HOMZZ Property and Real Estate Lifestyle

Galliford Try AGM Friday 27-10-2006,
by Mr Orla Brien

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Construction group Galliford Try will hold their AGM on Friday

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First Time Buyers Hit Property Price Land Mark,
by Mr Tim Broadbent

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London Olympics Will Increase Property Demands

Commentary :

As if the much maligned first time buyer in the UK needed telling, getting that crucial first step on the property ladder, is becoming harder almost daily. HBOS the UK banking and mortgages group’s latest survey suggest that first time buyers are having to shell out an average whopping �150,000 to purchase their first property. More depressingly, even such a high figure represents a foothold which often leads to investment in the less salubrious neighbourhoods and the buyer more often than compromises on the quality of the property. [Ed: Still the buyer can console them selves that the only way is up on the value of their asset!].

After getting their predictions massively wrong for 2006, most expert analysts have woken up to the fact that the present surge in the market has been underpinned by four key factors:

� Small Holding Landlords and Property Ownership Polarisation – in shunning the traditional pensions and fund managers, many of the middle classes have sought to invest their cash in bricks and mortar therein spawning a burgeoning buy-to-let market, which in its turn is ably underpinned by the demand from economic immigrants.

� Commoditisation Of Property – Allied with the first point, many more amateur investors are taking control of the savings and assets investment decisions. Technology advancements and the internet has armed the interested with easy to use tools and mechanisms for managing their investments. Coupled with the increasingly easily available finance, property has rapidly become an commoditised asset class that can be counted within the rest of a portfolio of financial and investment instruments. No longer is the residential property seen as simply a semi permanent nest egg, it is evolved into a tradable asset, within financially exploitable qualities. As with all tradable qualities high volume turnover will result in rapid fluctuations in price. Hence at this time demand is pushing the price curve strongly, upwards.

� The London Effect and Economic Migration – The UK capital has become something of the unofficial centre of the worlds non – US financial and cultural centre, international demand for property assets both in terms of an investment class and as homes especially at the top end price range – a Switzerland without the cleanliness ([Ed: I say Old Boy….don’t push yer luck, my bit is very clean!]. This has had the effect of dragging prices within the entire market price ranges, driving up averages demonstrated by many key surveys.

� UK Macro Economic Performance – Contrary to the raft of commentators who had bizarrely predicted a virtual collapse of the UK economic conditions (virtual “stagflation” according to some august city bankers), it would seen based on the premises that, ‘growth simply cannot continue at the same level forever’ and many others extrapolating with their political wishful thinking (instead of sound economic analysis), the UK economy has performed very well across the piece and far from collapsing looks set to surpass trend growth certainly in the next year or so. Employment correspondingly has at worst flattened out and is in fact beginning to increase again. The success within the financial markets (ie as not predicted by the financial markets), are seen by many observers as a key driver in the property demand drag effect, with salary bonuses reaching the heady of the late 1980’s. Though it is likely that a far greater driver is international demand from former Eastern Bloc countries setting up administrative and financial businesses in the UK to access the London financial markets

� The London Olympics – Whilst within the politician baiting mass media, the preponderance of politically motivated commentators in indulge their voracious appetite for vicarious self-loathing, the impact of financial preparation for the Olympics in 2012 is largely ignored as a demand driver. This likely to provide a massive boost to demand for local real estate in London and the South East and is still in its early stages and yet already having a telling impact in areas like Stratford and thius the ripple effect in the surrounding areas.

The plight of the first time buyer in all likelihood will become something of a gargantuan headache, meanwhile existing home owners will be smacking their lips in smug self satisfaction.

T Broadbent

BBC To Consider Selling Television Centre Icon,
by Miss Norah Burdis

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Broadcasting House Regents Street

Snippet :

The BBC’s board of governors have offered up the prospect of having to sell its long held and iconic HQ television centre, which underwent massive refurbishment in 2003/4. Said to be part of the strategy for obviating the lower than asked for license fee increases and more vitally the Corporations increasing use of “outsourced” production companies for more and more programming, the Board believes that the need for maintaining expensive self financed production and office facilities may well be a good measure in cost management.

The idea of moving its entire operations to a purpose built location in Salford (Manchester) has also been quietly mooted to gauge staff reaction. Many staff are also expected to move to the Corporation’s recently refitted Regents Street building Broadcasting House. Property market watchers say that the location of Television Centre represents prime real estate, being located along the vibrant M40 corridor which has undergone something of a transformation with its good road links to the Home Counties affluent enclaves in Buckinghamshire and Berkshire where many of the affluent echelons of the Beeb have homes.

The site would have no shortage of possible buyers, and with its iconic status command a premium price bashed on its historical significance alone.

Norah B

Nationwide Surveys Shows December Price Surge,
by Mr Orla Brien

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Nationwide Chairman See No Price Let Up In 2007 - Homzz.net

Short :

The latest house price survey form the Nationwide Building Society indicates that the recent Band Of England interest rate rises have largely been ignored.

Indeed the figures for December showed a rise of 1.2% as compared against November’s figures. The mortgage lender said that this surge had raised the 2006 annual price rises to 10.5% very much in line with many other large market surveys.

The average family home now stands at �173,746 according to their measures.

See Nationwide.co.uk

O O’Brien

Why Is The UK Housing Market So Strong?,
by Mr Orla Brien

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