jml Property Services

Halifax House Price Index April 2008 - UK

House prices fell by 1.3% in April. Prices were 0.9% lower on an annual basis.- The decline in prices is driven by a squeeze on spending power and the rapid rise in house prices in the last few years. These factors have curbed housing demand. The rise in interest rates between August 2006 and July 2007 has increased average mortgage costs. A decline in 'real' earnings over the past year has also constrained housing demand. Martin Ellis, chief economist, said:"House prices fell by 1.3% in April. We expect a mid single digit percentage decline in UK house prices this year. There will be regional variations, however. Some areas of the country are likely to record modest price rises whilst other parts are expected to see falls above the national average. Price falls should be viewed in the context of the substantial price rises over recent years. UK prices nearly doubled 190% over the ten years to August 2007. A growing economy, high employment levels, low interest rates and a shortage of new homes underpin housing valuations." Full details

Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), said: “Whilst the report shows a modest decline in prices, this is a small proportion of the substantial prices in recent years. And the picture is still regional with some areas holding up better than others. In fact, the report shows that Scotland is going to show a modest rise this year. This is in line with recent research that shows that the Scottish market could grow 1% in 2008. “There is no denying that the credit crunch has affected confidence in the market but it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses. Therefore, rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous 10 years.“ May 2008 Back to top

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New Presidents of ARLA and NAEA take office on the 9th May 2008

David McMaster who is chief Executive of Norfolk based lettings agents, Howards will become the new president of ARLA - The Association of Residential Letting Agents taking over from Robert Jordan and Chris Brown is to become the new NAEA - National Association of Estate Agents president taking over from Stewart Lilly May 2008 Back to top

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HomeLet and Letsure to build on successful start to 2008 in the UK

Following the news in April that it's parent company Erinaceous Group had gone into administration, HomeLet and Letsure, as part of the highly successful insurance division of the Group, have been sold to an investment company (Caley Limited) owned by three major banks - HBOS, HSBC, and Lloyds TSB. Managing Director of HomeLet John Boyle said " The uncertainty in the housing market has buoyed the lettings industry and created increased demand for HomeLet's tenant referencing, Rent Guarantee and insurance solutions. This is reflected in the figures for the first quarter, which are extremly encouraging for HomeLet and Letsure and we expect to see continued growth throughout 2008" More information May 2008 Back to top

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Housing market weakness stretches in April 2008 according to Nationwide Building Society

House prices fell for the sixth consecutive month in April - The price of a typical house is now 1% lower than this time last year -The Bank of England bond exchange scheme should help to improve financial market liquidity - More than 5 million borrowers have benefited from Bank of England rate cuts. Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:“April was another difficult month for the housing market. Falling levels of market activity meant that prices fell by 1.1% during the month and ended up 1% lower than this time last year. April’s fall in prices continues the trend of the last six months and reflects the weakening sentiment in the market brought about by poor affordability and tighter financial market conditions. This is the first year-on-year fall in prices since March 1996 and brings the price of a typical house to £178,555, £1,759 lower than at this time last year." April 2008 Back to top

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Aviva drops Norwich Union brand

Aviva has announced the final phase of the company's move to a worldwide brand, Aviva, as part of its strategy to grow and transform the business to compete on a global scale.The company will complete the transition to a global brand over the next two years, with Norwich Union (UK), Commercial Union Poland and Hibernian (Ireland) becoming Aviva. More information April 2008 Back to top

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AVERAGE HOUSE PRICE NOW £184,798 according to UK Land Registry

Annual house price changes in England and Wales decreased from 5.3 per cent in February to 3.6 per cent in March, taking the average price to £184,798 according to the latest figures from Land Registry. This is the seventh consecutive decrease in the annual rate of growth. The monthly change for March, accounting for seasonal adjustments, is -0.4 per cent. The volume of transactions was also down 26 per cent from the same period last year, with an average of 81,926 per month between October 2007 to January 2008, compared with 109,969 per month from October 2006 to January 2007. For more information and to view the latest statistical release visit www.landregistry.gov.uk/houseprices/ April 2008 Back to top

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EIS sale completed - New and stable long term ownership for Rental insurance brands like HomeLet and Letsure in the UK

