Another British property consultant, Jones Lang LaSalle, announced the fact that it would be making redundancies this year. A spokesman stated:
In light of the current challenging financial and economic climate, the company has taken the difficult but necessary decision to make 60 to 80 redundancies affecting employees based in England.
No surprise really, and according to homemove back in April, a third of British estate agents could be forced to close.
Money.co.uk reported this week on the £1 house. Previously valued at £80,000, the North Norfolk home is likely to be washed into the sea at any minute. The owner apparently took the government’s word for it when she was told that the encroaching coastline would be kept at bay when she purchased the property back in 1987
More on UK House Market Falls Dramatically – The One Pound House
Lev Leviev has just paid a record amount for a new home in the U.K. – $70 million
Leviev, an Israeli diamond billionaire, apparently plans to settle in London to avoid paying taxes in his adopted home country. Which is a little strange when you consider the amount of Brits avoiding their British income tax burden by setting up shop in Monaco or the Middle East.
British company modcell is attempting to create more “green,” housing with the use of straw cladding panels in construction and has created a new project – The BaleHaus – A domestic “carbon bank.” It seems a practical approach to us, but whether this idea takes off and is as environmentally friendly as it appears remains to be seen, and according to their website:
CB Richard Ellis, the world’s largest advisory group on property. Has released a disturbing new report on the state of UK property values. UK commercial property values fell by 4.1 per cent in November in the most rapid correction ever seen in the sector. The total return from the sector – which includes rental income – was a 3.7 % fall for the month.
If forty million dollars seems like a high price for a single condo in Manhattan, that’s probably because it is.
We recently reported that Sun Microsystem founder Bill Joy has put his luxury Manhattan condo on the market, without ever having moved in. Should the asking price be achieved, it will mean a profit of $20 million. Although it is unlikley to sell at that price – that is a staggering sum of money.
Gaining financial security is the main reason why most people turn to property, which is no surprise because property has been and continues to be one of the most solid investments around.
Investing in property represents the best reward vs. risk investment you can make for you and your family. It’s commonly known that pensions are giving poor returns, so whilst other investments are failing to deliver, property investment in the UK and overseas continues to grow.
The housing market will face two years of blight stemming from the impact of the global credit squeeze, with prices falling continuously over much of southern England, a report forecasts today.
Spain and Ireland are set for a prolonged slowdown in economic growth, according to Standard & Poor’s, as a drop in construction activity and consumer sentiment hits labour markets and weakens public finances.In a report published on Monday, the credit rating agency says house prices in the two countries – and the UK – are about 20 per cent overvalued and on the verge of a “protracted correction”.The impact of this on the broader economy would be more pronounced in Ireland and Spain, whose “economies are heavily exposed to the direct effects of the housing market slowdown on the construction sector”, says Standard & Poor’s. Construction accounted for 12.6 per cent of the total employment in Spain in 2006, compared with a European Union average of 8.2 per cent, it says.In Spain, unemployment in the construction sector has surged 53 per cent in the past 12 months, helping to fuel a 22 per cent increase in the number of immigrants out of work. Scores of small builders and property agents in coastal areas have gone out of business, and there are concerns about rising bad loan rates at some regional savings banks. House sales in the second quarter this year were 11 per cent lower than in the first three months, according to government figures.While acknowledging the downturn, the Spanish government has consistently played down its implications for the wider economy. Officials say their main worry at the moment is the impact of a broad slowdown in Europe on the country’s export and tourism sectors.More on Warning on building slowdown
