Studio Flats In London

The selling of property is always an emotive issue, especially if you are moving away from a home that has housed your families for years. Part of the selling process always has to include a valuation; this can be one of the hardest parts of selling a home, as what you think your house is worth rarely relates to what it is actually worth on the market. Whenever an agent makes a valuation of your property it is important to realise that ultimately they are making an estimate, there value is based upon the price of similar properties in the local area and it is in no way a guarantee of worth.
In the UK the property market is currently in a period of slowdown. In areas such as the Southeast and London this is not really the case but in other areas of the country it is almost certainly fact. Some experts are arguing that the property market is in a decline that has not been seen for almost thirty years. This however could be considered media hype, the sensationalist press we have today seem to love being harbingers of doom and professing the worst just to sell papers. Even so, a valuation in the current climate is difficult, prices are in flux so the process of valuing, that has always had an element of guesswork is now even more difficult.
While valuation maybe a vital process to selling property there is only one factor that defines what a house or flat is worth; this is what a buyer is willing to pay for it. This truism has always been evident in the property world; it is just at the moment, as the market shifts towards the buyer, that it has become increasingly relevant. The reason that buyers have so much power at the moment is due to the fact that there are more properties for sale than there are buyers, so those buying property have the option to determine the price.
The picture painted by the press however is somewhat radical; those selling property are not at a complete loss. Some experts have argued that as property prices are lowered, more first time buyers will be able to afford properties. Some have even taken this argument further drawing on past data where slumps like the present one have been overcome by an influx of first time buyers. Whether this argument holds water however is debatable, the mortgage industry has been heavily affected by the ‘credit crunch’ meaning that those trying to secure a mortgage are now having more trouble than in the past. The results of this though are hard to ascertain, a reduction in the number of properties up for sale may in fact result in a redressing of the buyer, seller balance.
All this means that estate agents are now having even more trouble in making a valuation. Valuing a property has always contained an element of art as well as science and currently this is truer than ever. If sellers are worried however modern self valuation websites can help to arrive at an accurate figure. By using an online resource full of sale prices, finding similar properties to make comparisons is made easier. As with most spheres the encroachment of the internet has made the business of valuing houses and flats at least a little easier.
While a valuation of a property is a vital part of the selling process by combining the efforts of online resources and estate agents it is possible to arrive at a figure that is both realistic and attractive to buyers.

In the United Kingdom, the economy is at its lowest for a number of years due to a rise in house prices and the credit crunch that is hitting all people in a number of ways in the United Kingdom.
The property development market has been increasing over the past 10 years due to the fact that people are recognising the potential profit being made from selling a property on to another buyer after some external and internal development that has been done to the house. This is a good market to be in at the moment due to the fact that house prices are higher than average at the moment. This means that anybody selling a property they have developed for a period of time may make a substantial profit.
The market has been growing everyday and has veered away from the United Kingdom and into eastern and western Europe. Countries such as Spain and France as well as countries such as Croatia and Romania have appeared on the investment property list. This gives a very good opportunity for a person to invest in a property for a very low price and restore it to a quality house that can be sold or rented to holiday makers that are in the country as accommodation to stay in.
Other investors may wait a couple of years after development to sell the house due to them wanting to spend some time at the property maybe as a holiday after redevelopment.
Finding the right property to invest in is a hard task as you need to find a manageable amount of work that is needed doing as well as keeping to your budget. Also, overseas properties are very difficult to judge as some people that are buying investment property from Eastern Europe for example may not be able to view the property in person and have to make the decision to invest or not from the pictures provided.
The main sources for investment in properties are the internet and the high street. The internet though is a very risky option on property investment because there are many different websites stating great deals on different properties in many different countries as well as the United Kingdom and this can be misleading for a potential customer. This is because there might be hidden clauses attached to the property, especially from overseas properties that the person might not know about. Also contact details about the properties can sometimes be wrong and this sometimes presents the potential investor with a problem.
Due to the credit crunch and high house prices many people are deciding to rent properties rather than buy the houses outright. This is especially common with young people or couples that simply cannot afford the costs of buying the property. This gives an opportunity for the investment property developer as the person can rent out the property for people rather than place the house on the market. This means that the person gets more profit out of the property and can then decide whether to sell or not after they have received a number of tenants in staying in the house. If house prices are still high this might offer an opportunity to sell before they drop and gain extra profit from the house.

