According to research by the Halifax, Brighton is the UK’s top property market in terms of house price growth. The annual House Price Per Square Metre Survey shows that, of the 62 cities scrutinized, Brighton has experienced the highest growth in property prices based on an average price per square metre. At the end of 2006, house prices in Brighton were up 13% and in the last quarter alone, property prices have risen again by 1.8% according to the Land Registry. The average property price in Brighton in 2006 was £187,309 with detached houses selling for just over £350,000. The average property in Brighton now costs £213,566 (up to £248,000 according to Halifax figures) with detached properties selling for over £400,000. The national average stands between £177,000 and £228,000. Property price growth has averaged 11.7% over the last five years, exceeding the national average and growth in earnings. Sustaining this level of growth will depend on investment by developers and local authorities. However, pressure of homeowner finances and rising interest rates have led experts to predict a cooling off of the property market.
Top management from the now defunct XL Airways' Freedom Flights are behind the recent launch of a new tour operator called Kiss Flights. Backed by ATOL, it will be licensed to carry 25,000 passengers in Summer 2009.
Described as a "dynamic travel company", the firm has been set up by Gatwick based aviation broking firm Meridian Aviation to sell seat only tickets to travel agents, thereby filling in the massive gap left by XL's demise. - 18th November 2008 11:37
High speed rail travel to expand -
Eurostar is set to lose its monopoly on Europe's high speed train services when new ‘open access’ laws come into effect at the beginning of 2010. - 21st October 2008 15:34
Mortgage situation improving - There is some light at the end of the mortgage tunnel! - 2nd September 2008 11:32
The effect of oil prices on cheap flights -
Ryanair's chief executive Michael O'Leary recently warned that even though further increases in the price of oil might result in a reduction of routes, Ryanair was looking forward to the weeding out of its weaker competitors. Easyjet, British Airways and Ryanair are all expected to increase fares by 4-5% next year to cover increases in their costs.
Despite a gloomy forecast for the airline industry, Easyjet recently launched a new route from Gatwick to Biarritz, for which it confirmed 'forward bookings have been strong'. In addition, British Airways last month launched a new daily scheduled flight from Gatwick to Paphos International Airport, which is expected to be popular with locals and tourists alike.- 26th August 2008 15:43
Time to invest in a holiday home? -
Leading travel operator Thomas Cook warned travellers hoping to make late getaways to expect higher prices and fewer packages on offer. - 26th August 2008 15:06
Interest rates are cut to 5% -
The Bank of England continued to try to stave off the impact of the credit crunch on Thursday by cutting interest rates from 5.25% to 5%. This is the third consecutive drop in 5 months. Many homeowners and borrowers will be greatly relieved about the cut which was passed on uncharacteristically fast by some of the country's biggest mortgage lenders. Both the Halifax and Nationwide cut their standard variable rates immediately and Lloyds TSB and First Direct promised to follow suit.
Further interest rate cuts are expected, despite inflation currently running at 2.5%, 0.5% more than the level set for the Bank of England. Richard Lambert, Director General of the CBI said, 'This cut was badly needed, and will be welcomed by a business world that is feeling the pressures of the credit crunch and of slower growth. - 15th April 2008 11:03
Proposed new laws affect buy to let investment -
The UK government are reportedly looking at new laws which would see potential second homebuyers having to apply to the local council for planning permission to have a property's use registered as a holiday home. Property professionals are predicting this would cause UK buy to let investors to sell up and buy overseas.
As April sees the capital gains tax threshold reduce to 10% on sales of assets up to £1 million, this is an ideal time for buy to let investors to sell up and look for better returns abroad. Some French and Spanish developers are reportedly very optimistic about the affect these new laws will have on their business.- 9th April 2008 16:46
UK property investors set their sights abroad - Rising mortgage rates and falling house prices are forcing UK property investors to look further a field for profit. - 1st April 2008 15:06
The Budget 2008 - Alistair Darling announced revised growth forecasts of 1.75-2.25% for 2008, with inflation expected to hit 2.5% this year before falling back to the 2% target for 2009. - 25th March 2008 11:40
Northern Rock to be Nationalised - The Government has now confirmed that it will take the struggling Northern Rock into "temporary" public ownership, simultaneously suspending shares in the bank and reassuring savers that their money is safe and secure. - 18th February 2008 11:39