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“There remains a very clear polarisation between the locations at the top and bottom of our table. Five countries posted double-digit growth last year, but nine actually saw prices fall by over 10%. Prices in Hong Kong and Mainland China increased by over 25%, driven upwards by a massive injection of liquidity into the economy by the Chinese government’s fiscal stimulus package. Prices do appear to be levelling off though with final quarter increases of only 2.9% in Hong Kong.
“The Australian economy has also benefited from China’s rapid recovery from the global recession and the country’s house prices increased by 13.6%, with particularly strong growth of 5.2% in the final quarter of the year. A continuing desire by Israelis to invest in property rather than equities, other less tangible asset classes and low yielding deposit accounts helped push overall price growth during 2009 up by 21.3%.
According to the Jewish Chronicle 50% of Israeli houses are being purchased as second homes.
Its social housing revenue rose 13% to £256m, its compliance revenue up 16% to £70m and environmental revenue was £29m. Its social Housing operating profit was up 17% to £14.9m, compliance operating profit up 13% to £9.3m, and environmental operating profit was £1.6m.
Mark Tincknell, Chief Executive, said: "This is another good set of results as Connaught continues its strong growth in all three of its divisions.
“Specifically, our client base is looking to us to help them cut costs in the face of budget constraints, and with our integrated business model we are well positioned to deliver these savings.
Hometrack said estate agents were reporting that buyers were taking longer to commit to properties, with the number of viewings needed per sale increasing for the third consecutive month.
At the same time, the percentage of their asking price that sellers were achieving remained unchanged at 94%, ending a 13-month run during which it had increased, while the average time it takes a home to sell has plateaued at 8.3 weeks.
Prices edged ahead by just 0.2% during the month, following increases of 0.3% during each of the previous two months, and Hometrack said estate agents appeared to be finding it increasingly difficult to maintain price rises while still achieving sales volumes.
Revenue was up 17% to £355m, while adjusted operating profits rose 18% to £23.8m. However, its operating profit was £13.8m, which was down 16%, but its adjusted operating before tax was up 20% to £20.7m.
House prices have increased in almost half of the locations in the Knight Frank Global House Price Index in 2009.
Asia Pacific saw the strongest growth with prices increasing by eight per cent on average. However, prices around the world fell on average by 3.8%. The country with the highest growth was Hong Kong with prices rising by nearly 30%. Three locations saw price falls by more than 40% - Estonia (40%); Dubai (42%) and Latvia (50%).
Lib Dems would double the number of forces’ family homes refurbished each year and ensure that no service man or woman goes into harm’s way on less basic pay than a new recruit to the police force. Action would also be taken on ensuring the Armed Forces have enough of the right kit through a Strategic Security and Defence Review, to take place shortly after the election.
Clegg said: “The brave men and women of our Armed Forces have been left under-equipped and under-paid by Labour. The Liberal Democrats will change this. Gordon Brown has failed to give our troops all the kit they need to do their job. And he has failed to give them a decent wage for the work they do and a decent home to raise their kids in.
“Someone spending six months fighting half way around the world to keep us safe should not have to worry about leaving their family in a shoddy, run-down home. They should not have to worry about whether they are paid enough to provide for their loved ones.
“The Liberal Democrats will bring forces family homes up to standard in half the time the Government plans, and we will increase the salary of our lowest paid troops by £6,000. We are committed to a fair deal for our Armed Forces. These changes are affordable because we have proposed £15bn of cuts and savings elsewhere in government each year, including cutting waste in the Ministry of Defence.”
A total of 34,905 loans were approved by the major banks during the month for people buying a new property.
The group pointed out that although the figure appeared subdued compared with the number of approvals seen during the final months of 2009, peaking at a 27-month high of 45,823 in December, it was still 20% ahead of the level reported for March last year.
It added that the distortions to the market caused by people buying lower-value properties rushing to complete transactions before the stamp duty holiday ended had now "worked through".
The flatter trend in activity is broadly consistent with the feedback from the RICS Housing Market survey which is showing that new buyer enquiries have stabilised in recent months after growing strongly through the course of 2009. The lack of availability of mortgage finance remains a key issue for the market but this is now being compounded by uncertainty around the outcome of the general election and the possible implications for the housing market.