Property letting has become a major part of the housing industry and this is because of a number of reasons. Due to property development increasing more and more and rising house prices, many people have turned to renting and lettings as a more practical and cheap option for the short term.
This means that the property letting part of the market has become more competitive recently due to the large influx of people wanting to rent a property rather than buying outright. Many people that are now wanting to buy a property on the market are choosing to enter property development. This is where someone invests in a property which needs some substantial work on it. This can be external, internal or both. This can take some time however and some people invest a lot of money into a property to make sure it’s ready to sell/let. But the key area is getting all of the money back that you put into the property.
There is a risk when selling the property that you may not receive all of your money back. This is where the property letting area of the market comes in handy, this is because the investor has a lot more chance of retaining the money put into the property as there is no limit to how many tenants he wishes to have at the house.
Although this may take some time to retain the money there is also the choice of selling the property after you have had several tenants staying at the house. This means you could make extra profit on top of the rent you have received and it is a much more efficient way of claiming back the money you put into the house.
The property letting market may also attract a different type of customer to people that want to buy the house outright. For example a student that has just left university and has student loans and debts to pay off will be wanting to look for a place to rent while they can repay the loans in good time.
Another reason may be that they simply cannot afford the very steep prices of buying a house straight away. This would be an ideal customer to target with your letting property that you have developed. An example of someone that would want to buy a house outright on the other hand is a married couple with two children and who have stable jobs. This family would not be looking to rent a property but to buy one outright to have enough space and no monthly payments.
Property letting doesn’t only stick to the UK however, as many people have bought properties abroad and have developed them up to a standard where tenants can be able to stay as accommodation. Typical countries that have been introduced to property development include Croatia and the Czech Republic. This allows British and foreign holiday makers alike to use the accommodation to stay in when visiting these countries either for a holiday or business trip. Due to the exchange rates as well people are choosing these countries due to the fact that houses are much cheaper as the pound is worth a lot of the local currency.
Overall the property letting market is becoming very competitive and many people are turning to this part of the market due to the profit being made from this sector already.

First to benefit are buyers buying a home under £175,000.  Previously stamp duty was exempt only for properties below £125,000 and now stamp duty is payable only on properties over £175,000.  Stamp duty is 1% of the purchase price so that’s £1,750 saved on a £175,000 property and the government estimates that this accounts for half of all property transactions.  This measure will be in place for one year.

First time buyers whose households are earning less than £60,000 will be offered “free” loans of up to 30% of the property’s value to buy new properties.  After five years there will be a fee to pay though more detail on this has yet to be provided.  The loans system is called HomeBuy Direct is to be run jointly by the government and property developers.  The key concept here is that first time buyers will be able to enter the market and developers will have a market for their new builds and the UK needs more homes.

The third measure benefits existing homeowners who can no longer afford their repayments.  Councils and housing associations will be able to pay off the debt and then charge rent at a rate that is affordable.  As a result, the homeowner will not have to sell their property.

The people that will benefit are those that want to buy property between the £125,000 and £175,000 benchmark.  A buyer may further benefit by persuading a seller to lower their price to £175,000 and of course, save £1,750 in stamp duty.  For properties on the lower end between £125,00 and £175,000 a saving of £1,750 is more of a bonus rather than a major discount.  First time buyers will benefit from the “free” loan and struggling homeowners can stay and rent their homes instead of risking being repossessed.  The benefits should in turn pass down the line – more first time buyers will start more property chains and enable more people to buy and sell.  Less repossessions will keep undervalued properties off the market which will contribute to stabilising house prices.

However, the main problem is still the difficulty in securing a mortgage with a larger deposit – instead of the 5% figure prior to the credit crunch deposits of 10%, 15% or even 20% are required.  Together with the rise in oil, gas and food prices, there is less money to put aside for the deposit and so it takes longer to fill the pot.  Furthermore confidence in the economy is gloomy and a recession is still on the cards.

The measures are expected to help a small minority of people and so help the market in a small way but they are not expected to solve the problem.

If you’ve been dreaming for years about buying up that little slice of Italian paradise, you’d be forgiven for thinking you missed the boat.

According to doomsayers the world over, we’re in for a bumpy ride economically, and the strong euro has the continentals popping over to the UK for their shopping trips rather than the other way around. But that’s all the more reason to consider the less expensive side of Italy, because there are always good boots to be had on the bargain rack, you just have to find them – you might even have something left over for a matching handbag too.

The market for property in Italy has been resilient but not immune to the property slowdown seen across the continent and in the UK. Having benefited from a slow but steady pace of price increases over the years, property in Italy has been protected to a certain extent from a major burst bubble effect. According to a Cluttons’ research report, price rises of property in Italy are expected to slow in 2008 but they will at least still be on the up. Deanne DuKhan, portfolio strategist for Experience International, says: “Italy as a whole is quite a mature market, but ‘emerging’ regions, such as Calabria, are still deeply undervalued and offer real long-term potential for capital appreciation within a limited risk profile.”

