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Global property market edges towards recovery

Global property market edges towards recovery | conveyancing online | Scoop.it

 

According to Jones Lang LaSalle’s latest report showed that the global property market is edging towards recovery. investment volumes climbed back up to $108 billion in the second quarter of 2012 after a dip in activity in the first quarter. This now means that capital markets are back on track to volumes of around $400 billion by the end of the year.

Global economic outlook weakened as euro strains re-emerged, while low growth in developed economies remains a drag on a strong real estate recovery. Corporate occupiers adopted a wait and see approach to expansion, with sale and leaseback activity increasing as corporate looked to release capital.

Leasing activity still remains lower than 2011 due to weak jobs growth despite having improved from the first quarter dip. As a result, gross leasing volumes across 2012 are expected to be 10% below 2011.
Global office vacancy rates are now the lowest since 2009 at 13.3%, while vacancy continues to decrease.

If you are tempted by the prospect of taking advantage of the overseas property market and are looking into investing in property overseas visit Conti Overseas Mortgages atwww.mortgagesoverseas.com
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Escape The Euro Crisis In These High Growth Property Markets

Escape The Euro Crisis In These High Growth Property Markets | conveyancing online | Scoop.it


The Euro is on the brink of breaking as political leaders in Greece have announced that their country is heading towards its own Great Depression with Spain and now Italy slowly heading the However,
as Roman philosopher Seneca once said “It’s not because things are difficult that we dare not venture, it’s because we dare not venture that they are difficult.”

if you were interested in buying property in Europe, perhaps Spain or Italy, but are worried at where the pending economic crisis may leave you, then fear not as there is a country in Europe that may be able to help jump start your property portfolio.

Turkey has been one of the top spots on investors’ property lists for the past two years with its rapid GDP growth of 3.2% in the first quarter of 2012 underpinning strong rises in the value of Istanbul property.

As a result of the new reciprocity law that has been passed to allow citizens from the majority of countries to invest in Turkish property, there is now a steady influx of investors from Gulf nations in particular, who were previously unable to invest directly.

As many Turkish real estate advisors will tell you, “If you really want to make money from investing in Istanbul property you will need to move early to get the best prices. We are seeing a lot of interest from investors we haven’t seen before as a result of the new law being approved.”

Property prices in Turkey are already on the up and are rising by around 10% every year, which would mean, if this trend continues, that property in Turkey could have risen by so much as 50%!! This is making Istanbul a great place add to a property portfolio or even to build.

The property market in Florida is another hot market that is attracting some attention this year with investors hoping to catch the bounce.

If you are keen to invest but you want to steer clear of the Eurozone crisis, Florida is a market where you can enjoy strong rental yields and prices that are showing the first clear signs that they are on the up.

You can pick up a townhouse from as little as £45,000 and with the price of Miami property 50% below its peak it is a solid investment!

If you are tempted by the prospect of taking advantage of the property market in Turkey or in Florida and are looking into investing in property in either of these places, or anywhere else for that matter visit Conti Overseas Mortgages at www.mortgagesoverseas.com

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Buying property in Spain is a GREAT long term investment!!

Buying property in Spain is a GREAT long term investment!! | conveyancing online | Scoop.it

 

If you are looking for a long-term investment, now is the perfect time to buy a property in Spain!

Director at international mortgage provider Conti, Clare Nessling, recently told ‘This is Money’ that the favourable exchange rate between sterling and the euro combined with the low Spanish property prices have made homes in Spain VERY attractive to British buyers.

"The Spanish market has reached a low point, so buyers are using it as an opportunity to shop for a bargain," she stated.

Ms Nessling added that those who are looking for a holiday home or retirement property would do well to consider the assets currently on offer.

Recently, the Post Office's Self-Catering on a Shoestring 2012 Report revealed a weekly family supermarket shop came in at £57.67 in C'an Picafort in Majorca. By contrast, purchasing the same items in Brighton in the UK added up to £89.08.