EIS is now securely established in the ownership of three of the UK's leading Banks and wholly separated from the Erinaceous Group.Caley Limited is a new investment company wholly owned by leading banks HBOS, HSBC, and Lloyds TSB. The transaction which was announced on 14 April was subject to regulatory approvals and other conditions all of which have been satisfied.EIS also offers a select range of niche general commercial insurance products for a wide range of customers. Leading EIS brands include HomeLet & Letsure, Keelan Westall, Cadogan Keelan Westall, Deacon, Cadogan Hanover Park, Truckinsure, CareAssured and Farr. More information April 2008 Back to top

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Tax rebate for investors in Spanish property

Investors who have made capital gains when selling Spanish properties could be in line for a 20% tax rebate. Spain changed its capital gains tax lergislation in 2007 prior to which foreigners who sold property in the country were charged 35% on any capital gain. Spanish nationals onlt paid 15%. According to a firm of Spanish lawyers the punitive rate for foreign investors was in contravention of the European Community Treaty. The currency specialist HiFX says that a conservative estimate regarding British investors who sold homes in Spain are each due £8,300 in overpaid capital gains tax. Spanish authorities will only be liable for claims that are made within four years of a sale.April 2008 Back to top - Own a holiday home in Spain? Want to let it? Find out more here

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Cashback available for landlords for buy-to-let mortgages

The National Landlords Association (NLA), the UK’s leading trade association for landlords, has launched a brand new service for all landlords, called NLA Mortgages. For the many landlords and property investors looking to expand their portfolios or remortgage their current properties, this free service enables landlords to source a highly competitive range of buy-to-let mortgage products from a panel of the most popular lenders. In addition, NLA Mortgages has access to products which may not be available in the general marketplace. More information April 2008 Back to top

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Nine women in new Spanish Government

Spain is leading as an European country that has a Government in which more women than men hold positions of power. The new Spanish cabinet sworn in by the Prime Minister Jose Luis Rodriguez Zapatero has only eigh men. Carme Chacon aged 37 is the first female Defence Minister. Under the Franco era no woman could open a bank account, apply for a passport or sign a contract without their husband's permission. Women were only allowed to join the army 20 years ago and now make up a fifth of the Spanish armed forces. More information April 2008 Back to top

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RBS Considering selling insurance Division

Following RBS's announcement of asking it shareholders for up to £10 billion in rights isues late last week, it is expected that the insurance division might now have to be sold. The RBS Group (Royal Bank of Scotland) owns NatWest, Ulster bank (in Ireland) and Coutts (the Queen's bankers) and well known insurance brands - Direct Line and Churchill. Sir Fred Goodwin RBS's Chief Executive arranged the purchase of Churchill Insurance from Credit Suisse in 2003 for £1.1 billion. It has been reported that the insurance division could raise £4 to £5 billion. More information April 2008 Back to top

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Commercial Property downturn continues in UK

RICS COMMERCIAL PROPERTY SURVEY Q1 2008 reports that The balance of surveyors reporting demand for commercial property in Q1 has fallen at the fastest pace for over six years and rental confidence has fallen at the fastest pace for a decade, says RICS’ Commercial Property Survey published today (19 April 2008). 30 percent more Chartered Surveyors reported a fall than a rise in demand compared to 15 percent in Q4 2007. All sectors reported a fall for the second consecutive quarter with the retail sector showing the largest decline, dropping to the lowest balance in the survey’s history. 40 percent more Chartered Surveyors reported a fall than a rise in retail demand, compared to 27 percent. The continuing credit turmoil and a slowing housing market is clearly weighing upon both retailer and consumer confidence. New occupier enquiries also fell across all three sectors for the second consecutive month and at a faster pace. Financial turmoil has impacted upon decision making in the business community with many re-evaluating their demand for commercial property space. Unsurprisingly, the office sector has been the worst hit area. 35 percent more Chartered Surveyors reported a fall than a rise in new enquiries for offices compared to only 13 percent. Source RICS April 2008 Back to top

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Rentshield Direct Insurance now available via jml Insurance in the UK

The UK now has numerous rental properties and jml Insurance who act as introducer to a couple of major rental insurance providers have just been appointed an agent to sell Rentshield Direct rental insurance More information April 2008 Back to top

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EIS separates from Erinaceous Group - New and stable ownership

The three major UK banks to Erinaceous Group plc (ERG) have today agreed to acquire EIS through a corporate vehicle owned by them. This sale is subject to the consent of the FSA and an overseas regulator. Pending completion, which is expected in a few days, EIS is ring-fenced from the rest of ERG and continues to operate as normal outside of any insolvency process affecting the rest of ERG.....John Boyle Managing Director of HomeLet and Letsure that are owned by EIS said on the 15th April " I am pleased to attach an announcement which was released yesterday, which details a change in the ownership of EIS, which in turn owns HomeLet and Letsure More information April 2008 Back to top