"We still expect to see transactions gradually pick-up as the year progresses. One reason for this is that more property is now coming onto the market. In addition, it is likely that the stamp duty holiday announced in the budget will encourage some first time buyers to look to purchase property despite the continuing need to find a large deposit to secure a mortgage."
The panel, made up of a cross-section of CIH members, set out its priorities for the next Government, with sustained investment in new affordable housing the number one priority, followed by funding to 'green' the existing housing stock and reform to the Housing Benefit system. Many other respondents called for stability - whether it was economic stability, stability of funding the Supported People programme or continued support for the current regulatory regime.
The report from the first quarterly survey examines the work of housing professionals to prevent homelessness, provide an affordable and safe place to live and meet tenants' care and support needs. At the same time, the shortage of affordable housing, long waiting times, high demand and the challenge of improving existing homes have been compounded by the recession and the prospect of public spending cuts. 57% are planning to make budget cuts within their organisations in 2011.
It said that it has been encouraged by sales activity since the start of the calendar year with sales rates per outlet comfortably ahead of the same period last year. Weekly visitor levels and cancellation rates have remained reasonably consistent throughout the period.
The average number of sales outlets has reduced to 72 during the period due to timing issues and the customary planning delays. However, the group expects this to represent a low point, with the number of outlets set to increase over the remainder of the calendar year.
House prices have remained stable since the start of the calendar year. However, its average selling price of private homes has increased in comparison with both the prior year and the first half of this year due to the planned change in mix. It expects to legally complete in excess of 2,500 homes for the full year, which will result in a return to profitability for the second half period.
Redrow has seen a noticeable increase in activity in the land market over the last few months and since December 31, 2009 has secured or agreed terms on around 2,500 plots on 18 new sites. The vast majority of new land has been identified with The New Heritage Collection in mind.
Net debt is currently around £50m, well within the Group's committed bank facilities of £250m. It continues to expect net debt to rise over the coming months as our land bank increases.
Given the uncertainties surrounding the election, the economic environment and continued restrictions on mortgage availability, Redrow expects the market to remain challenging throughout 2010. Nevertheless, with its strong management team, re-focussed business, robust finances and the launch of The New Heritage Collection, the group said that it is confident the business will continue to make progress.
Loud voices or arguing from the neighbours was the most disturbing noise (58%), followed by blaring music or televisions (40%). A quarter (26%) of those affected were disturbed by doors slamming, 15% suffered due to regular parties and 3% heard their neighbours having sex.
People stomping around, pets, DIY noise, musical instruments and ball games also rated among the most annoying neighbourly noises. Among those who reported noisy neighbours, six in 10 lost sleep, while others said the disruption made them irritable, angry or stressed. One in 10 sufferers saw their work or health affected.
However, 36% made no effort to address the problem. Fewer than a third spoke calmly to their neighbours about the issue and just a quarter contacted their local authority. Arguments developed among 8% of neighbours, while 7% moved house to escape the noise.
Which? chief executive, Peter Vicary-Smith said: "Noisy neighbours can make life a misery, and our research shows that people are losing sleep, struggling at work and arguing with their partners, all because of disturbances from next door.
"People shouldn't suffer in silence. If talking amicably with your neighbour about the problem doesn't work, then contact your local authority who will be able to investigate the matter for you."
worldwide residence Prices boost (Apr 28, 2010)
The recovery in global housing markets is still proving somewhat shaky. Although a number of locations saw staggering growth of up to 28% in 2009, prices were still falling in almost half of the countries in our index during the final three months of the year.“There remains a very clear polarisation between the locations at the top and bottom of our table. Five countries posted double-digit growth last year, but nine actually saw prices fall by over 10%. Prices in Hong Kong and Mainland China increased by over 25%, driven upwards by a massive injection of liquidity into the economy by the Chinese government’s fiscal stimulus package. Prices do appear to be levelling off though with final quarter increases of only 2.9% in Hong Kong.
“The Australian economy has also benefited from China’s rapid recovery from the global recession and the country’s house prices increased by 13.6%, with particularly strong growth of 5.2% in the final quarter of the year. A continuing desire by Israelis to invest in property rather than equities, other less tangible asset classes and low yielding deposit accounts helped push overall price growth during 2009 up by 21.3%.
