New development ticks all the right boxes for first-time buyers

NORTHPO1NT, a development by joint venture partners, Inspace Homes and Your Lifespace, is offering to young professional first time buyers, homes with an excellent pricing, situated in a desirable location in London.

The development offers a selection of contemporary studios, and one and two bedroom apartments. The 32 apartments are set within a five-storey building designed by Grafik Architecture. The open-plan apartments range in size from 380 sq ft for a studio apartment and rise to 586 sq ft for a two bedroom apartment.

The apartments at NORTHPO1NT is designed with light, spacious interiors and fixtures. The fully fitted kitchens from Pepper, complete with a full range of integrated appliances including an AEG stainless steel oven, hob and extractor hood. The Porcelanosa bathroom suites are of chrome fixtures and fittings - including an electric heated towel rail and ceramic wall and floor tiling. Most apartments are also equipped with heating of water through solar panels.

NORTHPO1NT on Essex Road is close to Islington and is located in the trendy and highly desirable N1 postcode, There are over 150 local restaurants, cafés, gastro pubs, bars and night clubs for dining or entertainment. For those who love to shop, there are several unique street markets including Chapel Market and Exmouth Market, as well as the many fashionable boutiques along nearby Upper Street. Chapel Market specialises in good value fruit and vegetable stalls as well as bargain household goods and clothes. Nearby Camden Passage is also a perfect place for antiques and books.

Canonbury Square Gardens with its baby vineyard and rose gardens is only minutes away for those who like relaxing with green spaces and slightly further away are the 29 acres of Highbury Fields with its lush parkland complete with recreational facilities including tennis courts and the recently refurbished Highbury Pool.

NORTHPO1NT's is in easy access into the City Bloomsbury property and the West End, limehouse property, through the Angel Underground station on the Northern line or Highbury and Islington station on the Victoria line. Canonbury and Essex Road railway stations are also located close by with services travelling westbound to Richmond and eastbound to Stratford from Canonbury station. Essex Road station provides services southbound to Moorgate and northeast towards Cambridge and Stevenage.

For those who might want a break from public transportation, all purchasers will automatically receive 12 months free membership to the car club scheme running at the development.

According to Sue Gresswell, Sales and Marketing Director at Inspace Homes, In this difficult economic climate, buying an apartment at NORTHPO1NT with its enviable location, high specification and good value prices, is an excellent opportunity particularly for first time buyers.

How to invest money in property

A lot investors today think about the bad effects of today’s financial world crisis. If they want overcome its bad effects and not lose their money they must look for new places where they can invest their both their capitals and private money of their clients. Prices for share in the stock exchange have a tendency to fall in the past time. That is why many of them invest money in property.

This particular kind of investment is very effective especially when you invest money in >flipping foreclosures. At first you must carry out research and find the latest information in that sphere including the latest tendencies and prices. Of course after buying a house you can invest some money in redecoration and fixing some problems so that the house will look more attractive for potential buyers. This must be done to sell the house at a higher price and get profit. But you should not spend too much because your profit potential is very limited and you should always take it into account. But in most cases you money always pay off and because it is one of the most effective ways to invest money and safe of course.

IndusInd to re-enter personal loans

The bank may launch personal loan products in October-December, said a senior official of the bank. “We are looking at launching the products in a selective way. Initially, the product, which is scheduled to be launched in the third quarter of the financial year, will only be sold to the bank’s existing clients,” the official said.

The private sector bank will, however, adopt a cautious approach in granting personal loans, a business characterised by high delinquencies.

The bank’s exposure to the personal loans segment is a mere Rs 200 million, against total outstanding loans worth Rs 130 billion.

The bank has about 2 million clients. The ticket size of the personal loan product will range from Rs 50,000 to Rs 300,000.

