Uk
Spanish property sales up for 18th month in a row
Residential property sales in Spain are continuing to rise with the latest data showing that the number of transaction recorded by notaires increased by 7.3% compared with the same month in 2014. It marks some 18 months of continuous growth, the figures from the General Council of Notaires shows with its analysis report saying that the recovery in the housing market is being maintained. A breakdown of the data shows that apartment sales increased by 6.2% year on year, more than double the increase recorded in October 2015. This was due to sales of free price apartments rising 8.3% and also sales of second hand apartments rising by 12.2%. Sales of individual family homes also saw strong growth, up 11.4%, recording nine months in a row of double digit increased. However, sales of new housing fell for a tenth month in a row, down in November by 18.6%. But prices are still up and down. The average price per square meter of homes sold in November was €1,219 per square meter, a fall of 1.1% year on year. A breakdown shows that apartment prices fell by 0.6% and the price of individual family homes fell by 0.8%. The data also shows that the price per square metre of second hand apartments fell by 0.7% year on year to €1,320 but for new apartments it increased by 5.9% €1,666. The total number of new mortgage loans also increased by 7.3% year on year in November but in seasonally adjusted terms this figure moderates to an increase of 2.4% year on year, the lowest increase in 18 months. Continue reading
UK govt announces millions to tackle rogue landlords
Councils in the UK are to get a £5 million cash boost to tackle rogue landlords in their area, including raiding premises, it has been announced. Some 48 councils will share the funding so they can take on the irresponsible landlords that force tenants to live in squalid and dangerous properties, making their lives a misery. The cash will also allow councils to root out more ‘beds in sheds’. Since 2011 nearly 40,000 inspections have taken place in properties with over 3,000 landlords facing further enforcement action or prosecution. The funding will allow local authorities to carry out more raids, increase inspections of property, issue more statutory notices, survey more streets and to demolish sheds and prohibited buildings. Housing Minister Brandon Lewis said that the funding is part of a package of measures that will ensure millions tenants get a better deal when they rent a home. ‘Significant progress has already been made, now with £11.7 million distributed to councils to crack down on rogue landlords and d we have introduced protection for tenants against retaliatory eviction where they have a legitimate complaint and stopped landlords from serving an open-ended eviction notice at the start of a tenancy,’ he explained. ‘The measures will not hamper the vast majority of landlords who are diligent and responsible. Many private rental tenants are happy with their home and the service they receive, but there are still rogue landlords that exploit vulnerable people and force their tenants to live in overcrowded and squalid accommodation,’ he pointed out. Lewis said that the aim is not just to get rid of cowboy landlords but also to raise the quality and choice of rental accommodation across the sector. ‘The funding will ensure tenants know what level of service they can expect and have confidence to get help and take action if things go wrong,’ he pointed out. The funding to tackle rogue landlords is part of a package of proposals in the Housing and Planning Bill that includes the creation of database of rogue landlords and property agents convicted of certain offences and banning orders for the most serious and prolific offenders. Civil penalties of up to £30,000 as an alternative to prosecution will be introduced along with an extension of Rent Repayment Orders to cover illegal eviction, breach of a banning order or failure to comply with a statutory notice. There will also be a more stringent fit and proper person test for landlords of licensable properties such as Houses in Multiple Occupation and from 01 February 2016 landlords in England will have to carry out Right to Rent checks to ensure potential tenants have the right to rent property in the country. Continue reading
New home building in Australia reaches new high
New home building starts reached a new high in Australia in the third quarter of last year which is being hailed as good news for the country’s economy. The data from the Australian Bureau of Statistics (ABS) shows that they hit a quarterly record of 55,432. The high if 215,329 for the 12 months to September 2015 is some 15% up on the previous peak in 1994. ‘It is a stellar result not only for the residential construction industry, but for the wider economy. New home construction has posted one of its longest upcycles in history, providing substantial support to Australia’s economic output and levels of employment,’ said Harley Dale, chief economist of the Housing Industry Association (HIA). ‘We need a visionary outlook regarding the homes Australia has to build over the coming decades to house its growing and ageing population, while not forgetting to celebrate the fact that new home construction and its massive spinoff benefits has propped up the Australian economy at a time when no other sector has come to the party,’ he added. But there are considerable regional variations. A breakdown of the figures shows that new starts increased by 17.4% in the Northern Territory but only 2.4% in New South Wales, 1.7% in Western Australia, 1.2% in South Australia and 0.4% in ACT. At the other end of the scale new building starts fell by 20.7% in Tasmania, by 3.8% in Victoria and by 1% in Queensland, the ABS data also shows. Meanwhile, the latest housing finance figures for November 2015 show that total lending activity increased during the month, but still remains below the high point reached in August of last year. The value of investor lending increased by 0.7% in November, but was 7.7% lower than a year earlier. The value of owner occupier lending, net of refinancing was up by 1.7% and is some 22.8% higher than a year earlier. ‘This is a positive update for Australia’s housing sector, showing that lending activity remained healthy toward the end of last year. Lending activity among investors is still below what appears to be the cyclical peak back in April last year. More strength is evident in the owner occupier segment of the market, with the latest level of lending activity on par with recent highs,’ said HIA economist, Diwa Hopkins. She pointed out that the ABS figures also highlight that owner occupiers remain active in the new housing market, with the value of lending to those purchasing or constructing a new dwelling up by 0.7% during the month to 8.8% higher than a year previously. ‘These signals from housing finance are consistent with other indicators pointing to very healthy levels of activity in the residential construction sector in early 2016,’ added Hopkins. A breakdown of the figures show that new home lending to owner occupiers varied widely. It was up 96.6% in the Northern Territory, up 9.7% in… Continue reading