According to the Jewish Chronicle 50% of Israeli houses are being purchased as second homes.
Its social housing revenue rose 13% to £256m, its compliance revenue up 16% to £70m and environmental revenue was £29m. Its social Housing operating profit was up 17% to £14.9m, compliance operating profit up 13% to £9.3m, and environmental operating profit was £1.6m.
Mark Tincknell, Chief Executive, said: "This is another good set of results as Connaught continues its strong growth in all three of its divisions.
“Specifically, our client base is looking to us to help them cut costs in the face of budget constraints, and with our integrated business model we are well positioned to deliver these savings.
Housing souk Loses extra impetus before Election (Apr 28, 2010)
The rate at which properties in England and Wales came on to the market also outstripped demand from new buyers for the third consecutive month, further reducing the recent upward pressure on prices.Hometrack said estate agents were reporting that buyers were taking longer to commit to properties, with the number of viewings needed per sale increasing for the third consecutive month.
At the same time, the percentage of their asking price that sellers were achieving remained unchanged at 94%, ending a 13-month run during which it had increased, while the average time it takes a home to sell has plateaued at 8.3 weeks.
Prices edged ahead by just 0.2% during the month, following increases of 0.3% during each of the previous two months, and Hometrack said estate agents appeared to be finding it increasingly difficult to maintain price rises while still achieving sales volumes.
Connaught Profits Up 18 Per Cent (Apr 28, 2010)
Connaught place has announced a rise in adjusted operating profit of 18%, in its interim results for the six months ended February 28, 2010.Revenue was up 17% to £355m, while adjusted operating profits rose 18% to £23.8m. However, its operating profit was £13.8m, which was down 16%, but its adjusted operating before tax was up 20% to £20.7m.
House prices have increased in almost half of the locations in the Knight Frank Global House Price Index in 2009.
Asia Pacific saw the strongest growth with prices increasing by eight per cent on average. However, prices around the world fell on average by 3.8%. The country with the highest growth was Hong Kong with prices rising by nearly 30%. Three locations saw price falls by more than 40% - Estonia (40%); Dubai (42%) and Latvia (50%).
Lib Dems Set out Plans to Improve Homes for Armed Forces (Apr 28, 2010)
Liberal Democrat Leader, Nick Clegg has set out plans to improve family homes for the Armed Forces and make troops’ pay fair.Lib Dems would double the number of forces’ family homes refurbished each year and ensure that no service man or woman goes into harm’s way on less basic pay than a new recruit to the police force. Action would also be taken on ensuring the Armed Forces have enough of the right kit through a Strategic Security and Defence Review, to take place shortly after the election.
Clegg said: “The brave men and women of our Armed Forces have been left under-equipped and under-paid by Labour. The Liberal Democrats will change this. Gordon Brown has failed to give our troops all the kit they need to do their job. And he has failed to give them a decent wage for the work they do and a decent home to raise their kids in.
“Someone spending six months fighting half way around the world to keep us safe should not have to worry about leaving their family in a shoddy, run-down home. They should not have to worry about whether they are paid enough to provide for their loved ones.
“The Liberal Democrats will bring forces family homes up to standard in half the time the Government plans, and we will increase the salary of our lowest paid troops by £6,000. We are committed to a fair deal for our Armed Forces. These changes are affordable because we have proposed £15bn of cuts and savings elsewhere in government each year, including cutting waste in the Ministry of Defence.”
Number of Mortgage Approvals up Five Per Cent In March (Apr 28, 2010)
The number of mortgages approved for house purchase edged up by five per cent during March as the housing market returned to normal following the end of the stamp duty holiday, figures from the British Bankers’ Association have shown.A total of 34,905 loans were approved by the major banks during the month for people buying a new property.
The group pointed out that although the figure appeared subdued compared with the number of approvals seen during the final months of 2009, peaking at a 27-month high of 45,823 in December, it was still 20% ahead of the level reported for March last year.
It added that the distortions to the market caused by people buying lower-value properties rushing to complete transactions before the stamp duty holiday ended had now "worked through".
