its 17 staff. He was previously managing director of the residential division of Surrey-based Campsie, before which he worked for LSL for 11 years. Speaking exclusively to The Negotiator, he says he plans to keep all existing staff, and is in the process of recruiting four or five additional sales staff as part of plans to expand into the upper end of the market. The agency’s average property price is currently £230,000. May 2009 Back to top

London has been named the UK's riskiest city for household theft while Preston is the safest, according to a new report published on the 14th April by Endsleigh Insurance Services Limited. The new figures were revealed in Endsleigh's 'Homes Report 2009', which shows the top ten safest and riskiest towns and cities for burglaries in the UK. More Information here April 2009 Back to top

The Negotiator UK' estate agent trade magazine has just reported that Former Frost Partnership agent John Christopher Jeffery has been sentenced to prison for eight months. Jeffery, a former manager at Frost's Flackwell Heath branch in Buckinghamshire for nearly 10 years, was sentenced after pleading guilty to a charge of theft by employee at Aylesbury Crown Court on February 16.

During the hearing it emerged that Jeffery had stolen more than £40,000 in commission from the agency over several years, which came to light after he left the company to set up JC Jeffery & Co estate agents in Cookham, Berkshire last year. John Frost, managing director of the Frost Partnership, says: "We are extremely disappointed that such a significant and calculated theft took place by a long-standing senior member of our staff, with whom we placed a great deal of trust. The whole situation is regrettable."

Jeffery's estate agency, where he was partner, has now rebranded as Camlet Properties. A spokesperson for Camlet Properties says: "He is no longer part of it [the agency]. The partners would like to apologise for any upset that this may have caused our clients and assure them that this was a matter between John Jeffery and his previous employers and that at no point were any of our clients exposed to any misconduct." Source The Negotiator April 2009 Back to top

According to the April edition of Italy Magazine, a performance analysis of the Italian property market for the last 25 years shows that values have grown substantially in real terms. After years of boom prices are expected to fall slightly in 2009. However the marketfor "urban lofts" bucks the property slum and while average house prices start to decline, loft prices are good. Interest in lofts is highest in Milan.

Generally in 2008 property sale volumes saw a greater drop in Italian provinces than in the provincial capitals and in the north more than the south. Florence and Venice were the two best performing cities. The latest report of the Agenzia del Territorio (equivalent to the UK's Land Registry) shows that the credit crunch has had a moderate impact on Italy. Finally the roundup reports that "Italian mountain properties see a small decline... As the skiing season enjoys a good year in Italy, the market for mountain properties picks up momentum. Buyers will only be able to find marginally lower prices than in 2008 April 2009 Back to top

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