This is one of the other attractive properties about owning a property in Spain, the living costs in the country are much lower than those in the UK, particularly when spread out over a long period of time for those intending on relocating on a permanent basis.

if you fancy jetting off to Spain to enjoy the sun, sea and sand and are looking to buy property in Spain and need an overseas mortgage then visit us at www.mortgagesoverseas.com

alternatively, if you are moving elsewhere in the UK and are in need of conveyancing for your new property. visit us to compare conveyancing prices to find the best quality conveyancing for the best prices in your area!! www.helpfulconveyancing.co.uk

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Australian cities see home prices rise for first time in almost two years

Australian cities see home prices rise for first time in almost two years | conveyancing online | Scoop.it

 

According to the latest statistics published by the Australian Bureau of Statistics(ABS), house prices in eight of Australia’s largest cities have increased by 0.5% in the second quarter of this year in comparison to the first three months of 2012. Since the December quarter of 2010 this is the first time house prices have risen.

The ABS statistics show that the biggest increase was 5.1% in Darwin. The next largest increase was seen in Sydney where they have risen by 1.4%, then in Perth they increased by 0.6% and in Adelaide they increased by 0.5%.

Brisbane only witnessed a marginal increase of by 0.1%, while elsewhere prices fell. The steepest fall in house prices was seen in Canberra where they fell by 1.3%, followed by Melbourne and Hobart where prices fell 0.4% in both cities.

Andrew Harwvey, senior economist for the Housing Industry Association (HIA) said that, 'The figures may be an indication that we are returning to an environment of housing price growth in some of Australia’s major housing markets. Given that housing affordability is at its highest level in more than two years the result is not a surprise as good earnings growth and interest rate cuts may mean the end of the modest correction we have been seeing in house prices'.

He added that, 'The data will be yet another blow to the housing market doomsayers that, against all available evidence, continue to portend a collapse in Australia’s housing market. The fundamentals of Australia’s housing market remain very strong. Rents continue to grow at a rate well above headline inflation, rental vacancy rates are tight, and Australia’s unemployment rate remains the envy of the developed world”.
If you are thinking of moving to Australia and need a mortgage in Australia... visit us at www.mortgagesoverseas.com

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For Sale: Luxury Texas Real Estate... previous owner: Sandra Bullock

For Sale: Luxury Texas Real Estate... previous owner: Sandra Bullock | conveyancing online | Scoop.it

One of Hollywood’s most popular and successful actresses has put her luxury estate in Texas up for sale. Sandra Bullock, star of multiple Hollywood blockbusters including Miss Congeniality and The Blind Side, has listed her 5,663 square foot home in Austin for £1.6 million ( $2.5 million) after her divorce from TV star Jesse James.

Bullock also owns properties in California and New York while she is primarily raising her son Louis at their home in New Orleans. The 47 year old is therefore selling the home she shared with her ex-husband Jesse James.

According to the source, "Since at least the mid-1990s [Miss] Bullock has owned a home (and numerous businesses) in the music-loving, lefty-liberal Texas city of Austin where a month or so ago she chose to lighten her considerable and no-doubt costly to maintain real estate load and hoisted a walled and gated estate southwest of downtown Austin on the market with an asking price of $2,500,000."

if you are tempted by this luxury Texan home and are thinking of moving to the USA and are looking to take out a mortgage, visit us at http://www.mortgagesoverseas.com/

if you are in the middle of moving home but are stuck when it comes to conveyancing and are confused with all the added costs, visit us at http://www.helpfulconveyancing.co.uk/... we opperate remotely and so costs are MINIMAL, giving you the best quality conveyancing for the cheapest prices...without the fuss!!

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Dubai Property Market turns a corner!!

Friday, 27 July 2012

In new data released this week by CB Richard Ellis there are more and more signs that the Dubai property market has turned a corner. The stats show a 2% average growth in apartment rentals in the second quarter, and growth of up to 8% on well-located commuitys such as Emirates Living and Downtown Dubai.

It also showed that rents were only lower in a couple of locations, with rents in the Jumeriah Village down 5%, while those in Dubai Sports City, Motor City and Business Bay all remained unchanged in Q2 according to CBRE.

