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Holiday Lettings Property News Holiday Lettings Property News, all the latest property news for holiday home owners
11/21/2008 11:13 AM
Justin Timberlake has bought a loft apartment in New York. Timberlake recently purchased the three bedroom property in the Pearline Soap Factory building on Washington Street.
The 3,000 sq ft apartment in New York was on the market for $5,250,000, according to the Real Estalker blog. However, Timberlake paid just $4,774,000.
The pop star's new home boasts floor to ceiling windows, over sized living areas, views over the river Hudson and state of the art lighting and sound systems.
It is also thought that Timberlake will benefit from lift access directly into the apartment.
Although he has just invested in the property in New York, Timberlake is still house hunting on the West Coast of the US.
Reports suggest that he is looking for a home in Los Angeles that he can share with fiancée Jessica Biel.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/19/2008 12:06 PM
Owners of illegal homes in Almeria to pay for regularisation
Owners of illegal properties in Almeria will be expected to contribute towards the cost of their legalisation. Residents have been told that local authorities and developers will not be able to meet the full cost of transforming isolated developments into proper neighbourhoods.
The announcement was made by Almeria's chief planning inspector, José Antonio OrtÃz, at a conference last month, reports Costa News.
Despite the initial costs of legalising the properties, OrtÃz insisted the homeowners would make a profit when it came to selling their homes.
However, local residents' groups are opposing the move.
David Dunthorn, from AUAN - an association fighting to safeguard illegal homes- said: "The scary thing is the cost; a lot of expats don't have that sort of money. But they need to consider that we've already paid for the infrastructure, we were assured by the developers that we had."
Justifying the decision, OrtÃz said: "Those who bought a house in the town centre not only bought the square metres of that home, but part of a school, a park and a health centre. The people who bought an illegal property in the countryside are also enjoying those privileges."
OrtÃz also maintained that Spain's legal system worked well, despite the reported backlog of court cases relating to illegal homes.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/18/2008 10:20 AM
Authorities in Australia's Byron Bay are clamping down on owners renting out their properties to tourists. The council previously attempted, unsuccessfully, to ban short term holiday letting in Byron Bay but has now drawn up new plans.
Byron Bay Council has incorporated an "urban holiday letting precinct model" in its local environment plan (LEP), reports Australia's Daily Telegraph.
The model seeks to prohibit short term holiday letting in Suffolk Park, a residential area just south of Cape Byron. According to the council, holiday letting is reducing the supply of accommodation for local workers and people trying to get on the housing ladder. They also argue that holidaymakers disrupt local residents.
However, the move has been met with opposition by some.
John Gudgeon, president of Byron Bay Holiday Letting Organisation, said: "There are certain rights that go with owning a property. Homeowners should have the right to choose whether they want to lease their property."
"We believe there is no difference between letting a property for six months or for two weeks. It's causing a huge amount of consternation for owners."
Byron Bay Council had not carried out research into the economic impact of prohibiting holiday letting in the area, which is dependent on tourism, Gudgeon added.
Before anything is finalised, the council has to send its draft LEP to the state government for approval. It may be months before it is returned to the council.
The council tried to ban holiday letting through its draft LEP in 2006. However, the plans were abandoned following lengthy discussions with property owners and real estate agents.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/12/2008 12:24 PM
Florida's property market has been given a boost. Amendment Three was passed in the US presidential elections last week.
Amendment Three is set to benefit owners of property in Florida who fit renewable energy devices or storm proofing features to their homes, reports The Move Channel.
Such owners will not face higher property taxes, despite the resultant increase in the value of their home. The move is expected to encourage existing homeowners to fit features such as hurricane proof shutters and solar panels to their homes. Potential property investors may also be attracted by the new regulations.
Amendment Three narrowly passed the 60 per cent support threshold needed to become law. The amendment received 60.5 per cent of the votes, which would normally require a recount under state law.
However, officials decided to waive the mandatory recount on this occasion.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/10/2008 10:43 AM
Foreigners to be allowed to buy freehold in the Czech Republic
Foreign investors should be able to buy residential property in the Czech Republic from next May. The Czech government is expected to approve the move, which would allow investors to purchase property on a freehold basis.
At present many foreign investors can only purchase property in the Czech Republic through a business, according to Property Wire.
It is thought that the Czech parliament will vote in favour of the amendment as it is a condition of EU membership that must be enacted within five years of accession. The Czech Republic joined the EU in 2004.
"[Investors] will welcome the amendment. We expect a lot of interest in middle and high end property," said Ondrej Novotný from property consultants King Sturge.
However, due to the current economic climate, a property boom is not expected immediately. "The financial crisis makes any judgement of what will happen in six months difficult. Right now investors are very cautious," said Gabriela Dilhelová from the real estate company Efektim.
Nevertheless, allowing foreigners to buy freehold will bring benefits, claims Jirà Fajkus from Czech real estate agency Real Spektrum. "The amendment will bring the Czech Republic closer to western Europe. The property market will be more mature."
Since the Czech Republic joined the EU, the property buying process has been eased for EU citizens.
According to the Global Property Guide, such investors can purchase real estate in the Czech Republic directly if they have been granted the right to reside in the country. However, the recent announcement will further simplify the procedure.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/05/2008 10:55 AM
Leona Lewis is buying an apartment in Hackney. The X Factor singer grew up in Hackney and was renting in the area before buying a home with her boyfriend.
23 year old Lewis told Hello! magazine that despite her success in the US, she wants to stay in London's East End near her family.
