Tag Archives: culture
Low mortgage rates helps France top latest overseas chart
France has overtaken Spain to take the top spot on the latest overseas mortgage chart, with some 53% of loan enquiries in the first quarter of 2016, new research shows. Ideal buying conditions are drawing British buyers in particular back to the French property market, according to the report from overseas mortgage specialist Conti. It points out that French mortgage rates are at their lowest in decades and the country’s previously sluggish housing market is turning a corner at last, with reports of price increases and accelerating sales. Prices generally remain well under UK averages, however, and with the pound regaining strength against the euro in recent weeks, it’s more affordable than ever, according to the firm. ‘Current market conditions in France are great for prospective buyers, with some excellent deals to be made. And there’s plenty of room for price negotiation with some very motivated vendors. The country is also very accessible, by air, train and car, and the culture is familiar, which British investors like,’ said Clare Nessling, director at Conti. ‘Buyers who have been deferring their plans as they waited for the market to improve are taking full advantage and making their move before they miss out on the best deals,’ she added. In second place Spain accounted to 38% enquiries in the first quarter of 2016. Following a nightmarish few years, the Spanish property market is on the up at last and British investors are regaining confidence and rediscovering their love for this country, the report says. In third place, but considerably behind the top two was Portugal with a 9% share of mortgage enquiries. According to a recent report from the Royal Institutional of Chartered Surveyors (RICS), Portugal is one of the economies leading the euro area recovery with sales and prices expected to continue rising at a steady pace over the medium term. Conti is now offering its lowest ever fixed rate for property purchases in France at 1.8% over 10 years for loans of up to 80% loan to value. Mortgage rates are generally still at historic lows, and the best rates are not limited to those with the biggest deposits. Many of the current deals on offer are available for mortgages of up to 80% or 85% loan to value. Indeed, according to the latest report from French Private Finance mortgage interest rates in France have now reached unprecedented levels, so much so that non-residents with good profiles can now access 20 year fixed rate mortgages from as little as 2.25%. In terms of savings, compared to May 2014 when French 20 year fixed rate repayment mortgages were at 3.7%, rates have now decreased by 36%. In money terms, the total interest payable on a loan of €300,000 over 20 years has dropped from €117,571 to €72,822 a saving of €44,749, or €3,729 a year. The report adds that those with very good profiles who are buying in popular areas may… Continue reading
Buy to let surge results in house price growth doubling in England and Wales last month
House price growth in England doubled in February compared to the previous month and was led by a surge in buy to let sales due to the new stamp duty surcharge due to come into effect in April. Average property prices increased by 0.8% or £2,277 on a monthly basis and demand from landlords and second home buyers contributed to a 12% month on month rise in sales. The data from the latest Your Move index also shows that average prices were up 6.2% year on year, but this drops to 4.6% in London and the South East are excluded. It rakes the average house price to £289,229. London house prices rose 6.8% or £36,903 in the past year, taking the average price to £582,783 and exceeding the average Londoner’s £35,333 annual salary. Hull’s house price rise of 0.9% in a month to hit new record of £111,409, boosted by new jobs and City of Culture status. Meanwhile, the strongest sales were in Sandbanks, with property purchases in Poole up 21% year on year due to demand for luxury flats with views over Poole Harbour and Sandbanks. The report suggests that wealthy buyers are seeking to avoid the additional stamp duty surcharge and property prices have also risen as a result, up 11.6% over the year, as affluent buyers place a premium on luxury homes by the sea. ‘Growth could be as a result of buy to let investors rushing to complete quickly to avoid April’s additional 3% Stamp Duty surcharge, which has also seen sales shoot up 11.8% since January,’ said Richard Sexton, director of e.surv chartered surveyors. He believes that February’s house price growth is fantastic news for home owners, particularly those considering cashing in on the additional demand and making the most of the current sellers’ market. ‘Typical property values are now £16,866 higher year on year, the fastest annual growth rate seen in eleven months, driven by the gulf in the number of aspiring home buyers, compared to the limited supply of homes for sale,’ Sexton added. The index figures reveal that the East of England is outranking London with the fastest growing property prices of all regions, with a 7.2% uplift in the last 12 months. ‘This pace is being fuelled by commuter towns, as London’s workers search for more affordable housing. The trend towards higher house price growth in cheaper areas can also be seen elsewhere,’ Sexton explained. He also pointed out that while house prices in Yorkshire and Humberside have remained flat on a monthly basis, property values in the City of Kingston upon Hull have hit a new record of £111,409, up 0.9% compared to the previous month, as the city has one of the lowest average home values in the country. ‘The upswing in Hull’s home values is due to the increase in new jobs resulting in more demand, with major firms including Samsung lifting employment in the city. Recently winning City of Culture 2017… Continue reading
RICS launches quality mark for the UK property and construction industries
The Royal Institution of Chartered Surveyors is launching a new initiative to make the land, property and construction sector in the UK more inclusive and diverse. The land, property and construction sector is not known for its diversity but RICS said it has been working across the industry and learning from other professions to find out what is not working and what can be done differently. Findings from the organisation’s research have led to it launching a scheme known as the Inclusive Employer Quality Mark, designed to help firms gain a competitive advantage and a diverse workforce. Launching next month, the Inclusive Employer Quality Mark asks employers to pledge their commitment to adopting and continually improving several key principles including increasing the diversity of the workforce engaging and attracting new people to the industry from underrepresented groups. It also includes developing training and promotion policies that offer equal opportunities for career progression, introducing flexible working arrangements and adaptive working practices and creating an inclusive culture where all staff engage with developing, delivering, monitoring and assessing the diversity and inclusivity policies. It also wants firms to continually refresh and renew commitments to being the best employer as well as sharing and learning from best practice across the industry Accompanying each of RICS’ these six principles are multiple ‘proof points’, against which signatories will be required to assess, on a bi-annual basis, the actions they are taking and the outcomes to date. RICS has created two separate criteria metrics too so that both small and large firms are assessed fairly. RICS will be using the assessment to document the outcomes and trends for the profession as a whole. Once a firm becomes a signatory they gain access to details about how they are performing according to RICS standards across all six principles in comparison with their peers, as well as a spread of support, ideas and case studies from high performers to help drive up improvements for all. Signatories will be published on the RICS website, and member firms may then use the tag line ‘signatory to the RICS Inclusive Employer Quality Mark and the logo’. Louise Brooke-Smith, RICS president said the launch will mark a step change that the profession needs. ‘This initiative has been discussed with, and has the support and encouragement of, a number of leading firms, both large and small, across the land and property sector,’ she explained. ‘Employee needs are changing, along with their expectations and demographic make-up. The competitive war for talent has also shifted the focus to attracting and retaining talent in the industry. Only by doing so, can we deliver a sustainable future. By committing to the Quality Mark, firms will gain a competitive advantage. An inclusive approach allows organisations to reflect and engage with their clients more effectively and efficiently,’ she added. Kim Worts, external affairs director at RICS,… Continue reading