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Insurers withdraw cover for Terminal 5 travellers at London Heathrow, England

Travellers passing through Heathrow’s Terminal 5 may experience difficulties purchasing insurance for flight delays and lost baggage. A number of companies are withdrawing cover for those using the £4.3 billion terminal, which has seen various states of chaos since it opened on 27th March.Problems with baggage handling have led to record baggage mounds plus flight delays and cancellations.More information April 2008 Back to top

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Housing boost for key workers and first time buyers

A major package of new measures to support key workers and other first time buyers into affordable homeownership, is being announced today by the Prime Minister Gordon Brown, and Housing Minister Caroline Flint. New cash grants of £1,500 will be offered to buyers who take up a shared equity loan under the Government's Open Market Homebuy scheme (OMHB); whilst to help increase long term housing supply, the Government is confirming the locations of surplus public sector land sites that will provide 30,000 new homes, many of which will be affordable. Caroline Flint and Treasury Ministers will be convening a working group involving the Council of Mortgage Lenders, and industry representatives next week to continue discussions on what more the industry could and should be doing to support borrowers in difficulty in line with their obligations under FSA regulation to treat all customers fairly.

This will include discussions as to how the government working together with industry can address the concerns of homeowners in difficulty. The new grants will help key workers taking up OMHB with the costs associated with setting up a new home such as solicitor's charges, fees, and furniture. More than £3 million has initially been earmarked for the first wave of grants. Under OMHB, key workers can boost their purchasing power by up to 50 per cent following the launch of two new shared equity mortgage products announced in the budget. This means a household with an income of £32,000 could afford a house of £200,000, paying £760 each month - as opposed to £1,350 without the scheme.

The Government is today stepping up its drive to increase housing supply, by confirming the disused public sector sites that will provide 30,000 more homes across England. National Regeneration Agency, English Partnerships, will set out the brownfield sites from its programme, such as former coalfields and surplus local authority land, that will be used to deliver the homes. Developers bidding for the sites, which will go through the full planning process, will have to provide a high level of affordable housing, and build to high environmental standards under the Code for Sustainable Homes, with all homes being 25 per cent more energy efficient than those previously built. The Government is committed to delivering 200,000 homes on surplus public sector land by 2016, as part of its response in the Housing Green Paper to increasing supply following decades of not building enough homes to keep up with rising demand. Crown copyright jml Property Services hold a Core Licence C02W00008738 April 2008 Back to top

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ABI (Association of British Insurers): Flood resilience kitemark needed for new homes

ABI : Flood resilience kitemark needed for new homes Monday, 07 April 2008 A new flood resilience kitemark is needed for housing developments planned in the floodplain, the ABI (Association of British Insurers) said today. The voluntary kitemark would set minimum construction standards, such as the use of water-resistant building materials. Speaking today at the EXPO CO2 conference in Barcelona.More information April 2008 Back to top

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mydeposits.co.uk celebrates its first birthday

Tenancy deposit protection is now part and parcel of letting properties for the vast majority of landlords in England and Wales. According to Government figures, more than 2,500 deposits are being protected per day amounting to £885 million of tenants' cash being safeguarded over the last 12 months. The question is: with so few adjudicated disputes, was there a problem in the first place? The truth is, we'll never know. But at least nowadays everybody knows where they stand: tenants have an impartial third party to whom they can appeal if they're not happy and landlords are clear about their rights and responsibilities when conducting their lettings portfolio.From the 1st April 2008 Tenancy Deposit Solutions Ltd (TDSL) will be trading as mydeposits. More information on mydeposits.co.uk April 2008 Back to top

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Monarch Airlines celebrates 40 years in business

The longest established airline brand Monarch that is still trading under the same name in the UK celebrated its 40th anniversary in April with a special flight from London Luton tp Menorca. The celebratory flight was done in style with a touch of the 1960s- The cabin crew were dressed in replicas of the original yellow uniform and the passengers were given champagne and birthday cake on board. More information April 2008 Back to top

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No bounce in house prices at Easter 2008 according to Nationwide Building Society