Buying a Homes In Hawaii

Would it not be great to actual own a house in Hawaii? I think it would. So, I found two website that are actually a Hawaii real estate search. It use Maps so you will get a good idea of where the properties are located. Let me tell you the sites I am talking about are: HawaiiReal .com and MyHawaiiRealEstateonline .com

Among other things, these sites will show you listings for:

Oahu real estate

Honolulu Real Estate

And this is one powerful real estate search engine. Here you can narrow down your listings by the district that the house is located in, the type of property (Homes, Condos, or Land) as well as by the price range. And most results have pictures so that you can see what the property looks like.

Finding Valuable Information On Real Estate Websites

Real estate websites list valuable resources for any investor. They can answer many questions that you may have, give you tips on finding great properties on the web, or let you know various financing options that you may have available to you.

Real estate websites can give you links to places that have property listings to help you make your investment decisions. They can point you in the right direction of free or cheap listing sites, but committing to these sites is your decision. When you join these listing sites, especially if you are asked for any credit card information, check to make sure they will not start to charge you after a certain number of days or weeks. Some sites will only give you a free trial period for a particular length of time.

Real estate websites can also help a rookie determine what type of homes may be best for home to invest in or when it may be time for them to move up to the next level.

Many of these real estate websites are run by those who have been in the business or have been educated on real estate themselves. So, the information you find on these sites can be valuable to many an investor.

London leads the way in house price falls

London and southern England are bearing the brunt of falls in house prices, which have dropped for the 10th month in a row, according to a survey published today.

Average prices in England and Wales declined by 4.4 per cent over the past year, with a fall of 1.2 per cent in July which put prices back to levels last seen in October 2006, according to Hometrack, a housing data analysis company.

Savills, the property agent, predicted that prime London properties would fall by 15 per cent this year and by 25 per cent by the end of 2009, with the worst hit areas expected to be parts of West London such as Kensington, Notting Hill and Holland Park.

Hometrack said there had been a 20 per cent drop in demand over the past three months, although this had not meant a big increase in the supply of houses for sale.

Richard Donnell, director of research, said: "Transaction volumes have been the greatest casualty of the decline in demand over the last 12 months - the vast majority of homeowners simply do not need to move."

London prices slid 5.1 per cent over the past year, the survey found, bringing them back to the level they were at in February 2007.

Savills said reduced earnings and job security expectations among City buyers had curtailed the demand for property in prime central London. Values are now 9 per cent lower than their peak in the late summer of 2007.

There was rental value growth of 1.4 per cent in the second quarter, however, with big differences across prime central London.

The east of the city including Canary Wharf fell 4.4 per cent in the period, while growth occurred in St John's Wood, Hampstead and Regents Park, which are less dependent on financial tenants.

Beat the property slump: House prices

# House prices

One final shove swings the front door wide open. I am hit by the foul smell of stale cat pee and the dank gloom of a house that looks untouched for decades. It is exactly what I've been looking for.

For years I've gorged on Britain's unhealthy diet of property shows. I've watched with envy as amateur investors stumble their way to tens of thousands of pounds in profit. Desperate to climb aboard, I once upped my offer on an east London wreck from the front line while reporting in Afghanistan. As the bombs rained down from the B52s the biggest blow was a distant London agent telling me it had gone to a higher bidder. His only apology was for the bad line, asking whether the "banging" in the background was at my end.

But now it's January 2008, and a friend has given me first refusal on an inherited, foul-smelling, ex-council house in Edgware, north London. Both Nationwide and Halifax predict a year of zero growth, but no falls. It's a very neat street and houses sold here for £285,000 last autumn. I borrow against my home and buy the sad wreck for £200,000.

I know the property market is slowing but figure that even in a static era, I will be able to add lots of value. The total refit should cost about £17,000. I will sell at £249,000 - just below the stamp duty threshold. I can already hear the property show voiceover: "Mark's made a cool £22,000 profit. Not bad for a first time investor."

I start work in mid-February. My mum pops by to inspect what I have risked my lovely home in Hackney for. The stench sends her running into the garden. As she recovers, a kindly neighbour ticks her off for going in without a mask and protective clothing. The house is notorious. Getting people in for quotes is impossible until I conquer the smell. On the internet I discover and order a "pee detector strobe" from America. Like a CSI agent I spend the hours of darkness waving the strobe over floorboards. It works, showing up the glowing yellow crystals. I rip the offending boards out. The smell is gone.

