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.