Tag Archives: sports
Demand from overseas buyers in the Alps rising, says latest index report
Demand for Alpine property is rising, spurred on by a more resilient Eurozone, greater clarity over tax and the second home cap in Switzerland, as well as a weaker euro, the latest index report says. Val d’Isere and Meribel in France have seen the biggest annual growth in property prices with a rise of 5.8% and 4.5% respectively, according to the 2015 Ski Property Index from international real estate firm Knight Frank. The index, which tracks the price performance of prime ski chalets across 15 key resorts in the French and Swiss Alps, indicates that prime sales activity in the French Alps is focussed between €1.5 and €2.5 million with resorts such as Chamonix and Courchevel 1550 increasingly popular. It also shows that the number of sales completed in Megeve in the first half of 2015 was double the number of sales agreed during the whole of 2014 and adds that previous uncertainty in the Swiss market is giving way to renewed optimism as clarity emerges surrounding taxation and the second home cap. Overall it says that the market is broadly stable with only 13% percentage points separating the strongest and weakest performer and currency movements have played a pivotal role in determining demand across the region. French resorts occupy the top five rankings this year as uncertainty surrounding Lex Weber in Switzerland dampened sales, and as a result price growth. In the past year ski homes in Europe’s top resorts have continued on the same trajectory that they have been following since 2008; no radical acceleration or deceleration just small single digit shifts year on year. Overall, the index proved largely static with only a marginal 1% fall recorded in the year to June 2015 and explains that in the case of a resort like Val d’Isere, for example, the length of its ski season explains its long standing appeal, particularly with British buyers. Few other Alpine resorts can guarantee sufficient snow to ski during both the Christmas and Easter holiday periods, it continues and in Meribel’s case, a combination of its location in the heart of The Three Valleys and its pricing explains its annual growth. Meribel provides better value than Courchevel 1850, but can compete with 1550 and 1650 in terms of facilities. Investment in the form of new residential developments such as Olympe in Les Allues and Point de Vue in Meribel Village has also helped to build confidence amongst buyers. In real price terms, the exclusive resorts of Courchevel 1850 and Gstaad come out on top, with prime prices typically around €25,000 and CHF30,000 per square meter respectively. A prime ski chalet in Gstaad is, on this basis, four times the price of an equivalent property in the French resort of St Gervais. The report also shows that in the French Alps, the focus of sales activity in the last 12 months has been within the €1.5 million and €2.5 million price bracket. The super prime market at… Continue reading
Immigration check scheme in UK makes landlords reluctant to take on foreign tenants
The immigration check pilot scheme in the UK which is running in the Midlands has led to tenants being charged additional fees and is making it harder for foreigners to rent a property, new research has found. Tenants are being charged an extra £100 in administration fees, according to a survey by the Joint Council for the Welfare of Immigrants (JCWI) which polled landlords and tenants in the pilot area since the roll-out. Under the pilot scheme, which is expected to be rolled out across the UK later in the year, landlords are required to carry out checks on new tenants and face action if they are found to be renting to an illegal immigrant. If a landlord breaches the rules they face a fine of £1,000 per illegal adult occupier and for a second offence that rises to £3,000 per adult. The survey also indicated that landlords are now more hesitant to offer viewings to anyone needing more time to provide paperwork, meaning migrants are more likely to be turned down. The research also shows that landlords are discriminating between applicants on the basis of their background and are preparing to turn away tenants because they have a foreign accent. Furthermore, some legitimate tenants who cannot easily identify themselves using a British or European Union passport are finding it harder to secure somewhere to live. ‘This research clearly shows the dilemma that landlords are facing. On the one hand they want to be fair to prospective tenants, but on the other hand, they are fearful of renting a property to an illegal immigrant,’ said Jane Morris, managing director of Property Let By Us. She gave an example of an American tenant who reported that her British husband could secure viewings for the same properties she had been told were no longer available. Morris explained that under the pilot scheme, would-be tenants have to produce evidence from a checklist of documents that they have permission to be in the UK and landlords have to take a copy for their records. ‘So before dismissing a prospective tenant, it is important that agents and landlords make all the necessary checks. For example, if an agent is taking on the responsibility for checking an occupier’s immigration status, he/she must agree this in writing and must report the findings to the landlord,’ she pointed out. ‘Agents should set out timescales for checks and reports in the agency agreement and report occupiers without the right to rent to the landlord in writing. If the landlord still authorises a tenancy agreement, they will be liable for the penalty,’ she added. She also pointed out that in the event of a breach, where an occupier is found to be living illegally in a rented property, the agent or landlord will need to establish a statutory excuse to avoid a penalty. ‘A statutory excuse can be maintained if… Continue reading
Almost three quarters of UK first time buyers want a house, not a flat
The majority of first time buyers in the UK are seeking to buy a house rather than a flat, new research has found. Traditionally the way onto the housing ladder has been to buy a flat and then progress onto the second step with a house but today’s first time buyers think otherwise. The research from Clydesdale and Yorkshire Banks shows that currently 72% of first time buyers want a house and this figure is up considerably on last year when only 57% of first time buyers said they wanted a house rather than a flat. The 28% who said they preferred a flat this year is significantly down on 2014 when 43% of UK first time buyers were aiming to buy a flat rather than a house. ‘Our research has underlined the changing expectations of first time buyers and a combination of factors such as people entering the property market at an older age and homeowners staying in their home for a longer length of time is having an impact on the preferred type of home for first time buyers,’ said Steve Fletcher, director of retail banking. The research also highlighted that only Londoners are opting for flats when taking their first step onto the property ladder reflecting the high property prices, availability of housing stock and distinct challenges of buying a home in the capital. The London market shows a stark contrast to the 92% of those surveyed in Yorkshire and 90% in the Midlands who wanted a house rather than sampling apartment living. ‘We recognise everyone has their own particular needs and requirements and that’s why at Clydesdale and Yorkshire Banks we focus on helping customers find the best way to buy their dream property, leaving them to concentrate on what matters most to them such as the location and whether it is a three bedroom home or a one bedroom flat,’ added Fletcher. The banks have a range of competitive mortgages including a 90% LTV mortgage fixed at 3.59% for three years and a 95% LTV mortgage fixed at 4.89% for three years. Continue reading