Apart from boiler, central heating and double-glazing, I'm doing all the work myself. It's daunting and depressing. Property shows love the contrasts of before and after. They do not show the weeks in between, with no heating, only the radio for company and a bucket for a loo. Who ever saw Sarah Beeny slopping out? Nothing goes to plan, walls aren't straight; pipes don't always lead where you think they do. The removal of a single old nail brings rubble tumbling down.

Telegraph writers win property awards

Writer Caroline McGhie has been named National Newspaper Property Journalist of the Year.

McGhie, a regular contributor to the Sunday Telegraph's Home & Living section, also won the award for Property Scoop of 2007 for her feature 'The Real Cost of a Commute'.

Judges at the 2008 headlineproperty journalism awards also named London Property writer Sarah Lonsdale Environmental Property Journalist of the Year.

The ceremony took place at The Brewery in the City of London. The awards were among 15 categories deliberated by more than 40 judges.

MS Map and Esate Agents

Invista sees 5-10 percent European property fall

LONDON (Reuters) - Property funds firm Invista Real Estate says commercial property prices in mainland Europe will fall by an average 5-10 percent this year and probably by more in Madrid and Barcelona.

In an interview on Friday, Tony Smedley, who heads Invista's stable of continental European funds, said property valuations were unlikely to tumble on the mainland as much as they had done in the UK, but they had nonetheless begun to adjust downwards.

"My sense is that valuations have come off a bit but there haven't been the transactions to evidence that," Smedley said.

He said there was scope for commercial buildings such as offices, malls, and industrial warehouses to fall by 5-7 percent in Germany, regional France, Belgium and the Netherlands, by 8-10 percent in Paris, and by more than 10 percent in Spain.

Average commercial property valuations in the UK are already down almost 17 percent from their peak last summer but the extent of the post-credit crunch real estate correction in the rest of Europe is less clear.

Invista is majority owned by UK mortgage bank HBOS (HBOS.L: Quote, Profile, Research) and has 8.7 billion pounds in assets under management.

Smedley said about 1.5 billion euros (1.2 billion pounds) was invested in continental Europe, with two-thirds of that in France and around half in the Invista European Real Estate Trust (IERE.L: Quote, Profile, Research).

REFINANCING

He said the Trust was negotiating with several banks to bring forward the refinancing of a 460 million euro credit facility with HBOS-owned Bank of Scotland which was due to expire in December.

London hit by property slowdown

Research from estate agency Knight Frank shows that the number of houses being sold in the capital is at its lowest level for over 10 years.

The agent said prime properties in Central London have been affected. Sales of expensive homes from January to March were down by 20% compared with last year’s figures.

In the same period, there were just 1,160 sales at above £1 million in London compared with 1,450 in the first quarter of 2007.

As a result, sellers are being forced to reduce their property price by hundreds of thousands of pounds.

In the first quarter of 2008, approximately 9,000 properties were sold in London. Last year, homes were being sold at the rate of 16,000 a month. Mouseprice.net, the property information website, said sales have been slower than in any period since 1995.

For example, a property in Paultons Square, Chelsea, has had a quarter of a million shaved off its original asking price of £3.5 million in an effort to find a buyer.

Miles Shipside of property website Rightmove said many sellers are trying to cash in on the equity they have made from the boom of the last 2 years. However, pricing your home on this basis is ignoring the worldwide financial turmoil, increased competition from other unsold properties and the challenge buyers now face in getting a mortgage, added Mr Shipside.

It’s human nature but in the current market sellers should price below their competition to avoid a larger price drop later in the year, said Mr Shipside.

According to Seema Shah of analysts Capital Economics, prices in the South-East and London fell by 0.7% in January and 0.5% in February.

The latest London View report from estate agents Cluttons said properties at the top end of the market are still selling quickly despite a cooling property market.