CBRE say that while the cost of renting a villa is expected to remain steady throughout the rest of the year, villa rentals have also risen by 2%, meaning that villa rents are now up by 5% in the first half of the year.

The report stated that “Although there are major villa projects in the pipeline expected to enter the market in phases during the coming months, it is unlikely that this new supply will have a significant impact on lease and occupancy rates in established locations”.

“However, new and emerging villa communities may initially see rise of competitive offers as investors look to avoid void periods amidst new supply,” it added.

According to Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, Dubai was the prime example in the real estate crash, with prices plummeting by over 60% between 2008 and 2010, and it is only until very recently that there have been signs of an end to this decline. The recovering economy is fuelling the recovery in the property market, with the goal of reaching 4.5% GDP growth for the emirate this year, following growth of 3% last year.

Data from the Dubai Land Department stated that the number of residential real estate transactions increased in the second quarter by 15% with the total value reaching AED7.1bn!! The average transaction value during the three months ending June 30 was AED1.2m.

if you fancy moving to Dubai, or even if you are looking for buy-to-let property in Dubai, why not visit us today at www.mortgagesoverseas.com for all of your overseas mortgage enquirys.

OR if you are moving home and in need of conveyancing but are stuck on who to go to to get the best conveyancing at the cheapest price... then why not visit http://www.helpfulconveyancing.co.uk/ for all you conveyancing solutions TODAY!

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Plans for futuristic tower in Venice causing a sharp divide!

 

Plans for a brand new, futuristic skyscraper, to be designed by Pierre Cardin, have divided critics and residents, with many taking the view that it will intrude on the traditional architecture of the historic city.
Cardin, 90, who emigrated from Veneto to France as a young man, has set his sights on building the 800ft tall modern skyscraper, which will be able to be seen from the heart of the World Heritage-listed city thanks to its unusual design - three shard-like towers connected by six interlocking, horizontal discs and 60 storey height. The project is predicted to cost £1.25 billion (1.5 billion euro).
While many are up in arms about the construction of this tower, that would be more suited to the Emirates, the positive aspects of the build must also be weighed up. For instance, the project itself will create thousands of jobs for those in Porto Marghera, which used to be sustained by oil refineries and chemical plants that closed in recent years having a negative effect on the community.
Due to his advancing years, he recently said that it would be his “last great project” and that numerous cities around the world would be happy with such a big development project, but he chose Venice for sentimental reasons as it is close to the village where he was born.

Cardin has collaborated with his nephew Rodrigo Basilicati, an architect, on designing the tower. When questioned on their plans Mr Basilicati told the Corriere del Veneto newspaper "We chose this apparently ugly and difficult location because we hope that it will convince other people that Porto Marghera can enter a new chapter…We'll create four to five thousand jobs, maybe even 7,000, and we want to give employment to people who have been out of work."
The skyscraper, which will feature apartments, hotels, restaurants, offices, nearly 60 lifts, a cinema complex AND a helicopter landing pad, has the backing of local politicians.

Politicians gave the go-ahead for the development earlier this year, but it has since become suffocated with the controversy surrounding such a grandiose project. However there are concerns that because the tower is so high, that it may interfere with planes flying into Marco Polo airport, the
primary serving airport to Venice with millions of foreign tourists flying in every year.
Historians and cultural heritage figures say it is too large – and too vulgar – to be built anywhere near Venice.
The first symbolic stone of the project is due to be laid in September by Pierre Cardin himself, however the controversy has put a spanner in the works, and there are speculations over whether that will happen.
He is apparently getting very impatient with the delays and has said that if Venetians cannot sort out their disagreements, he will take his vision elsewhere, perhaps to China or Dubai.