Calabria is the toe on the boot of Italy. Its southerly latitude makes for warmer winters than the north and a sunny Mediterranean summer in which to enjoy the beaches on both the Tyrrhenian and Ionian seas that border it. The rugged landscape and natural beauty of the region seems to have largely escaped the attention of international buyers of property in Italy until quite recently, which means prices are much lower; Calabria could be termed an emerging market within an already mature one.

The Jewel of the Sea II development is a gated low-rise resort of beachfront apartments and villas close to the town of Brancaleone, about 30 minutes drive from the regional capital of Reggio Calabria. The development will include a golf course, restaurant, swimming pools, aqua park and tennis courts. Prices start from £45,767 through Experience International.

Calabria is accessed via either Reggio Calabria or Lamezia airport, both of which offer direct flights from the UK. Just 15 minutes from Lamezia airport GEM Estates is selling apartments at the Pizzo Beach resort in Borgonovo starting from €75,000 (£59,000). Situated on the shore of the Tyrrhenian Sea the development is bordered by the Club Med resort and along with the tennis courts, clubhouse restaurant and swimming pools, the developers are working on access to more facilities for residents. There are also rental opportunities in high season with expected rental yields of ten to 15 per cent and completion scheduled for December 2009.

Italy’s bargain rack doesn’t stop in the emerging south: even some of the most popular areas can squeeze property in Italy into a size £80k budget. Tuscany has long been a top choice for that rural Italian idyll but the popularity and influx of both local and international admirers of Tuscan charms has come at a price, with the majority of properties well over-budget. However, in Lunigiana, in the northern tip of Tuscany, property prices are still relatively low, and restoration properties can still be found according to Sylvie Allen from L’Architrave. She says prices have risen consistently year-on-year and this unspoilt pocket of Tuscany offers good investment potential. She believes they are set to rise further as Lunigiana becomes more popular, thanks, in part, to the choice of three airports nearby, at Pisa, Genoa and Parma, all of which are served by low-cost airlines. In addition, the Ligurian coastline can be reached in half and hour and the mountains offer skiing the same distance away.

L’Architrave has a large stone building in need of restoration for sale, with land, near the town of Fivizzano in Lunigiana for just €50,000 (£40,000). The property has about ten rooms plus stone vaulted cellars and is situated at the edge of a hamlet. If you don’t fancy a restoration project, the company also has a restored village house near Fivizzano for sale for €75,000 (£59,000).

In the Tuscan region of Lucca, Casa Travella is selling a detached stone house set over two floors and in need of restoration for €97,000 (£76,000). The property retains the original terracotta floors and chestnut beams and is on 1,000 square metres of garden and woodland. Agency owner Linda Travella says that on a low budget you can expect the property to have some disadvantages, and they may also be quite remote, but this is not always the case. She also has a restored, ground-floor apartment in the village of Bagni di Lucca for sale with one bedroom and a patio and garden for €95,000 (£75,000).

Frances Petersson, marketing director of Jackson-Stops & Staff International says the lower end of the Italian property market can be tricky to navigate: “Many properties require significant restoration work, which can be difficult to undertake yourself, while approaching artisans can be a daunting experience, especially if the buyer is new to Italian rules and regulations.” Her advice for potential buyers is to find recommended building companies experienced in the specific type of restoration work you need; choose your materials carefully for the most appropriate style and age in order to preserve the property’s character; and get good legal advice from someone with experience of helping with rural or restoration purchases.

Jackson Stops has a recently restored apartment in the centre of Loreto Aprutino for sale in the Abruzzo region of the country, located about mid-calf on the boot of Italy. The 60-square-metre one-bedroom apartment is located in the high part of the village facing south-east and costs a mere €80,000 (£63,000).

Even sea views are a possibility on a limited budget, with Casa Travella selling a one-bedroom apartment on the border of Calabria and Basilicata with a pool and sea view for €70,000 (£55,000). L’Architrave has a Ligurian cottage for sale with panoramic views of the hills and medieval castle for €65,000 (£51,000). The islands are not out of reach either: Casa Travella has a selection of properties in Badesi on the north coast of Sardinia for sale close to Santa Teresa di Gallura. The one- or two-bedroom properties have views of the sea and start from €90,000 (£71,000).

Bulgaria was the brash newcomer of the world’s property market a few short years ago. Now, after experiencing the highs of a booming market followed by the lows of a price correction in some parts of the country the situation is more complicated.

