TSI
More British buyers interested in property in Italy, research suggests
Favourable exchange rates have led to more potential British buyers looking at the Italian property market and they are also considering more expensive houses, it is claimed. The value of the Italian real estate for which the British have made requests has almost doubled, up 90%, in the last year, according to research from Gate-Away, an online real estate portal that promotes Italian properties to overseas buyers. If in the first quarter of 2014 the average value was €190,000 but in the first three months of this year it was €324,000. The number of requests from the United Kingdom has also increased strongly, up 87.5% in the first quarter of 2015 compared to the same period in 2014. The UK is still the country which generates the highest number of requests with 17.6% of the total, ahead of the United States at 14.2% and France at 9.3%. This is set to continue, the firm says, as the current favourable exchange rate allows the same Sterling budget to stretch to properties which have a much higher value in Euros compared to last year. Requests from the United Kingdom for properties under €100,000 fell from 45% in the first quarter of 2014 to 39% in the first quarter of 2015, contrary to what happened with regard to buildings above €500,000, demand for which rose from 4.9% to 10.7%. ‘The average value of the Italian properties sought by the British has grown tremendously in this first quarter, and even beyond the depreciation of the Euro against the pound,’ said Simone Rossi, commercial director of Gate-Away. ‘More and more Brits that ever are being driven by the favourable economic climate and are finding that the Italian real estate market is far from inaccessible and beginning to consider the idea of buying a house in Italy very seriously,’ added Rossi. The research also shows that after years of unchallenged domination by Tuscany, in the first quarter Puglia topped the list of locations most desired by British buyers with 13.9% of total requests, just ahead of Tuscany at 11.8%, Piedmont at 9.6%, Abruzzo at 9.4% and Liguria at 9.3% of the requests. Some 80% of the requests by the United Kingdom were for individual houses and 20% for apartments. Some 55.7% of the requests are for properties which are already habitable and 20% for property to be restored, which confirms that the English have a preference for this particular type of investment abroad. Continue reading
Demand for prime properties in London hotspots up 6% since February
Demand for properties in prime central London has increased by 6% since February with areas like Islington and Chiswick more popular than Kensington, new research suggests. The biggest increase in demand has been in Chiswick with a rise of 54%, followed by Islington up 30%, Belgravia up 22%, Knightsbridge up 21%, Mayfair up 8% and Chelsea up 1%. However 44% of areas are still in decline with Primrose Hill down 71%, St Johns Wood down 36%, Fitzrovia down 30%, Holland Park down 24% and Kensington down 16%, according to the property hotspots index from online estate agent eMoov. The index looks at demand for property over £2 million in 16 of London's most prestigious neighbourhoods, examining the total number of properties sold in comparison to those on sale. The latest figures show that the property freeze in prime central London has thawed ever so slightly since February, with the demand percentage rising by 6% on average. However, nearly half of the areas in question, 44%, have continued to decline substantially. The index report points out that although these areas would have been hit by a mansion tax, last week's election result will have restored confidence in buyers looking to buy at the top end of the market. Since eMoov's February index there has also been an increase of 5% in the number of properties over £2 million listed for sale, to the two major portals, Rightmove and Zoopla. This increase was driven for the most part by Fulham, Belsize Park, Notting Hill, Primrose Hill, Islington and Chiswick. Russell Quirk, chief executive of eMoov pointed out that uncertainty caused by the general election meant many potential buyers were waiting to see the outcome before committing to a property above £2 million. ‘We are already aware of a significant increase in buyer activity since the election. It is most likely this is going to translate into a more buoyant picture in the months to come,’ he added. Continue reading
New Zealand sees strongest new home figures for almost a decade
New building consents in New Zealand have increased to the country’s strongest house building rate for nine years, according to the latest official figures. Housing supply is increasing particularly in Auckland and Christchurch, according to Building and Housing Minister Nick Smith, with 25,000 plus new consents per year nationally. The latest annual figure of 25,038 compares to the low of 13,236 following the global financial crisis. A breakdown of the figures shows there were 756 new building consents for Auckland in March, which compares to just 209 per month before and 7,940 building consents in the year to March 2015 in Auckland, the highest since 2006. ‘We are well on the way to recovering the 10,500 homes lost to the earthquakes in Canterbury, with another record set for building consents. The 588 consents issued last month confirms the Government's view that the Christchurch housing market will have supply and demand back in balance by 2017/2018,’ said Smith. ‘These positive signs follow a general pattern of strong growth that has continued for almost four years. They confirm the latest GDP data showing a $9.5 billion annual investment in residential construction – an all-time high. It shows that the Government's programme of measures to increase housing supply is working,’ he added. Smith also pointed out that there are now Housing Accords in place with six local councils to free up more land faster. ‘We have initiatives in place to constrain building materials costs, rein in development contributions, cut compliance costs and invest in improved sector productivity,’ he said. He explained that the new $435 million HomeStart support package, which came into effect 01 April, is projected to assist 90,000 people into home ownership. ‘This is good progress but with strong net migration data from fewer New Zealanders leaving, we need to keep doing more. The next steps in our programme include our planned second phase of reforms to the Resource Management Act and place based initiatives like those announced today at Tamaki. The Government remains committed to supporting more New Zealanders into their own home,’ he concluded. Continue reading