If you are tempted by the Italian way of life and are thinking of taking out a mortgage in Italy or any other country for that matter, pay us a visit at www.mortgagesoverseas.com

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Britons rush to sell European properties - Telegraph

 

Greek properties would be the hardest hit with prices falling as much as 50 per cent, according to startling estimates made by foreign currency specialists HiFX. It has seen enquires from Britons looking to sell their European homes rise by almost 200 per cent since 2008.
Its research shows that 39 per cent of Britons are looking to sell up in Greece, 34 per cent in Spain and 23 per cent in Portugal.
Mark Bodega, marketing director at HiFX, said: "As many European governments tackle their deficits, second-home owners, especially those based overseas, have become easy targets for tax increases and as a result many are selling up and returning their assets to the UK."

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Incredible Beaulieu roundhouse in Hampshire complete with lake goes on market for £12million.

It’s original concept behind the design was to enable its owner could drive his Aston Martin up a ramp and straight into his own first-floor parking bay and turning circle.
Now this amazing roundhouse, which comes complete with a ten acre garden, private 18-metre pontoon on the Bealieu river in Hampshire as well as its own lake, can be yours... for ONLY £12million.
The property was the home of architect Seymour Harris who, after designing it, lived there for six years.
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HMRC figures show a spring awakening in property sales..


According to HM Revenue and Customs in March the number of homes sold in the UK rose sharply as the typical spring awakening took its toll.
The figures show that there were 74,000 completed sales during March, a significant increase from the 63,000 completed in February.
The pick-up could also be a sign that some buyers brought forward purchases to benefit from the stamp duty concession, which has now expired.

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No increase in interest rates for next 2 years...

 

Mortgage market experts, fund managers and economists are predicting that, despite March's shock rise in inflation the base interest rate will remain at the record low level of 0.5% until 2014, and that it quite possible will not rise for another three to five years.

Consumer price index rose from 3.4% to 3.5%, while only a rise of 0.1%, it is still significantly higher than the government's target rate of 2%. This prompted some speculation that the Bank of England monetary policy committee might raise interest rates in an attempt to curb inflation: former monetary policy committee member Andrew Sentance wrote in the Sunday Telegraph that "rising interest rates could soon be back on the agenda".
But other economists and financial experts are doubtful there will be sufficient improvement in the UK economy to enable the monetary policy committee to raise interest rates before the end of 2013 at the earliest.

Robert Gardner, chief economist at Nationwide building society, said there was too much volatility in economic data to enable the monetary policy committee to gauge accurately the strength of the economy. This volatility would be exacerbated in 2012 by the Olympics and the diamond jubilee.

"The Bank of England will want to make sure [the economy] is really gaining momentum before it risks raising interest rates," he said.

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House price boom causes divide within Bank of England....


According to a recent document released by the City's new regulatory watchdog, policy-makers at the Bank of England are split over how to approach the housing price boom that is on the horizon.

A number of members from the financial policy committee, in a bid to protect against another crash, wanted to adopt a more strict control of lending, however were out-voted on this notion by rival policy-makers.

The divide will aggravate campaigners who were pushing for the regulator to take an active role in preventing another house price bubble.

Minutes of the financial policy committee meeting indicate that members agreed on the need to "avoid an excessively activist, fine-tuning approach in setting sectoral capital requirements" that would prevent riskier parts of the finance industry from excessive lending.

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SATC Star buys Manhattan apartment for $3.25m around the corner from former co-star.......


Star of hit TV show Sex and the City, Cynthia Nixon has recently purchased a brand new apartment in downtown Manhattan, just around the corner from former co-star Sarah Jessica Parker, to accommodate her expanding family.

 

Nixon and her partner Christine Marinoni have decided to move from the Upper West Side to the more trendy Soho, since giving birth to a baby boy nearly one year ago.

 

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Live like the world’s most successful Olympian

Live like the world’s most successful Olympian | conveyancing online | Scoop.it

 

MICHAEL PHELPS HAS RECENTLY BECOME THE WORLD'S MOST DECORATED OLYMPIAN OF ALL TIME, YET UNFORTUNATELY HE STILL HASN'T YET MEDALLED IN THE PROPERTY MARKET.

In February earlier this year, Phelps put his 4,000 square-foot apartment on the US property market, giving property buyers Worldwide the chance to live in luxury like an Olympian for a mere $1.42m - at a discounted rate from the original price that he purchased the property for of $1.69m.