The report said high-end properties and those in desirable locations have, to date, been immune to the slowdown that is affecting the rest of the property market. These homes are selling quickly and they are going to best bids.

Mortgage squeeze: How is it affecting you?

Mortgages are getting harder to come by. First Direct has become the first high-profile lender to close its doors to new customers.

The bank - one of the country's top 20 home loan providers - gave only five hours' notice that it was effectively closed to new business on Tuesday.

The move came as figures showed that more than 90 mortgage products a day have been scrapped over the past week as lenders try to hoard cash. At the end of March there were 5,785 products available to borrowers - there are now less than 5,320.

It is now also almost impossible to get a 100 per cent mortgage, with Scottish Widows wanting at least 5 per cent deposit for young professionals such as doctors and accountants - previously they were able to borrow 110 per cent of the property's value.

Experts warn that more than two-million home owners on variable interest rate deals could find that their mortgage bills increase if other lenders follow suit.

The hardest hit, however, are first-time buyers and the estimated three-million home owners who are due to refinance their mortgages over the next 18 months.

We want to know if you have been turned down for a mortgage or are finding it hard to get an affordable deal from lenders?

Sabban Property Investments launches unique internship program in partnership with Birmingham City University

Sabban Property Investments (SPI) has announced the launch of a unique internship program in partnership with UK-based Birmingham City University (BCU), which will involve students in the construction of the Sabban Towers. Six international university students vying for a one-year paid internship in Qatar will put into practice the theory of construction and planning in a 12-day training program at the construction site, where they are expected to gain a broader understanding of the regional property development landscape. After an intensive course in the core areas of construction, real estate and planning development, the two most outstanding students will be awarded the coveted remunerated work placement and join the construction experts working on the project.

The leading Dubai and Qatar based developer invited students from BCU’s Property, Construction and Planning Department to submit their proposals on how they would add value to SPI as an organisation and comment on the booming real estate sector in Qatar, in addition to their study on the culture of the country and their views on sustainable construction and design. Following an intensive selection process, SPI selected the pool of winning students, which include Quantity Surveying majors Andreas Kounass and Imran Salam, and Planning and Development student Rosanna Sterry; in addition to Benedict Gannon, who is in his second year in Real Estate Management; Thomas Nicholls, a Building Surveying scholar; and Michaela Campbell Lynch, who is completing her degree in Architectural Technology.

“This work placement program, which we have undertaken through our partnership with Birmingham City University, is a part of SPI’s Corporate Social Responsibility policy to further our involvement in the development of the education sector by nurturing talent through experience,” said John Browne, MBE, Managing Director, SPI. “As an alumnus of BCU, I can attest to the exemplary academic training, which the selected students have been exposed to on campus, and our goal now is to match their theoretical knowledge with real life professional experience. Through this initiative, we are not only showing real interest in the students’ future but also, looking to the growth of SPI and the industry as a whole.”

First timers' stamp-duty up 82%

The average stamp duty bill for first-time buyers has almost doubled over the last five years, says a report from mortgage lender Halifax.

The average bill in 2007 was £1,751 compared with £960 in 2002.

In the south-east, south-west and east of England almost all first-time buyers paid stamp duty, while in northern regions only 42% were liable, it said.

The Treasury pointed out that half of first-time buyers will pay no stamp duty this year.

The lowest, 1% tax band hits homes worth between £125,000 and £250,000.

'Raise thresholds'

Homes valued between £250,000 and £500,000 attract a 3% charge and properties worth more than that are taxed at 4%.

Although the government has raised the threshold at which buyers pay 1%, it has not kept pace with the surge in house prices.

"Stamp duty has again become an issue for first-time buyers because the stamp duty thresholds have not kept pace with house price inflation," said Martin Ellis, Halifax chief economist.

"We call on all political parties to raise the stamp duty thresholds to compensate for house price inflation over the past decade," he added.

But the government defended its record.

Mortgage fraudster banned by FSA

A mortgage fraudster from East London has been banned by the main City regulator from anything to do with the financial services industry.