“House prices fell for the fifth consecutive month in March. The price of a typical house fell by 0.6% during the month, bringing the annual rate of house price growth down to 1.1% - its lowest rate since March 1996. A clear change in sentiment since the late summer has led to the sharp slowing in house price growth, even in the less volatile 3-month on 3-month series. Prices on this measure are now 1.5% lower than three months ago. The price of a typical house in the UK is now £179,110, only £2,027 more than this time last year. However, prices are still 11% higher than two years ago and 47% higher than five years ago - the equivalent of a price rise of more than £30 per day for the last five years. " Statement from Fionnuala Earley, Nationwide's Chief Economist - 28 Mar 2008 March 2008 Back to top

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Ikea to start accepting Euros at New Belfast, Ireland store

The Swedish furniture store IKEA that was opened in Belfast in December 2007 has announced that it will strart accepting euros. Although prices will continue in sterling, IKEA hope to have the installation of new systems installed by the end of April. The main reason is the amount of visitors coming from the Republic. The assistant store manager at the Belfast store, Stephen Gibson said " on an average weekday 10 to 15 per cent of our customers come from the republic. Often at weekends and bank holidays we could be in the position where a third of our customers could be from the Republic. All you have to do is look at our car park to where people are travelling from to Ikea — there are a significant number of cars with Republic or Ireland registrations. They are from all over the Republic — not just areas which are close to border or Dublin". March 2008 Back to top

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Business insurance products from Endsleigh now available at jml Insurance and lower rates for Endsleigh Travel Insurance

Endsleigh Insurance offers a full range of commercial business insurance products that can now be found at jml insurance.com. Endsleigh have also cut their travel insurance rates by almost 20 per cent which is great news for anyone planning a holiday. More information March 2008 Back to top

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UK Budget 2008 - NAEA - National Association of Estate Agents Comment

Chancellor Fails to Tackle the Real Housing Issue Again:The National Association of Estate Agents (NAEA) is angry that the Chancellor has once again side-stepped the real issue in the housing market. Peter Bolton King, Chief Executive, NAEA, said, “We have made repeated calls for a full revision of stamp duty. Recent reports show that the average stamp duty bill for first-time buyers has almost doubled over the last five years and total stamp duty revenue from residential property sales in the UK rose by 40% in 2006/07 to a record £6.4bn.* This is taxation gone mad! This government needs to realise that the housing market is slowing and the gravy train is over. This was an opportunity for the Chancellor to give the housing market the boost it really needs to keep the market moving but he has failed the British homeowner again.” March 2008 Back to top

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ABI - Association of British Insurers Budget response 2008: consumers need to protect themselves

Stephen Haddrill, the ABI's Director General, said: Protecting people in a tougher economic climate "From today consumers will be tightening their belts. Many people face higher taxes and tough news about the economy. Consumers need to protect themselves, especially those who hold part of the UK's £1.4 trillion of consumer debt. They should review their finances and consider whether to insure themselves against losing their job or becoming ill. More information March 2008 Back to top

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Mediterranean building ban

Environment ministers of 14 countries have agreed in principle to ban the construction of commercial and residential developments within 100 metres of the Mediterranean coastline. The new Integrated Coastal Zone Management (ICZM) was ratified in Almería by the ministers More information March 2008 Back to top

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Vladimir Putin buys a Château near Saint-Tropez

The Daily Telegraph revealed earlier this year that former Russian President Vladimir Putin had bought a Château near Saint-Tropez. According to their report, it is in the process of being renovated in time for the spring. The accommodation includes an inside and outside swimming pool and has 20 30 rooms. March 2008 Back to top

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European Housing Review 2008 05 March 2008 Michael Ball, UPE Consultancy

Michael Ball a Professor of Urban and Property Economics at the University of Reading has reported that the European house price boom ended in 2007. In his recent report he said that "2007 will probably go down in history as the year that the great European house price boom ended. The year started so strongly on a wave of optimism but ended bleakly for housing markets in virtually every country. Purchasers could no longer afford to buy at ever-rising interest rates. Housing markets either froze as a result or prices started to slide"' Ireland was the worst performing European country with house prices falling 7% in 2007.

The RICS European Housing Review 2008 looks at the performance of European housing markets in 2007, analysing trends across the continent in areas such as: inflation -building activity - mortgage markets -turnover.