If you do your research on the Bulgarian property market it is possible to find very contradictory information on the health of the market. One the one hand, newspaper reports about unscrupulous developers and agents, and stories about people unable to sell their unremarkable new-build flats in Black Sea coastal resorts make for sober reading. Meanwhile, international sales agency Knight Frank recently published a report looking at house price growth across the globe, calculating that Bulgaria has experienced the biggest capital growth of anywhere in its report. The report stated: “While the rate of growth in the price of flats was lower than in previous quarters, it was nonetheless maintained at over 30 per cent, again being driven by the performance of areas bordering Romania such as Ruse and Vidin, as well as the capital Sofia, where year-on-year price inflation exceeded 60 per cent.”

Assetz, the property investment and sales agency, is also nthusiastic about the market, but not wholly so. “Those purchasing homes overseas in the last five years will have found few destinations to rival Bulgaria for strong capital gains,” adds its managing director Stuart Law. “However, major oversupply in the country’s most popular tourist areas means that this is set to lower significantly in the near future. Assetz has always advised caution to property investors in these areas, and rental returns have now started to fall into the negative. It is very likely that average property price growth statistics have been misleading, with rural property price growth masking poor performance in the tourist hotspots for at least the last 12 months.”

Traditionally, Brits have mainly bought in the coastal areas in the east of the country – Sunny Beach, Bourgas and Golden Sands, for example, where the tourists are predominantly British and Germans on package holidays and you can still pick up a flat for £40,000 – and the ski areas, such as Bansko and Pamporovo. It is resorts such as Sunny Beach and Golden Sands where concerns about oversupply are most valid, easily confirmed by the rows of uniform new-build apartments on display when you visit.

If you’re thinking strictly property investment, then Sofia, the capital of Bulgaria, is – according to most property experts – where the smart money is. With an influx of international companies setting up offices here, an expanding middle class, and relatively recent access to mortgages, Bulgaria’s capital city is showing the best price growth in the former Soviet Bloc country.

“While many property investors have focused on the tourist areas such as Bansko, Golden Sands and Sunny Beach, the astute property investor has looked towards Sofia, which is benefitting from plenty of property investment and a year-round rental market,” says Kirsty Barry of Select Property, an agency selling in the area. “Sofia has seen a significant influx of multinational companies including Hewlett Packard, Sony and Cisco Systems. This has created jobs and therefore increased demand for a strong professional rental market, requiring new-build and commuter belt properties that are close to areas of work. While Sofia’s property prices have risen – they rose 25 per cent in 2007 – it still remains the second cheapest capital city to buy residential price in Europe.”

South Sofia commands the highest rent and is considered more desirable then north – and, according to developer Aston Lloyd, rents in south Sofia went up by 20 per cent in the last year, which is an enormous jump. “Rents rising 20 to 30 per cent in 12 months, along with good capital growth – 20 to 25 per cent per year – are unusual for any property investment market,” says Joe Upchurch, director at Aston Lloyd. “This sets Sofia apart from many emerging markets. This is a result, mainly, of local affordability. Incomes are still not high enough for many Bulgarians to get a mortgage – deposits of 20 per cent are required and interest rates are high, at seven per cent. All this means there are a large number of Bulgarians who can’t afford to buy and are forced to rent.”

For anyone interested in buying, loans of up to 70 per cent of the property’s value are available and solicitor’s fees are normally between £300 and £800. Property taxes are between four and five per cent, though this is different in the various regions. Estate agents fees are three per cent of the agent’s fees – both buyers and sellers pay estate agents three per cent.

While you need to be wary about the reputation of developers anywhere you buy in the world, you need to be particularly wary in Bulgaria. There are many Black Sea coast developments that are not achieving anywhere near the rental yields promised, and others have never been built. “Buyers are advised to check the credentials of any developer carefully and ensure that they have the capital to fund the entire development, and are not entirely reliant upon sales to finance the build,” says James Hickman of Caxton FX.

“Regular tales surface about dodgy agents in Bulgaria and unscrupulous practices,” adds James Barnes, managing director at Robson Barnes. “Examples include surveys still not being commonplace, agents charging overseas buyers more than the listed price and developers changing plans for new-builds without informing those who have already purchased. It is important to ensure that the infrastructure promised by agents and developers – such as new roads, golf courses and ski lifts – are actually planned and funded, and not just part of the sales pitch. While bargains can be had, buyers do need to have their wits about them when considering Bulgaria.”