The apartment condo is situated in Baltimore's famous Inner Harbor and boasts three bedrooms, three bathrooms, a picturesque views of the marina from its top floor balcony as well as access to the building's indoor pool where Phelps could practise his strokes. The new lucky owner of this wonderful property could utilise the hot tub on the roof terrace to perhaps perfect their treading water skills.

While since 2007, when originally purchasing the property, Phelps’ tally of gold medals has increased, unfortunately the American economy took a turn for the worst, leaving the 28 year old swimmer swimming against the property current. Even after reducing the value of his home significantly, Phelps has struggled to find a buyer.

However, now is the perfect opportunity for someone to make a splash in the US property market. The demand for American homes is increasing from overseas, so we may see a few Olympic-enthusiast investors to be dashing to the harbour-side.

Would you take the dive? If you fancy taking advantage of the American property market and would like to look into purchasing a property in USA, visit us at Conti- Overseas Mortgages to help you on your way.

Alternatively, if you are looking in the UK and are confused by conveyancing prices and additional charges, visit us at www.helpfulconveyancing.co.uk to help clarify you confusion and compare conveyancing prices to help you find the best deal for you with NO added costs. We operate remotely so can offer you the best prices on conveyancing for the highest quality conveyancing.

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Tom Cruise’s house hunt is proving to be mission impossible!

Tom Cruise’s house hunt is proving to be mission impossible! | conveyancing online | Scoop.it

TOM CRUISE HAS BEEN REPORTED TO BE HOUSE HUNTING AFTER HIS RECENTLY ANNOUNCED SPLIT FROM HIS WIFE, KATIE HOLMES. HOWEVER HIS ATTEMPT AT TRYING TO QUIETLY FIND A NEW HOME ARE PROVING TO BE A RATHER IMPOSSIBLE MISSION.

Last week, the New York Post reported that the actor had looked into an 11-acre estate in Rockland Country.

"Staff at the home were told to vacate the premises quickly", adds the Post, as Cruise appeared with six year old daughter Suri to look at the unlisted property.

The mansion, which spans 13,500 square feet and is situated on the waterfront, is estimated to cost $13.5 million. His new neighbours would include the likes of Al Pacino and Mikhail Baryshnikov.

The news follows reports that Katie Holmes had rented an apartment in New York City in advance of the couple's divorce.

if you fancy a brand new pad in New York, or even anywhere in America and you are looking to take out a mortgage in the USA, visit Conti for all of your overseas mortgage solutions.

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Fancy Royalty for your new neighbours?

Fancy Royalty for your new neighbours? | conveyancing online | Scoop.it

 

Fancy having Queen Elizabeth II herself as your neighbour?? Well you might just be in luck! Two properties just over the road from Buckingham Palace have hit the rental market.

The two apartments- a one bedroom and a two bedroom- are linked to the Rubens Hotel, which is situated nearby and offers 5* facilities fit for a King or Queen, including a daily maid service!

With St. James’s Park and Green Park just a stones throw away, the luxury apartments come furnished with private terraces.

The two bedroom flat costs £1600 per week to rent, while the smaller one bedroom will set you back £1000 per week.

If you fancy living next to Royalty but don’t fancy the British weather, why not set out in search of Royan neighbours abroad?? Italy, Spain, France take your pick...here at Conti we specialise in mortgages overseas www.mortgagesoverseas.com

or if you are relocating within the UK and need conveyancing but want to find the best deal for you? then come and compare conveyancing prices with us at www.helpfulconveyancing.co.uk

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Falling interest rates will cut mortgage costs while a weakened Euro will help boost economy in Ireland

 

Business group IBEC claim that despite difficult international market conditions, the economy is still set to expand by about 1pc this year. It is believed that Ireland is set to benefit more than any other eurozone country from the weaker euro, ensuring exports drive gross domestic product (GDP) values up.

In their latest quarterly economic outlook forecast, IBEC has predicted that falling interest rates will cause average mortgage costs to be cut by €2,000 this year, thus freeing up more money for families to spend.