See Full European Housing Review 2008 Here March 2008 Back to top

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Lyon to move to Dubai! Not quite

A Dubai entrepreneur who has fallen in love with Lyon, plans to build a new version of the French city in Dubai. The new district will be called Lyon-Dubai-City and although this will not be a Disney style copy of the city it will be complete with cinemas, cafés and building built in Lyonasise style. It will be about the size of the latin quarter of Paris and the estimated costs are around  500 million. The city will be organised on European lines. In April 2007 it was announced that The Louvre Paris opens "another branch" with a Museum in Abu Dhabi. March 2008 Back to top

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Vladimir Putin buys a Château near Saint-Tropez

The Daily Telegraph revealed earlier this year that former Russian President Vladimir Putin had bought a Château near Saint-Tropez. According to their report, it is in the process of being renovated in time for the spring. The accommodation includes an inside and outside swimming pool and has 20 30 rooms. March 2008 Back to top

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Landlords are in it for the long-term

UK landlords are still committed to buy-to-let in the long-term despite recent market turbulence, according to independent research commissioned by The Money Centre. In a survey of almost 500 landlords, over half said they expect to stay involved in property letting for more than 10 years: More information February 2008 Back to top

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NLA claims a victory for landlords on unfair renewal fees by letting agents

The National Landlords Association (NLA), which represents almost 14,000 landlords, has welcomed the decision by the Office of Fair Trading to issue High Court proceedings against a major High Street letting agent. The NLA has received vast amounts of correspondence supporting its recent campaign against these extortionate renewal fees, including from landlords who are being sued by letting agents for refusing to pay-up. More information February 2008 Back to top

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OFT seeks court order against letting agent Foxtons

The OFT has issued High Court proceedings against Foxtons Limited seeking a declaration on the application of the Unfair Terms in Consumer Contract Regulations 1999 (UTCCRs) to certain terms in Foxtons' lettings agreements with landlords. The OFT is also seeking an injunction against Foxtons preventing it from using the terms.The action taken by the OFT is in response to consumer complaints. If successful in this case the OFT intends to enforce compliance with the law, as declared by the Court, throughout the letting industry wherever similar terms are being used. More information February 2008 Back to top

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Nationwide Building Society comments on House price inflation falls to 2.7% In February 2008

House prices fell by 0.5% in February, the fourth consecutive monthly decline The annual rate of house price inflation fell from 4.2% to 2.7% UK recession “a remote risk for the UK economy”.

Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: “The price of a typical house fell by 0.5% during February, bringing the annual rate of house price growth down to 2.7%. This is the fourth consecutive monthly fall in house prices and brings the annual rate of house price inflation to its lowest since November 2005. The trend in prices is clearly weakening, but the size of the drop in the annual rate between January and February perhaps overstates the rate of cooling as it partly reflects the particularly strong increase in prices in February last year. The 3-month on 3-month rate of price growth rate fell to -1% in February, down from -0.4% the previous month. The average price of a typical property now stands at £179,358, an increase of £4,653, or £12.75 per day, over the last 12 months.“ Source Nationwide 29th February 2008 February 2008 Back to top

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jml villas.com are pleased to announce that it is even cheaper to advertise a holiday home rental property when paying by euro

When jml villas.com introduced their annual advertising price for a holiday rental ad in January 2005 of £11.75 including VAT for a year the cost for anyone paying in euros was €17.05. As the euro has been gaining strength against the £ sterling three years later in February this now works out as €15.57. More information February 2008 Back to top

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Law Society fears for homeowners after rogue HIPs emerge (England & Wales)

The Law Society is warning home sellers and buyers to be vigilant with Home Information Packs (HIPs), after the government raised the alarm that some rogue HIP providers are putting the wrong documents in the packs. Communities and Local Government (CLG) have today expressed concern that some HIPs providers were using ‘Register Views’ – photocopies of Land Register records – as evidence of title. CLG point out the HIPs Regulations 2007 require the inclusion of an ‘official copy’ from the Land Registry of the individual register and title plan, and that Register Views were insufficient. Law Society vice-president, Paul Marsh, says: ‘This is further proof that some HIPs providers do not understand, or choose not to understand, the regulations. More information February 2008 Back to top

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OFT bans Birmingham estate agent 20 February 2008