Lewis explained: "We were renting it but the landlord [told us] 'You have to get out now'. I talked him into selling it to me. When you're really settled it's hard to move."
"I really love the place - it's really private and the neighbours are cool. And it's very close to my parents."
Talking about the option of moving to the US, Lewis added: "I don't think I'd move permanently. I love going to America, there are so many great people there, [but] I'm not sure I could permanently uproot myself from the UK, it would be too hard."
The singer is buying the apartment in Hackney with her boyfriend Lou Al-Chamaa.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/04/2008 11:59 AM
Unused spaces in London could be converted into allotments. The city's mayor, Boris Johnson, has outlined plans to create roof gardens to feed the 2012 Olympic athletes. The scheme is set to be launched today.
Owners of suitable properties will be offered incentives to convert spaces into roof gardens, according to The Times. The plan is to feed athletes competing in London's 2012 Olympics with home grown produce.
Johnson's aides are reported to have been scouring London for suitable spaces. It is thought that the flat roofs in the city amount to an area roughly 24 times the size of Richmond Park.
Rosie Boycott, chair of London Food, told the paper she wanted to create a "sea of green in the air". Explaining the benefits of the scheme, Boycott said: "They also help reduce flooding, improve insulation and take carbon dioxide out of the atmosphere.
It is not just flat roofs that could be transformed into allotments.
"This accommodates anything, from roof gardens to gardens in youth offender institutions, to canal banks and banks of reservoirs - the lost pieces of land that are just gathering dust," Boycott added.
The programme is being coordinated by Sustain, a food and farming alliance, on behalf of Johnson.
"During the Olympics we want to be providing an image of a sustainable city that we can be proud of. Roof gardens are a way of reducing pollution and improving air quality, as well as producing food," said Ben Reynolds of the organisation.
The scheme has been inspired by similar initiatives in US cities.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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11/04/2008 11:03 AM
Planning permission granted for Trump's Scottish golf resort
Donald Trump's Scottish golf resort plans have been approved. Planning permission has been granted to build a £1bn golf resort in Aberdeenshire despite strong opposition.
Trump's plans were given the go ahead by Scotland's finance secretary John Swinney, reports The Guardian. The US tycoon plans to build two 18 hole championship golf courses and hundreds of holiday homes at Menie, near Aberdeen.
Plans for the golf resort were originally rejected by Aberdeenshire County Council. Opposition stemmed from the fact the resort would be built on an ecologically sensitive stretch of sand dunes. Groups such as the RSPB also voiced concern. The case was then taken to the Scottish Government.
Trump had originally planned to build four blocks of 950 timeshare flats, 500 'exclusive' homes and 36 villas on the site.
However, Swinney has ordered that no more than 500 private homes be built on the 2,000 acre golf resort. Trump will also be required to build a 225 pupil primary school, 98 low cost houses and 50 starter homes. Land for this will be provided free by the council.
"It will be a tremendous asset and source of pride for both Aberdeenshire and Scotland for many generations. Because of the quality of the land we are given to work with, we will build the greatest golf course in the world," said Trump.
Yesterday's planning approval legally binds Trump to agree to environmental checks and controls. This will give Aberdeenshire council and Scottish Natural Heritage the power to ensure remaining wildlife is protected.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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10/30/2008 11:37 AM
Property investors who have taken out a Spanish mortgage may have been misinformed over the requirements. A new report claims that Spanish mortgage lenders regularly oblige borrowers to take out unnecessary products.
Spanish Property Insight reports on a study carried out by MarÃa MartÃnez, professor of civil law at the University of Zaragoza.
According to the report, anyone investing in property in Spain may have been intentionally misled by their Spanish mortgage lender. At present the law only requires mortgage borrowers to take out fire insurance, but lenders are said to be imposing other products as conditions for approving a mortgage.
"Not only is this not obligatory, it is against the law to oblige clients to take out such products," MartÃnez writes.
She claims that borrowers may have had to take out, amongst others, life insurance, unemployment insurance and temporary incapacity insurance.
"Banks get greater guarantees and higher margins from additional products, all of which have to be paid for by consumers. Furthermore they also get the [mortgage opening] commission."
By imposing such requirements, the cost of buying a property in Spain is driven up. Conveyancing costs tend to increase from 10 per cent to 20 per cent of the property purchase price.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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10/28/2008 10:23 AM
A new surf village could be built in Cornwall. The Retallack Surfside village would include over 100 holiday homes and Britain's first inland surf wave.
If approved, the Retallack Surfside village will create a further 145 holiday homes in Cornwall. The proposed surf village, between Padstow and Newquay, would be built on a former theme park site.
The holiday homes will be designed to minimise their environmental impact. Some of the properties will be set in heat absorbing earth shelters and geothermal heating could also be used.
The key attraction of the Retallack Surfside village is the £5m surf wave. Waves of up to nine feet can be generated for seasoned surfers. For beginners this can be reduced to just one foot. There will also be fishing and leisure lakes, horse riding and mountain biking facilities and woodland trails.
"The north coast of Cornwall has some of the UK's best surfing [conditions], which play an important role in attracting tourism," said Marcus Cryer of the Queenswood Group, the developers behind the scheme.
"Our proposals for a surf-orientated resort are the first for the UK and as such we hope that it will be popular [with investors] looking to reduce their carbon footprint and enjoy a great holiday without the need for long distance travel."
Developers of the 100 acre site claim that the purpose built eco friendly accommodation will also relieve the pressure on Cornwall's housing stock.
This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
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