However IBEC have said that consumer spending remains very weak and poor weather would further hit the domestic economy.

"International trading conditions are tough at the moment given the sharp slowdown in almost all markets since the start of the year, but Irish exporters are faring relatively well...The weaker euro is a major positive for Ireland...When coupled with the hard gained competitiveness improvements of recent years, it means that Irish companies can grow both revenues and market share in what are largely stagnant international markets." said Fergal O’Brien,chief economist.

Elsewhere the annual average euro exchange rate this year against both the dollar and sterling is likely to be about 10% weaker than in 2011.

However Mr O'Brien has said that Ireland sold 62pc of its exports to markets outside the eurozone last year, well above the average for other member states.

"The Irish economy will benefit more from this than any other eurozone country," he continued.
"This year, for the first time since 2007, the investment sector of the economy will not be a drag on growth...The improvement arises mainly from increased investment by firms in equipment and machinery, while construction sector activity is also closer to bottoming out."

Ibec said last week's successful bond auction also shows the substantial improvement in Ireland's reputation with international investors over the past year.

"Markets are responding to sensible policy decisions, namely the yes vote in the recent Fiscal Stability Treaty referendum and strong implementation of the Memorandum of Understanding with the troika," Mr O'Brien added.
"The major task for Government now is to restore activity in the domestic economy and get more people back to work."

if you are interested in getting in on the mortgage cuts and are looking to buy property abroad but need to take out an overseas mortgage, visit us at www.mortgagesoverseas.com

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Spanish bank bailout is approved by Germany’s parliament

The German Parliament, with a huge majority, has accepted a proposal to help bailout the banks of Spain, with the aim to stop the Spanish economy from spiralling downwards, as it has been for quite some time now. Great news for those interested in a mortgage or buying property in Spain.

Since Spain’s debt emergency started there have been ten votes on European crisis measures. In the most recent of these votes, the majority (473 to 97) voted to pass the proposed bailout [valued at around €100bn (£78bn)] to supply some desperately sought after cash to stimulate the spanish financial sector.

Only a couple of MPs across the parties opposed the bailout, probably due to the fact that they were dragged kicking and screaming from their Summer holidays for the vote. Or perhaps more likely, in opposition to the German economy, is yet again, taking responsibility for providing rescue packages for European countries in debt.

Frank-Walter Steinmeier, the leader of the of the opposing SPD party revealed that a handful of MPs are "totally unconvinced." "How many rescue packages are we actually going to need?" asked Steinmeier. "It cannot go on like this." Thirteen deputies abstained in the vote. This is in contrast to the general support across the majority of the parties.

Due to the point that Madrid hoped to sign the agreement formally with eurozone finance ministers as quickly as possible, the vote was classed as “urgent”.

"In this exceptional situation, we are helping the Spanish state to battle against the overblown nervousness of the financial markets and we are therefore making our contribution to the overall financial stability of the eurozone."

The first chunk of the €30bn is expected to be received by Spain at the end of the month. This is return to the promise of adhering to a selection of EU inspections and reforms of the banking sector that aim to establish an efficient restructuring process.

If anyone was sceptical of the urgency of this bailout, earlier on a bond auction in Spain showed a lower demand and much larger borrowing costs, leading secondary market rates to increase close to the “unsustainable” 7pc level.

There is still conflict in Germany (providing almost 30pc’s worth of the loan) over who should be accountable for guarantees

It was confirmed last month during a summit of EU leaders, that banks could be supplied straight from their permanent bailout fund, as long as an expansive European body, directed by the European Central Bank, is established.

Until that point, Berlin has requested that the responsibility for the loans and their repayment is to be in the hands of the spanish government.

Schaeuble stressed that "Spain makes the application, Spain gets the money to recapitalise its banks and Spain is liable as a country for the aid,"

On the whole, analysis specialists are pretty laid back about the vote by the Parliament and it has had little impact on the markets.

On September 12th the top court of Germany will be ruling on whether or not the Eurozone €500bn permanent rescue fund will become law, so at the moment economists are keeping an eye on how that is developing.