The OFT has made a prohibition order against a Birmingham estate agent banning him from estate agency work. Shazad Jahan, a partner of 'Saints Estates & Mortgages' in Kemp Road, Birmingham, has been convicted of offences involving fraud or other dishonesty as referred to in the Estate Agents Act, and therefore considered by the OFT to be unfit to carry out estate agency work. Mike Haley, OFT Director of Consumer Protection, said: 'This case demonstrates that the OFT will take the strongest possible action to protect consumers and will ban estate agents who are unfit to continue working in the industry.' Mr Jahan has until 22 February 2008 to appeal. Notes:1. The OFT can take action with a view to banning from estate agency work a person (and for the purposes of the Estate Agents Act 1979 this can also be a company or a partnership) who has been convicted of certain specified offences such as fraud, or other dishonesty or violence; or who has committed racial or sexual discrimination in the course of estate agency work; or who has failed to comply with the requirements placed on estate agents by the Estate Agents Act 1979 and its associated regulations, or who has engaged in specified undesirable practices, if an adjudicator finds that the person in question is unfit to act as an agent. More information February 2008 Back to top

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Unsaleable, Uninsurable, Uninhabitable – Tougher Planning Controls Needed for New Homes says the ABI

Tougher planning controls are needed if flood insurance is to remain widely available for new homes the ABI (Association of British Insurers) said today (14 February). Of the three million new homes the Government plan to be built by 2010, a third will be on the floodplain. More information February 2008 Back to top

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Tenants liable to pay tax for non-resident landlords in Ireland

Tenants of non-resident landlords are obliged to pay the landlords' tax liabilities of 20 per cent of rental income or face penalties and they could be completely unaware of the rule.More information February 2008 Back to top

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Bank of England Cuts interest rates on 7th February 2008

The Bank of England has cut interest rates by a quarter point to 5.25 per cent.Responding to today's decisionthe Council of Mortgage Lenders welcomes the reduction which will provide immediate relief for borrowers with mortgages tracking the base rate. Michael Coogan, CML director general, commented: “This is good news for the quarter of UK borrowers on tracker rates who will see an imminent reduction in rates. “However, borrowers should not expect that a base rate reduction will automatically result in a cut in standard variable rates or discounted rates across the market. “Lenders’ rate setting policies are more complex than simply the level of the bank base rate. They are determined by a range of factors including the cost of retail funding and the cost and availability of wholesale funding.”

The Halifax, Nationwide and RBS announced they would pass this decrease onto their mortgage customers. Buckinghamshire agent David Pering of The JNP Partnership commented " It's the best news. It will give people more confidence that the dip in the market has stopped. So long as vendors are sensible, properties are selling. The interest rate will get more buyers into the market but it will still be price sensitive." February 2008 Back to top

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Nationwide to decrease mortgagerates by 0.25%

Nationwide Building Society announced on the 7th February that it will decrease its Base Mortgage Rate (BMR) from 1 March 2008 following a decision by the MPC to cut the Base Rate. The BMR will be decreased by 0.25% from 6.99% to 6.74% leaving it around 0.50% lower than the standard variable rates (SVRs) of most other major high street lenders assuming that they also decrease their SVRs in line with the Base Rate. Savings rates are under review and any changes to these rates will be announced in due course. February 2008 Back to top

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Dublin, Ireland experiences the sharpest fall in property asking prices in the country in last quarter of 2007

The capital's total decrease for 2007 was 3.4 per cent according to a report from the property website myhome.ie and NCB Stockbrokers.There was a fall of 1.4 per cent in Dublin and nationally 0.2 per cent. The details come from data from the asking prices on the myhome.ie website. Outside Dublin the sharpest drop was in Roscommon that experienced a 7.7 per cent decrease. February 2008 Back to top

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Energy Performance Certificates in Let Property - 29 January 2008

Energy Performance Certificates in Let Property Many landlords and agents will be aware that property that is for sale in England & Wales requires an Energy Performance Certificate (EPC) to be supplied to the purchaser as part of the Home Information Pack (HIP). This requirement will be applied to let property during the course of 2008, both residential and commercial. More information February 2008 Back to top

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House prices to remain stable in France in 2008

France's national association of estate agents FNAIM (Fédération Nationale de l'Immobilier) has said that after an increase of some 140 per cent over the last ten years, house prices in France will continue to rise in 2008, however this will be a slower rate than in previous years. Their annual report has revealed that in the last quarter of 2007 house prices rose 2.5 per cent. The President of FNAIM René Pallincourt stated that the stability of the market would persist throughout 2008 saying in Le Monde "It apears that any downturn can be dismissed, prices will stabilise within the 0.2 per cent growth range". According to one major French estate agent Orpi, 6.5 per cent of enquiries came from house hunters whereas only 2.5 per cent from vendors. February 2008 Back to top

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Nationwide Building Society reports a drop in house prices in the UK

