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Demand for high end properties in Venice up 20% year on year
Enquiries for prime real estate in Venice have increased by 20% year on year with demand particularly for centrally located properties, according to a new report. The market in Venice is very active at the moment, especially at the top end with rich buyers seeking prestige properties finished to the highest of standards, says Ann-Marie Doyle of Sotheby’s International Realty. Buyers increasingly favour turn-key solutions over restoration projects and those from the UK, France, Germany and Austria have been key players in the Venetian market for years and this international interest has remained strong. ‘However, this year we have seen a noticeable rise in demand for prime properties priced between €3 million and €10 million. Notably, US buyers are now returning to the market due to the advantageous exchange rates,’ she explained. An example is Palazzo Molin, a 15th century residential conversion which has been converted into 17 highly specified apartments that combine classic Venetian architecture with contemporary design located minutes from landmarks such as Piazza San Marco and the Fenice Opera House. Apartments in the historic palace have been bought as second homes and buy to let investments with 50% now sold. ‘Whilst Venice is not a traditional buy to let location, it is a city where buyers can have the best of both worlds in terms of a second home in one of the most beautiful cities in the world, as well as strong rental investment potential,’ said Doyle. ‘There is an ever-increasing demand for prestige short term rental apartments in Venice and this, coupled with the shortfall of top quality apartments that appeal to a sophisticated international clientele, is driving the high end rental market,’ she explained. ‘Visitors, and indeed buyers, come to Venice for its rich cultural offering, and events such as the Biennale reaffirm its timeless global appeal,’ she added. Continue reading
Number of mortgages for UK first time buyers doubles in three years
The number of mortgage products available to first time buyers in the UK has doubled in the last three years, while rates have dropped by 1%, new research shows. Since 2012 the number of 95% mortgages available has increased by 448%, according to a study from online comparison site MoneySuperMarket. But the firm says that first time buyers should always be mindful of the whole cost of a mortgage and not be lured by a headline rate. The number of overall mortgage products available to first time buyers is currently 2,776 and this is partly due to the Government’s Help to Buy scheme. In addition, the average rate on first time buyer mortgages has dropped by 1% in the last three years to 3.26%. With the average loan to value (LTV) required for first time buyers remaining flat over the last three years at 79% compared to 78% in April 2012, those looking to get their first foot on the ladder would need to find a deposit of £31,500 on a £150,000 property. However, under the scheme a 5% deposit on the same property would cost £7,500. The research says there are 170 mortgage deals currently on the market available to those with just a 5% deposit, an increase of 448% since 2012 when only 31 products available. In addition, average rates have decreased by 1.04% to 4.72% on average. ‘The increase in the number of first time buyer mortgages, and the corresponding fall in interest rates, can only mean good news for those looking to get a foot on the ladder. Even better, borrowers who can scrape together a 10 or even 15% deposit will find they are able to get their hands on more competitive deals,’ said Kevin Mountford, head of banking at MoneySuperMarket. ‘The introduction of the Government’s Help to Buy ISA which will see the Government provide up to £3,000 towards a first time buyer’s deposit, could also help prospective home owners get themselves into a new LTV bracket, thus helping them secure a more competitive deal,’ he added. But he pointed out that for anyone looking to buy their first home, it’s important not to be led by interest rates alone when comparing mortgages. ‘Expensive fees can wipe out the potential benefit of a lower rate so it’s worth doing the sums first to ensure you really are getting a great deal,’ he said. ‘Whilst mortgage approvals were up 7% overall on March, this doesn’t mean that lenders’ criteria is becoming more relaxed. After the introduction of the Mortgage Market Review, borrowers not only need to have a strong credit score, they also need to prove that they can afford the mortgage they’re applying for, not only at its current rate but, if rates should rise in the future,’ he explained. ‘Finally, also think about whether you want a fixed or variable rate deal. Fixed provides security that your rate won’t change during the term of the deal. Whilst… Continue reading