Judgment from the Federal Constitutional Court will be placed on the series of obstacles to the
EU's fiscal pact and the European Stability Mechanism after the president of Germany refused to write his signature, hindering progress.

It’s expected that the court will allow the key crisis tools to pass, and it’s also thought that the German Parliament will hold more influence over further bailout issues, suggesting that the chances of this being the last emergency vote are slim.

if you fancy moving to Spain, or even if you are looking for buy-to-let property in Spain, why not visit us today atwww.mortgagesoverseas.com for all of youroverseas mortgage enquirys.

OR if you are moving home and in need ofconveyancingbut are stuck on who to go to to get thebest conveyancing at the cheapest price... then why not visithttp://www.helpfulconveyancing.co.uk/ for all youconveyancing solutions TODAY!

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As Spanish property prices fall, number of bargain-conscious Britons jumping on Spanish property ladder rises.

A specialist mortgage broker has reported that with Spanish house prices taking a turn for the worst, bargain-hunting Britons are leaping to get onto the Spanish property ladder.

As Spanish properties are suffering their biggest decrease in value since the economic recession began in 2007, It has been reported that there has been an influx of interest in Spanish properties. The country’s economic downturn and continued banking problems have left properties desperately trying to sell in and across Spain with little outcome.

However, every cloud has a silver lining with overseas mortgage specialist Conti having seen an increase of enquiries regarding taking out a Spanish mortgage. The rise in interest over May and June is up by 33% in comparison to previous monthly averages.

This is despite the fact that the monthly house price index from appraisal company Tinsa, is showing that Spanish property values were down by 10.8 % year-on-year.

Director at Conti, Clare Nessling has said that there are a combination of factors which are playing a part in the boosted budgets of buyers. She said: ‘The Spanish market has reached a low point, so buyers are using it as an opportunity to shop for a bargain.’

In the meantime, the rising strength of the pound against the euro combined with interest rates being at an all time low, is making having a holiday home appealingly affordable. ‘It ticks a number of boxes that Britain doesn’t; including the weather,’ she added.

As a mortgage provider in over 40 countries, Conti says there is a healthy appetite for lending in Spain. It adds that figures from the Spanish National Statistics Institute, INE, show that the annual decline in property sales in May was only 9%, a lot less than the declines from January to March this year, which were between 21 and 33%.

If you fancy buying property in Spain, try to think long term...
It’s common knowledge that Spain’s economy, banking system and property market are suffering. Despite the fact that interest in buying Spanish property is on the up, this raises the question: “Is now the best time to invest in overseas mortgages and Spanish property?”

Ms Nessling of Conti - Overseas Mortgages, however, said: ‘If you are looking for the long term market, then it is [a good time to buy], for holiday and retirement homes.’
She added: ‘You should always go through the same process that you would follow if you were buying a property in the UK.
Take independent advice from an English-speaking lawyer who is not connected to your seller, estate agent or property developer. And ensure an independent valuation of the property is carried out, even if you’re buying in cash.’
Director of Conti - Overseas Mortgages, Clare Nessling makes this warning due to the increase in the number of British bargain hunters being taken advantage of by people selling property in Spain.

A week ago Money mail reported about how potential investors were being scammed out of their life savings by forceful spanish property sellers offloading cheap houses, apartments, villas and timeshares etc.
The property meltdown has provided a huge quantity of bargain Spanish properties, where in some instances, prices have been sliced in half.
These bargain basement prices have appeared as developers, or Spanish banks that repossessed them, are desperately trying to get rid of them from their systems.
A scarily large chunk of these Spanish properties (estimated at 300,000) are often missing gas, electricity, mains water or even planning permission.

Overseas mortgage broker Simon Conn says: ‘In many cases, people are seduced by the sea, sangria and relaxed Spanish lifestyle. They do not think straight about why a property is so cheap.
‘Before you buy, always ask yourself: Is the price low because the owner has fallen on hard times or just needs to sell? Or is it a property that should never have been built in the first place?’