The Nationwide Building Society has said that house prices fell 0.1 per cent during January 2008. This is the third month in a row that the property market has declined. They said it was now experiencing the longest period of decline since 2000. Meanwhile the Halifax Bank and the Department for Communities have recently published similar data. The FSA, Financial Services Authority ghas warned of i million mortghage holders are at a heightened risk of being unable to keep up with their repayments. London estate agents Allsop say that 40 per cent of all properties being offered in their mid February sale are repossessed properties. Allsop who are Europe's largest residential property auction house has 410 lots in it's catologue and a large proportion are repossessed properties from buy-to-let investors. February 2008 Back to top

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Co-founder of ARLA - Neville Lee OBE dies

Neville Lee who co founded ARLA - The Association of Residential Letting Agents died on on the 19th January aged 75 of pneumonia following several years suffering from Parkinson Disease. Philip Suter of jml Property Services first met him in 1985 and he told Philip that he and John Birch has been at a meeting of the National Association of Estate Agents and felt when they left that Residential lettings was not covered and they decided to form a regulatory body. He was a founder of Leaders letting agents in Brighton and his firm could not be a member of ARLA as it had to comply with ARLA rules he had helped to create that meant it had to be in business for two years. In 1996 he retired sold the 15 office company to his son in law Paul Weller and Alan Thurlow who had worked with Neville since 1985. He pionered the concept of "Buy to Let" In 1995 he received the OBE for services to the lettings industry. February 2008 Back to top

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Slowing Sales Market Could Mean An Increase In 'novice' Letting Agents, warns Leaders (letting agents in England) 20 February 2008

Recent research shows that almost 70% of sales agents who do not currently offer a lettings service would consider moving into this area to supplement their income if the residential market slows substantially. Many have already done so. However, as every professional letting agent knows, there is more to letting and managing residential property than meets the eye.

A good letting agent needs a thorough understanding of the complex legislation surrounding letting; an in-depth knowledge of the local letting market; a firm grip on what is happening in the property market generally; and the ability to look after the needs of a range of clients efficiently and professionally. ARLA-registered Leaders, one of the UK's largest independent letting specialists, is warning landlords to be wary of agents who have taken up lettings as a 'side-line' in tough times and who may not have the knowledge and expertise needed to provide a professional, reliable service. Says Leaders managing director, Paul Weller: "Letting is not something you can easily dip into and out of when it suits.

There is a lot at stake, not least the safety and wellbeing of tenants and the success or failure of a landlord's investment. "Getting it wrong can have dire consequences for landlords, including huge legal expenses, loss of rent, long void periods, loss of tenant's deposit and penalties for not complying with legislation. For tenants it can be a matter of life and death if legislation regarding the safety of the property and its contents is not complied with." More information February 2008 Back to top

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Santander Bank sells Madrid Headquarter to Propinvest for €1.9bn

Santander the Spanish bank has sold its headquarters 1.5m sq m complex in Boadilla del Monte near Madrid the British real estate investor Propinvest for €1.9bn ($2.8bn, £1.4bn). This is part of a wider sell off of its Spanish property portfolio. The bank has been selling off property to help it finance it's joint bid with RBS (Royal Bank of Scotland) for ABN AMRO Propinvest is a property company run by Glenn Maud. January 2008 Back to top

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€60 million price tag for a house on the top end of the Irish Monopoly board

The French embassy in Dublin has decided to sell two of it's properties on the Ailesbury Road, Ballsbridge, Dublin. They have instricted sales agents Lisney to sell the 11 bedroom mansion that is presently used as the French ambassador's house.If the sale price is agreed it will become the most expensive home sold in Ireland. The house that was built in 1900 was purchased by the French Government in 1930 and is 11,000 sq ft in size. The French Government are also putting the French embassy Chancery opposite to the ambassador's residence on the marlet for €20 million. The French Government are selling properties as part of a worldwide policy to downsize and bring diplomatic properties up to date. Ailesbury Road is one the most expensive roads to land on if you playing "Monopoly".January 2008 Back to top

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Towergate Partnership announces the acquisition of Insurance 4 Car Hire Agents Ltd

Towergate Partnership announced the acquisition of Insurance 4 Car Hire Agents Ltd (I4CH), an internet based insurance agency providing specialist insurance products for the car rental market. I4CH will form part of Towergate's Retail Division headed by Amanda Blanc. More information January 2008 Back to top