The flatter trend in activity is broadly consistent with the feedback from the RICS Housing Market survey which is showing that new buyer enquiries have stabilised in recent months after growing strongly through the course of 2009. The lack of availability of mortgage finance remains a key issue for the market but this is now being compounded by uncertainty around the outcome of the general election and the possible implications for the housing market.
"We still expect to see transactions gradually pick-up as the year progresses. One reason for this is that more property is now coming onto the market. In addition, it is likely that the stamp duty holiday announced in the budget will encourage some first time buyers to look to purchase property despite the continuing need to find a large deposit to secure a mortgage."
UK Housing Board Set Out Precedence for After That Government (Apr 28, 2010)
Housing professionals taking part in the CIH’s first UK Housing Panel quarterly survey have set out their priorities for the next Government against the background of affordable housing shortages and continued high demand.The panel, made up of a cross-section of CIH members, set out its priorities for the next Government, with sustained investment in new affordable housing the number one priority, followed by funding to 'green' the existing housing stock and reform to the Housing Benefit system. Many other respondents called for stability - whether it was economic stability, stability of funding the Supported People programme or continued support for the current regulatory regime.
The report from the first quarterly survey examines the work of housing professionals to prevent homelessness, provide an affordable and safe place to live and meet tenants' care and support needs. At the same time, the shortage of affordable housing, long waiting times, high demand and the challenge of improving existing homes have been compounded by the recession and the prospect of public spending cuts. 57% are planning to make budget cuts within their organisations in 2011.
REDROW SEES SALES RISE (Apr 27, 2010)
Redrow plc has seen sales activity increase, it said in its Interim Management Statement regarding trading for the period from January 1, 2010.It said that it has been encouraged by sales activity since the start of the calendar year with sales rates per outlet comfortably ahead of the same period last year. Weekly visitor levels and cancellation rates have remained reasonably consistent throughout the period.
The average number of sales outlets has reduced to 72 during the period due to timing issues and the customary planning delays. However, the group expects this to represent a low point, with the number of outlets set to increase over the remainder of the calendar year.
House prices have remained stable since the start of the calendar year. However, its average selling price of private homes has increased in comparison with both the prior year and the first half of this year due to the planned change in mix. It expects to legally complete in excess of 2,500 homes for the full year, which will result in a return to profitability for the second half period.
Redrow has seen a noticeable increase in activity in the land market over the last few months and since December 31, 2009 has secured or agreed terms on around 2,500 plots on 18 new sites. The vast majority of new land has been identified with The New Heritage Collection in mind.
Net debt is currently around £50m, well within the Group's committed bank facilities of £250m. It continues to expect net debt to rise over the coming months as our land bank increases.
Given the uncertainties surrounding the election, the economic environment and continued restrictions on mortgage availability, Redrow expects the market to remain challenging throughout 2010. Nevertheless, with its strong management team, re-focussed business, robust finances and the launch of The New Heritage Collection, the group said that it is confident the business will continue to make progress.
THREE MILLION SUFFER FROM NOISY NEIGHBOURS (Apr 27, 2010)
At least three million UK adults currently suffer from noisy neighbours but more than a third fail to take action, according to research from Which? Legal Service.Loud voices or arguing from the neighbours was the most disturbing noise (58%), followed by blaring music or televisions (40%). A quarter (26%) of those affected were disturbed by doors slamming, 15% suffered due to regular parties and 3% heard their neighbours having sex.
People stomping around, pets, DIY noise, musical instruments and ball games also rated among the most annoying neighbourly noises. Among those who reported noisy neighbours, six in 10 lost sleep, while others said the disruption made them irritable, angry or stressed. One in 10 sufferers saw their work or health affected.
However, 36% made no effort to address the problem. Fewer than a third spoke calmly to their neighbours about the issue and just a quarter contacted their local authority. Arguments developed among 8% of neighbours, while 7% moved house to escape the noise.
Which? chief executive, Peter Vicary-Smith said: "Noisy neighbours can make life a misery, and our research shows that people are losing sleep, struggling at work and arguing with their partners, all because of disturbances from next door.
"People shouldn't suffer in silence. If talking amicably with your neighbour about the problem doesn't work, then contact your local authority who will be able to investigate the matter for you."
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