Conti’s advice:
Conti, the UK’s leading overseas mortgage specialist gives the following advice to people interested in buying Spanish Property. 'It pays to be selective. Many so-called bargains are being offered at knock-down prices because they’re of poor quality and in undesirable locations.’
'It’s very easy to be pulled in by descriptions of ‘cheap’ or ‘knock down’ prices, but you really don’t want to end up with a toxic asset simply because you didn’t do your homework or take the right advice.
'It may be wise to look at re-sales, where you can get references from previous buyers and check any other re-sales being offered on the same development. As a result, you’ll get a much better idea of the property’s true market value.’

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Tax avoidance on thousands of homes through offshore companies...

Government officials have estimated that around 5000 homes in Britain are believed to have avoided stamp duty and inheritance tax by the owners registering them in a way that is not as above board as they would like you to believe.
The statistics were obtained by the Independent newspaper via the investigative website Exaro and show that the multi-million pound properties are predominantly in London and around 500 of the homes, totaling a combined value of £1.6bn, were bought in the last year.
It was claimed that one exclusive street recently renovated was almost entirely bought using the loophole.

In his Budget the Chancellor, George Osborne, said he would come down "like a ton of bricks" on the practice of switching large properties into corporate control and introduced a stamp duty levy of 15 per cent for houses bought this way.

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Nationwide grabs bigger share of mortgage market | Business | The Guardian

 

Nationwide Building Society has written a third of all the new mortgages taken out this year as traditional lenders scaled back in the moribund housing market.
As the country's largest building society announced a fall in profits for the year to 4 April to £203m from £307m, it also unveiled plans to move into the small business banking market next year, an area traditionally dominated by the big four clearing banks.
The Swindon-based building society insisted that it had not relaxed its lending criteria as it admitted that its gross mortgage lending - the volume of new loans - was up 44% at a time when lending across the market was up 5%.

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Property boom in sight as rich home seekers attempt to avoid euro crisis and flood to UK


Due to the euro being left unstable as elections and Greece and France take place, estate agents here in the UK are expecting a wave of buyers from the Continent who are seeking to escape the euro crisis.

 

Some of London's hottest properties, in its most exclusive areas, prices are already reaping the rewards of the influx of the wealthy to the UK.

 

However this wave of wealth could soon become a flood if socialist leader Francois Hollande wins the second round of France's presidential elections.

 

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Rent rises slow to 2.7% while many tenants struggle...


A recent report by the Association of Letting Agents, there has been a significant rise in the number of tenants battling to pay their rent as household finances are spread increasingly thinly.
The report states that 41% of its members reported an increase in the number of tenants facing difficulties meeting their rental payments to landlords in the six months leading up to March 2012. While last autumn it was only 37%!

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Rents during the Olympics in London SKYROCKET to £55,000 PER WEEK!!!!

While many premiership football players are well known for their massive weekly wages, many would struggle to afford the rent on a luxury London residence while the Olympics are in town.


Rent prices have gone through the roof over the past few weeks, with the most extortionate property currently on the market charging £55,000 per week for the hot property in Angel. (This is over £30,000 higher than the average weekly wage of a top football player!!)


However, the general consensus is that landlords have seen green when it comes to the olympics and perhaps become too greedy while trying to cash in on the event.


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Property in London worth ten times more than Birmingham!!


A study of every residential address in the UK, which stands at 27 million addresses both privately owned and social housing, has shown that property values in London are worth over 10 times more than in the UK's second biggest city, Birmingham.
Properties situated in the outstirts of London, such as Reading, also benefit from the high priced property brackets that Londoners enjoy, with Reading, which has a comparatively small population, came seventh in the poll by value. The combined value of properties in Reading came to a total of £50.3billion, which is only JUST below Bristol and Leeds and came in as higher than Belfast, Edinburgh, Liverpool and Newcastle.

The predictable north-south divide remains, however, other anomalies remain, including the fact property in York is worth more than Cambridge and property values in Huddersfield outstrip Oxford.
However, London is worth the same as the next 40 biggest British cities and towns combined.

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