Tag Archives: database
Demand for Spanish property facing a number of issues in the coming months
Demand for property on the Spanish Costas has increased from expats who are benefitting from good mortgage rates and there is a rise in construction activity with a number of new developments being started, according to a new report. It also explains that there are a number of other factors likely to affect the real estate market in the coming months including currency rates, the Spanish election and in Andalucía new rules regarding holiday lets. Expat demand is coming from the UK, Scandinavia, and Germany with other northern Europeans also active in the market, says the report from the Survey Spain network of chartered surveyors covering the first quarter of 2016. However, there is likely to be an increased nervousness in the market as the British referendum approaches on 23 June because of fears that the poll will support the UK leaving the European Union. The threat of a Brexit and currency exchange rates are just a couple of major issues that could affect the Spanish property market. The report says that doubt about the referendum result and it’s after effects are causing UK buyers and sellers to hesitate. In addition, the fall in the value of sterling, from the €1.40’s to €1.20’s in the last three months has made the relative costs of property in Spain much more expensive for UK buyers but of course better for those wanting to move back to the UK. ‘However, the latter will be concerned that there is more reduction in value to come and so may decide to hold onto euro asset until closer to the referendum in the UK on 23 June,’ the report says. It refers to a recent letter received from a client which says they are concerned that if the UK leaves the EU then property prices in Spain may fall considerably. There are also risks associated with a change of Government in Spain. The firm has found that more than one client has stated that they will sell and move if a left wing Government should be elected. ‘Again, the uncertainty could be causing buyers and sellers to pause until there is a result, which could be before the end of May or, with a new election, at whenever a new Government is established after the end of June,’ the report points out. The property market could also be affected by decisions made by Spanish banks who still own a lot of properties due to the economic downturn. The Spanish banks are obliged to update their valuation of assets practice to include regular annual or bi-annual valuations of each individual asset. The report explains that this has seen Sareb, the Spanish bank rescue bank, announce a write down of their portfolio by more than €2 billion in addition to a €968 million write down in the past two years. ‘It may be that many private banks will have to do the same, which may result in them lowering… Continue reading
Pilot programme underway in UK for new homes on derelict and underused land
Pioneering councils are to help lead the way in bringing forward derelict and underused land for new homes in the UK, it has been announced. Some 73 councils across England will pilot one of the new brownfield registers, which will provide house builders with up to date and publicly available information on all brownfield sites available for housing locally. According to Communities Secretary Greg Clark the registers will help house builders identify suitable sites quickly, speeding up the construction of new homes and they will also allow communities to draw attention to local sites for listing, including in some cases derelict buildings and eyesores that are primed for redevelopment and that could attract investment to the area. The government has pledged one million more homes and to get planning permission in place on 90% of suitable brownfield sites for housing. This move ramps up the brownfield land building commitment. ‘A key part of our ambition to build a million homes is to get work started on brownfield sites across the country, many of which are currently nothing more than blight on a community’s landscape,’ said Clark. ‘These councils will be at the forefront of these efforts to list land and encourage builders to deliver new homes for aspiring home owners. But this is just the first step and I would urge councils to continue to offer up brownfield sites to deliver the homes their residents want and need,’ he added. Housing Minister Brandon Lewis explained that the councils taking part in the brownfield pilots will inform future government policy and guidance on the operation of the brownfield registers. ‘Registers will eventually become mandatory for all councils under proposals going through Parliament in the Housing and Planning Bill,’ he said, adding that other measures in the Housing and Planning Bill will enable ‘permission in principle’ to be granted for housing led development sites listed on the new brownfield registers. ‘This will mean developers building new homes on brownfield land will have a greater degree of certainty in relation to location, use and the amount of development,’ he explained. Each council agreeing to be part of the pilot project will receive £10,000 government funding to help the establishment of their brownfield registers. The 15 councils with the most brownfield land taking part in the brownfield register pilot project are: Cherwell, County Durham, Huntingdonshire, Leeds, Liverpool, Manchester, Medway, Newcastle upon Tyne, Peterborough, Selby, Sheffield, South Cambridgeshire, Sunderland, Tonbridge and Malling and Wigan. These have the most brownfield land in England, as identified in the final complete publication of National Land Use Database statistics. A further 36 areas made up of 58 councils (some bids are joint) were selected on a competitive basis. Continue reading
