Tag Archives: africa
UK residential tenants out of pocket from unexpected rental costs
Tenants in the UK are being caught out by unexpected costs not covered by their landlord, for example boiler repairs, flood damage, and property maintenance, new research shows. Some 14% are facing unexpected costs of £165.41 per person on average each year with 70% of them not agreeing with the reasons for the charges given by their landlords, the study from insurance providers Endsleigh shows. The study also shows that 47% were not expecting yearly rises in rent, worsened by a high confusion of the possible effects of the recent 3% surcharge on stamp duty. It found that 45% of tenants are unaware of what is their responsibility when it comes to tenancy agreements, driving apart expectations between landlords and tenants across the country. The study also sheds lights on the current relationship between tenants and landlords. Despite possible grievances, some 83% of tenants surveyed said they were happy with their current landlord, while 41% of landlords say they would unreservedly go an extra mile to keep their tenants happy. Unknowingly to tenants, some 28% of landlords say they would absorb the cost of rental increases to keep reliable tenants in their property for a longer period. ‘Although the research could paint a picture of discontent in the worlds of both landlords and tenants, the positives far outweigh the worries. Noticing the number of landlords surveyed willing to go the extra mile for their tenants is reassuring to say the least, highlighting the fact that they are valued, and listened to,’ said David Hadden, head of property at Endsleigh Insurance. ‘Inevitably, costs will continue to be held high on the tenants’ agenda, and though unexpected charges may occur in some cases, hearing that almost a third of landlords will absorb these is very encouraging,’ he added. Continue reading
South Americans top search rankings for property in south Florida
Property in south Florida continues to be popular with buyers from South America topping the list for people from overseas searching for real estate, the latest research shows. Colombia has been the top country of origin for five months in a row and four out of the top five countries are in South America, according to the data from the Miami Association of Realtors. In second place is Venezuela, then Argentina with Israel in fourth place and Brazil in fifth. Georgia registered the most searches of Miami real estate among American states. ‘South Florida is known around the world for embracing all cultures. Foreign born residents love Miami. Their passion is visible in our monthly property searches and in Realtor.com global searches, which continue to show South Florida as the most searched US market by international consumers,’ said Mark Sadek, chairman of the association. Colombian home buyers tied with Argentinians in purchasing the third-most Miami real estate among foreign countries and 10% of all foreign South Florida transactions. Only Venezuela with 13% and Brazil with 12% bought more. Colombians moving to South Florida are often upper middle class families who want to enjoy their prosperity earned in their homeland as professionals and entrepreneurs. Colombians spend the second most on South Florida property among foreign buyers. The $516,000 average purchase price of Colombians tied with Argentina and only trailed Brazil at $766,000. Israel posted the fourth most searches of South Florida real estate in April. It was the country’s highest finish since it took fourth in September 2015. India was sixth for the second consecutive month, while in seventh place was Canada, then the Philippines, Spain and Peru. Georgia, which had been climbing the ranks in recent months and finished second in March, moved ahead of New York for the most South Florida web searches in April 2016. In third place was Texas, followed by California, Tennessee, Illinois, Ohio, Indiana, North Caroline and Michigan. The top market for overall international real estate demand: was Miami-Fort Lauderdale-West Palm Beach in Florida, followed by Los Angeles-Long Beach-Anaheim in California, then Bellingham in Washington State. South Florida ranked as a top-five market for consumers in eight of the world’s 10 largest regions in April 2016. South Florida finished as the most searched market in four of the regions. Continue reading
More money to be released to support lending for UK homes and business
The property lending industry has welcomed an announcement from the Chancellor of the Exchequer and leaders of the UK’s main lenders that extra capital is to be made available to support business and households due to the current economic challenges. Chancellor George Osborne has already said that the economy is facing a lot of challenges as the result of the decision to leave the European Union and now after a meeting with the governor of the Bank of England and leading lenders he has sought to reassure the industry that money will be available for property lending in the commercial and residential sectors. This will allow banks to release £5.7 billion from their regulatory capital buffer to support lending. ‘While we are realistic about the economic challenge facing the country after the referendum result, we are reassured that collectively we can rise to it,’ said Osborne. ‘The last time Britain faced an economic shock the banks were at the heart of the problem. Thanks to the hard work of rebuilding the banks, making them stronger and safer, and the arrival of new challenger banks, banks and building societies are now part of the solution,’ he pointed out. ‘The government gave the Bank of England new counter cyclical capital buffer powers to support lending in the financial system in the good times and bad. The independent FPC of the Bank of England have today used those powers,’ he explained. He added that the extra capital is now available to support lending to UK businesses and households and he called for a joint national effort to meet the economic challenge. It is a major change and means that three quarters of UK banks accounting for 90% of lending will immediately have greater flexibility to supply credit to UK households and firms. To achieve this the Financial Policy Committee within the Bank of England cut what is known as the UK countercyclical capital buffer rat' from 0.5% to 0% per cent of banks’ UK exposures with immediate effect. It means that lenders have extra money to fund mortgages and corporate loans and this zero rate will apply for the next 12 months, at the end of which the Bank will reassess. The Bank of England also published its Financial Stability Report, which revealed concerns about the growing amount of debt households are carrying. ‘Survey evidence on the housing market has been difficult to interpret in recent months because of the impact of the pre-announced increase in stamp duty on additional properties which took effect in April,’ the report said. The report also warned of the potential for buy to let investors to sell up and flood the market with properties which could push down prices down and indirectly hit owner-occupier households' wealth. It explained that there is a risk that people could be more likely to lose their jobs or fail to find one following the referendum. ‘The ability of some households… Continue reading