The Financial Services Authority (FSA) said Andrew Kiplimo was "not a fit and proper person in terms of honesty, integrity and reputation."

Kiplimo, who has disappeared from view, fed bogus mortgage applications to potential lenders.

The FSA said its action was part of a wider investigation of mortgage fraud.

Introduction fees

Kiplimo, who acted as a mortgage "introducer", was accused of making up the pay and employment details on mortgage applications, and also of using false accounts and tax

Surveyor gloom close to a record

The number of UK surveyors reporting house price falls in February was close to the historic level of June 1990.

Cautious homeowners have caused housing stockpiles to rise to levels not seen for a decade, the Royal Institution of Chartered Surveyors (Rics) said.

Some 64.1% more surveyors reported a fall than a rise in house prices in February - up from 54.7% in January.

But the survey said Scotland was bucking the trend, with 25% more reporting price rises - up 18%.

Highs and lows

The survey showed the UK trend had continued for the seventh consecutive month and was close to the June 1990 low, when 64.5% more surveyors reported house price falls than increases.

But the picture in Scotland mirrored economic data coming out of the country, showing a rise in the balance of surveyors reporting price rises from 7% to 25%.

Across England and Wales, enquiries from would-be new buyers are still dropping fast and fell for the 15th month in a row, suggesting a continued slowdown in the market is likely in the coming months.

"Many would-be-buyers are either struggling to raise the necessary finance to precipitate a move or are exercising caution in light of current economic uncertainty," said Rics.

News in brief: House prices fall

House prices have fallen for the third month in a row, dropping 0.1% in January according to Nationwide. Annual house-price inflation is down at 4.2%, the lowest rate for two years, and the average house price has dropped to £180,473 from £182,080 in December.

Dearer energy

Scottish Power has become the latest energy supplier to announce price rises. The group, which has 5.2m customers, said electricity prices will rise by an average of 14%, with gas prices up by 15%. The move follows rises at EDF, British Gas and Npower.

Footsie boosted by mining stocks

- The FTSE 100 closed up 160 points at 6,029, boosted by takeover talk in the mining sector centred on Rio Tinto.

Over the past 12 months the index has fallen by 2.8%

Over three years the index is up by 24.3%

Over five years the index has risen by 69%

FKI had the biggest gain, up 39% to 67p

Vanco fell the most, down 44% to 101p

Why we avoided the tie-in mortgage trap

The scourge of all householders - mortgages that lock borrowers into high interest rates after a special deal has come to an end - is making an unwelcome comeback.

In recent years, these much-criticised loans had all but disappeared. But as lenders struggle to shore up profits in the wake of the credit crunch crisis, the deals are starting to emerge again to haunt homeowners.

A number of high-profile lenders have reintroduced the deals - known as loans with 'overhanging redemption penalties' - that offer low initial fixed-rates for a set period.

Borrowers are tied into paying a higher standard variable rate for years after that special rate has expired. And the only way they can extricate themselves is by paying a stiff redemption penalty.

Barclays-owned Woolwich and building societies Norwich and Peterborough and Market Harborough are among those offering these mortgage deals.

Market Harborough tempts borrowers with a rate of 2.85% fixed for two years, but they are then tied in for a further three years during which they must pay the lender's SVR - currently 7.55%.

This means a homeowner taking out a £100,000 interest-only mortgage would pay £237.50 a month for two years. But then, assuming the mortgage rate has not changed, monthly payments would nearly treble to £629.

A borrower trying to get out of the loan in years one to five would be required to pay a penalty equivalent to between four% and seven% of the outstanding mortgage sum borrowed.

The £100,000 borrower would pay a penalty of £7,000 in total in years one, two and three, falling to £5,000 in year four and £4,000 in year five.

Market Harborough says the loan appeals to many first-time buyers looking to keep down initial mortgage costs. It also says that borrowers are left in no doubt about the length of time that early redemption penalties apply.

But David Hollingworth, head of communications at mortgage broker London & Country Mortgages in Bath, Somerset, says: 'This deal is prehistoric in structure. We rarely, if ever, recommend mortgages with such costly tie-ins.