There’s no place like home. Buying your first home is exciting and here we look at what you need to consider in making the right decision.
Firstly, know why you are buying your first property. Perhaps it is because you want your own space away from parents, family or flat-mates – you want your independence. You may want to enjoy your own style, hobbies, your way of living and not be compromised into fitting in with other people. You may want your privacy and have control over your own living space. Know what you want so that you know what to look for.
Where do you want to live exactly? Pinpoint on a map where you need to get to on a regular basis and how long you are prepared to travel. You will then have an area to base your search on.
How much do you want to spend? You need to be realistic. How much per month can you afford on a mortgage? Be exacting in working out your figures – you will need to prepare a budget of all your outcomes and remember to include an emergency fund. If you own a property there will be some maintenance now and again and as the owner, it will be up to you to fix it. With a budget in hand work out what purchase price you can afford. From that, look at property above that figure by up to 25%.
Decide what you need in your property. How many bedrooms do you want? Do you need an allocated parking space? Do you want to redecorate or renovate? Do you want a garden? How important is the area? Do you want to have a room to let out?
When you know what you want then prioritise them. You may be able to buy a two bed property a little further out of town rather than a one bed property in town. As you look at properties your priorities may need adjusting. You may be lucky to find the property that ticks all boxes or you may need to compromise on one or two.
Begin your search by using the internet. There are many search engines available and from there you can see photos, map, descriptions, prices and will have an idea of whether the property is worth viewing. It may be useful and time efficient to simply drive past properties so that you can decide if you want to view them. Photos of a property’s interior and exterior are limiting and do not show you the type of road or neighbouring amenities.
When you arrange to view a property try not to arrange too many viewings on one day. It is easy to mix the properties up and you need to have a fresh mind for each property so that you can appreciate both it’s good points and bad points. Take notes on each property, especially if the owner is present. It will be difficult to say your true thoughts if the owner can hear them!
Take your time. It is a buyer’s market. First time buyers with a mortgage secured are very desirable and every seller will be keen to sell to you.
Buying your first home will be an achievement. Enjoy the process and reap the rewards.

Your life is dominated by the recession. It doesn’t matter who you are. The credit crunch involves the moneyed sensation with investment properties spread across the UK and abroad just as much as it does someone who is about to make their first property investment. We all hang on each article in the morning paper and every sombre statement made on the evening news, studying stock values and exchange rates with the same consideration once reserved for football scores and weather forecasts. Against this background of uniform concern for all matters financial, investors are becoming that little bit more sharp – that little bit more creative – in answering the golden question, ‘where is the best place to buy investment property abroad?’ With the pound not exactly lively against the Euro, the chances are that those places whose very names once sounded like a helpful tip on overseas property investment – places like Spain and France – no longer hold the appeal that they once did. And here’s the first thing that the smart property investor might notice about the properties in North Cyprus: property in North Cyprus – unlike property in Cyprus, where the Euro is now the currency – is purchased in Sterling, meaning that the UK investor doesn’t discard their wealth in the process of swapping currencies. The global economy operates on a cycle of boom and bust, and it is only the reckless who dismiss the age old adage ‘If you want the rainbow you have to stand the rain’ as obsolete stoicism. Knowing that the economy swings between these two stages means that – unlike the person waiting for a rainbow that may or may not materialise – investors know for certain that the rainy days underway should be used to plan a strategy for when the weather changes back again. The north Cyprus property market stands out against those of comparable Mediterranean tourist destinations. Property prices in the Turkish Cypriot north have not developed at the same rate as those in the rest of the island, due to the partition of the island which has divided the island for over thirty years. Whilst the rest of the island has expanded to become one of the best known destinations for overseas investment in property abroad – and has subsequently become criticised for losing its original charm by becoming over-developed – the north has, until a few years ago, been excluded from international trade and transport connections, thereby inhibiting property prices and leaving them where they are now- between a half and a third the cost of Cyprus properties in general. With reunification talks between Mehmet Ali Talat, the Turkish Cypriot leader, and his Greek Cypriot counterpart now well underway – and the Turkish side reportedly hoping for a positive outcome to be achieved by the end of this year – the disparity in prices between the two sides of the island will not far outlast reunification. In fact, prices are already rising, and those who stand to make most out of this fantastic investment opportunity are snapping up the plum picks of North Cyprus’s investment properties. In the UK, nobody is certain how long the current downturn will continue to hammer down property prices. The fact is that property investments in North Cyprus are the very best overseas property investment opportunities out there for a UK investor, because they require a far smaller initial investment than domestic properties and because they are set to continue rising to – at the very least – the level of other properties on Cyprus.