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FIRST TIME BUYERS HAVE CAUSE FOR NEW YEAR CHEER says the National Association of Estate Agents in the UK

Members of the National Association of Estate Agents (NAEA) reported that first time buyers once again improved their market share in December allowing further optimism to stoke this sector that is in need of a vital boost. Nevertheless, agents still reported a chilly December housing market with the number of buyers on books and sales agreed taking a tumble during the festive season. Yet, the number of houses available on the market remained fairly static. December is traditionally the slowest month of the year in estate agency and so the drops come as no surprise. However, consumers gave the market a particularly frosty reception this Christmas as apprehension over the effect of the ‘credit crunch’ and home information packs (HIPs) remained. First time buyers increase their market share.

First time buyers continued to increase their share of the market with a substantial hike from 10.1% in November to 13.0% in December. This is the highest figure recorded for first timers since November 2006 when a 13.4% share was reported by NAEA agents. The higher than average number of one and two bedroom properties coming onto the market to beat the 14th December HIPs roll out deadline certainly proved fruitful for first time buyers in the run up to Christmas. With interest rates having decreased in December and prices reported to be falling in some key areas, first timers are now in a prime position to take advantage. Source NAEA Press Release The National Association of Estate Agents (NAEA) is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land. January 2008 Back to top

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520 bed hotel planned in Irish "Googleland"

An empty apartment bloock that was converted from the former Victorian gasworks at Ringsend , docklands Dublin has not sold. An application is to be put before Dublin City councillors to convert it into a 520 bed hotel. The apartments in the Alliance building have been empty since 2006.Left: The Gasworks The area around the former gasometer had six hundred apartments in it, most of them are now occupied and there is an office complex there as well occupied by Google and the residents of the area originally described the area "like living in Googleland". The former gas holder had 210 apartments and now the Liam Carroll is applying for permission to to turn the block into a hotel

Left: Google's Eureopean Headquarters at Barrow Street, Dublin January 2008 Back to top

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Viva Estates, Costa del Sol, Spain closes all but one of its offices

One of the largest estate agents in the Costa del Sol has only one office in operation.This is as a result in Spain's downturn in the real estate sector. The agents have now closed 13 offices and is now operating soley from the Marbella one. A large proportion of it's business comes from British, German and Irish clients. The market has changed dramatically in Spain and at one time house prices rose 150 per cent in ten years. It is a different story now with construction stopped on many building sites. The property market has also caused many Spanish families to be in the negative equity situation. January 2008 Back to top

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Cyprus and Malta are now in € euro currency zone

Cyprus and Malta have become the latest E.U. members to join the Euro Zone. They joined on the 1st January 2008. The total number of countries now using the euro has increased to fifteen. In addition the euro is legal tender in Monaco, San Marino, Vatican city, Guadeloupe , French Guiana , Martinique, Réunion, Mayotte and Saint-Pierre-et-Miquelon, French Southern and Antarctic Territories, Madeira The Azores and the Canary Islands. The euro was introduced in 2002 and for many including international super models and film stars now insist in being paid in euros rather than the US dollar.January 2008 Back to top

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Major UK Estate Agent group cuts jobs and closes branches

LSL Property Services owners of Your Move and Reeds Rains has closed12 branches and cut 315 jobs, Chief executive Simon Embley said that All people are worried about properety prices, but it is transactions that don't get picked up on. The UK overall has been hit quite hard with a forty per cent drop in transactions. LSL started closing under performing branches last September. LSL bought Your Move in 2004.January 2008 Back to top

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Second hand houses fally by nearly 7 per cent in the Republic orf Ireland in 2007

Ireland's largest Estate Agents Sherry Fitzgerald have said that second hand property prices fell by 6.8 per cent throughout the state and by 9.9 per cent in in Dublin. This now means the average cost of a second hand house in Dblin is costing €480,000. Marian Finnegan, Chief Economist of Sherry FitzGerald said that Dublin prices suffered the most because of uncertainty surrounding stamp duty. She went onto say that following a challenging 2007 for the property market, the outlook was positive. This is as a result of ending speculation in relation to stamp duty and greater certainty in terms of the interest rate environment. January 2008 Back to top

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New Gas checks on properties for sale in France

Since 1st November 2007 all properties offered for sale in France with natural - mains gas services installed more than 15 years ago must include a Diagnostic Gaz in the Dossier de Diagnostic Technique (This is rather like the HIP - Home information pack in England and Wales). It costs around  100 -