Property News - June 2010
Welcome to our property investment newsletter, the aim of which is to keep you up to date and informed as to the most recent property trends.
As our featured development and property of the month we have focused on Hammarsdale and Cato Ridge which have been earmarked as the dry port of Durban in attempts to alleviate growing congestion in the city centre. The opportunities for KZN's biggest distribution and logistics companies are practically endless in this prime development location.
In our featured article (6) Liam Bailey, Knight Frank’s head of residential research, suggests 10 simple changes to get Britain’s home buyers, sellers, landlords and tenants smiling again.
When we hear that a property is being sold on auction the first thing that comes to mind is that it’s a sale in execution where the owner could no longer afford the bond repayments. But times have changed and our assumptions may be rather incorrect.
Statistics released by the South African Reserve Bank showed that the year-on-year (y/y) growth in monetary institutions’ total outstanding mortgage balances, comprising commercial and residential mortgage loans, was lower at 3,6% in March 2010 from a level of 3,9% in February.
The most likely outcome from the 2010 election appears to be a hung parliament, which presents significant new risks, as well as some opportunities, for the housing market, argues Liam Bailey, head of residential research for Knight Frank.
Residential development land values are rising on the back of improving demand (up 15% in terms of purchaser applications in Q1 2010 compared to Q4 2009) and a slow growth in supply volumes (up 8% in supply of sites for sale over the same period)
In a recent case, the KwaZulu-Natal High Court Pietermaritzburg (sitting as a court of appeal) was called on to decide whether levies payable to bodies corporate under s 37 of the Sectional Titles Act 95 of 1986 are subject to the National Credit Act 34 of 2005 (the NCA).
What steps should the new government take to improve the UK’s housing market? Liam Bailey, Knight Frank’s head of residential research, suggests 10 simple changes to get Britain’s home buyers, sellers, landlords and tenants smiling again.