'Borrowers considering such loans must be aware of their inflexible nature and question their real value.'

How To Get The Right Flooring For Your House

Everyone dreams of living in a beautiful house. Once you have the house, you're often bewildered with different decorating ideas. It's a good idea to start at the basics. Good flooring forms the foundation of any decorating theme. So it's vital to get the flooring right. One aspect is selecting the right materials.

The various rooms in your house may need a different kind of flooring. You have to pick the flooring depending on the use for the room, your lifestyle and your finances. Before you get floored by the number of choices available in the market, it's a good idea to know what youre looking for:

Your location

The location of your house is an important ingredient in your purchase decision. Do you live in a warm or cold climate? Do you have flooding or fires near your area? Studying these factors will help you make the right decision. Here's an example. Knowing that your house is situated in a moist area will give you a wide choice of flooring to choose from. You should probably pick material that will not rot away like stone, granite or marble. However, if you live in colder climes, then you can use a carpet or plain linoleum for the kitchen.

Your tastes

Your house should reflect your style and tastes. Do you like contemporary designs or a more traditional look? If your budget allows it, a hardwood flooring goes with almost any interior decorating idea. Bamboo floors or laminated floors are a cheaper option. Youll find it easy to clean a laminated floor as a good wipe will take care of it. You dont have to use oil or excessively scrub it.

Check the foundation

You need to check the foundation of the house before you buy the flooring. You will want your flooring to remain firm and stable and not cracked or chipped. Firstly, fix the foundation of any defects. Only then will the new flooring look good. If there is going to be quite a lot of family traffic you will want to ensure that it is resistant to wear and tear.

Mortgage approvals still falling

The number of new mortgages being approved for home buying fell again in November, says the Bank of England.

Its latest figures show that just 83,000 new mortgages were approved for home buyers last month.

That was down from 89,000 in October and was the lowest monthly figure since the start of 2005.

The further drop suggests that the recent slowdown in the UK housing market is likely to continue well into the New Year.

"This is further evidence of a sharp downturn in activity in the housing market," said Simon Rubinsohn of the Royal Institution of Chartered Surveyors.

'Generally fall'

Although house prices in the UK ended 2007 roughly 5-8% higher than they started, prices started falling towards the end of the year under the impact of higher interest rates.

Soaring prices have also pushed the cost of homes out of reach of many potential first-time buyers.

As a result, many experts and commentators now expect that prices will fall generally this year or, at best, stay level over the course of the next 12 months.

Although the Bank of England recently cut interest rates, and is widely expected to do so again this year, the housing market is now feeling the effect of the increases in borrowing costs that the Bank imposed from the summer of 2006 onwards.

However, the Council of Mortgage Lenders (CML) warned that it was still unclear if lenders would have enough funds to meet the expected demand from borrowers this coming year.

"The credit crunch has resulted in funding difficulties for a number of mortgage lenders, reducing their capacity to lend," said the CML.

"[But] the softer tone to house prices in recent months and uncertainty over the future course of house prices is likely to deter the demand for house purchase.

"Indeed, this factor is probably already at work," it said.

Cautious lending

This week the Bank of England reported that the recent financial crisis in the banking system had led banks to be more cautious and cut back their lending, whether it be to home buyers, companies or people with credit cards.

Part of that process has seen a drop in the number of people cashing in on the increased value of their homes to borrow more money.

In November there were just 60,000 such loans secured on a property, the lowest number since the start of 2001, and exactly half the record number of 120,000 that were lent in October 2003.

This suggests that consumer spending generally will slow down this year as much of this borrowing, known as housing equity withdrawal, goes to subsidise people's general spending.

"Housing market activity is now slowing markedly in the face of stretched affordability as well as the tightening lending practices resulting from the credit crunch," said Howard Archer of Global Insight.

"This ongoing evidence that the housing market is currently slowing markedly maintains pressure for another interest rate cut sooner rather than later," he added.