Monday, August 18th, 2008

Welcome to the Your Place Abroad newsletter, our chance to keep you up to date with what's going on in the overseas property market.

Overseas Property News
Market slow down? It has just been revealed by overseas property portal RightmoveOverseas.co.uk that during the first half of 2008, they had some 10,200,000 searches for overseas property from potential UK purchasers. This represents a 26% year on year increase. Read more		BoE stands firm on rates The Bank of England has once again voted to keep UK interest rates on hold.Many reports have shown the economy heading for a significant slowdown or even a recession. But the Monetary Policy Committee's primary goal is to keep inflation at 2% and it currently stands at 3.8%. Read more
YPA News
Algarve inspection trips Your Place Abroad Fairway Living our dedicated golf property brand are delighted to offer an outstanding package allowing clients to join us in the beautiful Portuguese Algarve for the price of just £89 per person. Read more		Amazing holiday offers Our sister company Your Travel Abroad has put together a selection of fabulous holiday offers available to YPA agents. Read more
Travel agents partnership YPA have recently signed an exclusive agreement offering our property through the Worldchoice network of 400 travel agency members making our overseas property available through the largest High Street travel group in the UK.		YPA Tenerife As part of the expanding overseas operation here at YPA we're opening our new sales, administration and marketing office in Amarilla Golf, Tenerife. With the El Barranco resort about to open its doors and building set to start on the new developments of Buenavista and Harbour Club it's going to be a busy time on the island of eternal spring.
Ambassador Updates
Westwood critical of USPGA England's Lee Westwood complained that the Oakland Hills course for the USPGA Championship was set up unfairly after he shot a 77 in his opening round. BBC Sport		Hull FC Into the Final YPA sponsored Hull FC are on their way to Wembley where they will face red hot favourites St Helens in the Carnegie Challenge Cup final on August 30th. Hull FC Official Website
In Pictures - Development Updates
El Barranco Take a peek at our luxurious development of apartments and villas located on the seafront of the sun-drenched Amarilla Golf and Country Club in the South of Tenerife. Read more		Mirador Ses Cales Brand new photos of the recently completed 88 apartment units of this lovely Mallorcan resort by the sea. Read more

Panoramic views of the entire golfing area, modern design, onsite facilities and most competitive pricing in the area, property purchase at Flamingo Golf Resort is ideal for visitors, golfers and investors alike.

Purchase your own villa or apartment with private pool in the Flamingo Golf Resort - the choice of world champion Ricky ‘Hitman’ Hatton and Premiership footballers Andy Johnson and Tim Cahill.

Prices from €95,000

The Marlion Residences is a stunning frontline beach building of 5 floors with 272 apartments.

Clients who purchase an apartment within this outstanding beachfront development in Hurghada will enjoy a guaranteed rental income of 10% pa for 5 years.

Frices from £36,000

In Pictures - Development Updates

Market slow down?

It has just been revealed by overseas property portal RightmoveOverseas.co.uk, that during the first half of 2008, they had some 10,200,000 searches for overseas property from potential UK purchases. This represents a 26% year on year increase.

Surprisingly among the top 10 most popular destinations, enquiries about the USA were up 50% and averaged 190,000 searches per month. So people are obviously looking to take advantage of the weak dollar against the pound.

Outside of the top 10, the largest increase in search numbers is Egypt, up 195%. The Caribbean also performed particularly well, up 17%.

So there are still potential clients out there and the destinations we are working with are still proving popular.

• Spain, searches up 30%, year on year
• USA, searches up 50%, year on year
• Portugal, searches up 22%, year on year
• Turkey, searches up 13%, year on year

Source: www.rightmoveoverseas.co.uk

BoE Stands Firm on Rates

Many reports have shown the economy heading for a significant slowdown or even a recession. But the Monetary Policy Committee's primary goal is to keep inflation at 2% and it currently stands at 3.8%.

Although the bulk of members voted to hold rates last month, one supported a cut, while another backed an increase.  Some analysts had forecast rates would rise this month to tackle inflation.

Most evidence points to annual consumer price inflation rising above 4% when July's figure is published next week. And some economists feel inflation could top 5% before the end of the year, as energy firms raise their prices.

At the same time, activity is slowing in all key sectors of the economy, business confidence is waning and falling house prices and tight credit conditions have dented consumer spending.

David Bexon, Managing Director of SmartNewHomes.com, slammed the BoE's decision: "With construction figures reported to have plummeted in July and housebuilders being forced to stall sites and cut jobs simply to survive in the current market, the Bank of England's decision to hold interest rates, yet again, seems a ludicrous one.

"Developers are working hard to break down the barrier preventing many potential buyers from entering the market, providing deposits and removing the additional burden of stamp duty across a number of developments.

"However, the Government needs to be far bolder in its approach to tackle the long-term challenges facing the UK housing industry, and introduce genuinely decisive proposals if it is to bolster what is currently a flagging market.

"The recent speculation surrounding the Government's temporary scrapping of stamp duty offers a glimmer of hope for potential homebuyers, but this, combined with a drop in interest rates and the freeing up of mortgage finance would have had a much stronger impact on today's market."

Neil Chegwidden, Head of Residential Research at Jones Lang LaSalle, took a more pragmatic view: "For the UK housing market, not even a 25 or 50 basis point cut would have been able to turnaround the fortunes of the ailing residential market. It continues to seem inevitable that house price falls will continue well into next year."

"There are however some positive signals for the housing market as well as for household finances. For example, the Government has announced the postponement of the fuel duty rise in September and this week floated the idea that stamp duty may be waived or more likely deferred.

"Mortgage lenders have also cut interest rates on some products as competition increases for market share. However, none of these will be enough to halt the housing market slide as they do not tackle the greatest obstacle for the housing market at present - the difficulties faced by first-time-buyers".

Source: www.themovechannel.com