Economic woes drive overseas property interest

August 14, 2010 – 5:35 pm

Economic woes prompt property searches in Tenerife and Spain

Economic woes prompt property searches in Tenerife and Spain

The Capital Gains Tax hike and the start of the summer holiday season have had no real impact on interest in international property.

According to the latest Primelocation International Search Index, total searches for overseas property were down 7% in June but up by 138% on the same period last year.

The website therefore claims that financial pressures in the UK haven’t dampened interest, adding that other research indicates that one-third of international property searchers are looking to relocate abroad permanently.

The UK’s uncertain economic outlook could therefore be acting as spur for international househunters, particularly as many Britons are now facing more years in the workplace before retirement.

“The data, taken in conjunction with the results of the MyHomeLife panel research, indicates the increasing diversity of the international property market, encompassing investment buyers, relocators, semi-permanent movers as well as traditional second-home owners.While transactions have not yet recovered fully to return to their pre-crash levels, with finance and buyer caution remaining an issue in many cases, this broad range of different buyers is undoubtedly an important factor in explaining the current stability of the international property market.”

The Financial Times has reported that in June, Eurozone mortgage borrowing increased at it fastest pace in almost two years, indicating that confidence in property markets across the EU’s 16 member countries is returning.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , , , , | Comments (0)

Less hefty mobile phone bills for travellers in Tenerife.

July 3, 2010 – 6:25 pm

Cheaper mobile phone costs when visiting Tenerife, the Canary Isles and Spain

Cheaper mobile phone costs when visiting Tenerife, the Canary Isles and Spain

Travellers to Europe, including Tenerife and Spain, are less likely to incur hefty bills for using their mobile phones abroad, under new regulations that have come into force. A new maximum charge of 32p per minute, down from 35p, will apply to all calls made while travelling within the European Union, while mobile phone operators are now obliged to place a €50 (£41.50) cap on all data roaming charges, unless specifically requested not to do so by the customer.

A mobile phone user’s network must now send a warning to the customer if they approach the data-roaming cap, and automatically cut the mobile phone’s internet connection if the cap is reached. While the cost of downloading data remains the same, the change should prevent travellers unwittingly running up huge bills for using the internet.

The charge for receiving calls while abroad has also been cut, to a maximum of 12.5p per minute, down from 15.5p.

The changes follow repeated calls by the European Commission for mobile phone networks to reduce their charges, and frequent reports of holidaymakers returning home to discover mobile phone bills totalling hundreds, or even thousands of pounds.

“Mobile phone companies were given ample opportunity to act on the cost of using phones in another EU country,” said Labour MEP Arlene McCarthy, who steered the law through the European Parliament. “In the end it has taken EU action on every issue - calling, texting and now data roaming - to bring prices down.”

However, about 60 per cent of Britons still believe the data-roaming cap should be lowered, according to a recent survey. “The EU roaming cap is a positive step to prevent enormous bills on returning from abroad,” said a Budgetplaces spokesperson. “But our research shows that UK travellers believe that the €50 cap is still too high.”

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , | Comments (0)

A chance to rent before you buy in Spain and Tenerife

June 6, 2010 – 10:30 am

A chnace to rent before you buy in Tenerife and Spain

A chnace to rent before you buy in Tenerife and Spain

Clydesdale and Yorkshire Banks have joined forces with Spanish bank, Caja Mediterraneo (CAM), to give Britons thinking of buying a property in Spain the opportunity to rent before they buy.

In addition, the scheme allows for rent to be discounted from the purchase price of a property should a tenant opt to buy within two years of taking out a lease.  The lenders can also offer property investor with a taste for Spain legal services provided by a UK-based solicitor with experience in Spanish property, and a Spanish bank account with access to CAM bank’s English Internet banking service.

According to Clydesdale and Yorkshire, a house in Spain is more affordable than ever right now, with discounts of up to 50% on previous asking prices.  Last month, Primelocation.com reported a sharp rise in overseas property searches, with Spain taking second place in the top ten destinations, behind France.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , | Comments (0)

Britons missing out on £101million each year on international money transfers

May 28, 2010 – 8:22 pm

Poor bank rates and high charges for foreign exchange transactions mean
individuals need to be savvier when transferring money overseas. Research
by Moneycorp reveals that Brits are potentially losing over £101m a year
by not shopping around for the best deals when transferring money abroad.
Furthermore, uncompetitive exchange rates and high bank charges are costing individuals a lot of money, despite a concerted effort by most to reduce their outgoings on luxury and even staple items.

Britons missing out on cash when they transfer money to and from Tenerife

Britons missing out on cash when they transfer money to and from Tenerife

 

David Kerns, Head of Personal Clients at Moneycorp, comments: “While many individuals are visiting comparison websites more frequently, checking voucher code sites and consulting online consumer forums before
purchasing goods in order to save money, this mindset doesn’t seem to have extended to foreign exchange. As a result, individuals are missing out on a very large sum of money they could be saving, by transferring funds
overseas through a foreign exchange specialist rather than a bank. Not surprisingly, high street banks are cashing in as a result of this surprisingly apathetic approach.”

People buying or selling property overseas and people emigrating or repatriating will be particularly affected, though this issue will affect all Brits who are transferring money overseas. People who own additional properties abroad and make regular mortgage and/or utilities payments will also be badly affected, as every transfer is open to individual transfer charges, in addition to exchange rates.

Data from the UK’s number one property website, Rightmove Overseas, reveals that the average house price in the Costa del Sol in Spain is currently €369,860.68. With a deposit of 10% , using a high street bank rather than Moneycorp would cost an individual, on average, an extra  £558 on their deposit alone.

An individual who wants to transfer a lump sum of £100,000 to an account in Europe would lose out on an average of 1,690 by using their bank for the transfer into euros.

David Kerns concludes: “Despite the UK coming out of recession recently, individuals shouldn’t be lining the pockets of their bank managers and it’s in their best interest to maximise their investments. Prior to making any overseas payments, we always advocate that people shop around to get the best rates possible.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , , , | Comments (0)

Four in ten retiring Brits considering moving abroad.

May 15, 2010 – 5:42 pm

Retiring Brits consider heading for Tenerife and Spain

Retiring Brits consider heading for Tenerife and Spain

New research from the Foreign Office divulges that more than four in ten Brits nearing retirement age are considering doing it abroad, and once again crime and weather are to blame for the record number of over 55s wanting to leave the UK. Each year around 200,000 Brits leave for foreign shores. Official Foreign Office figures reveal that a third choose Australia or New Zealand whilst more than a quarter went to Spain or France. Weather is the main driver, particularly this year after a snow-strained winter, one of the worst in decades.

Chris Mercer,  comments, “At a time when many fear Britain is losing its national identity, the irony is that pockets of Spain display the real essence of Britishness“. Where Britain has gradually lost its community spirit, destinations  in places such as Tenerife has it in spades.  There’s also the added value of being able to receive a UK pension in a Spanish bank account.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized, Weather | Tagged , , , , , | Comments (0)

Move to Tenerife for a better quality of life.

May 2, 2010 – 11:11 am

Moving to Tenerife may improve the quality of your life

Moving to Tenerife may improve the quality of your life

 According to research by NatWest International, a good life/work balance under-girds the sentiment, with 87% of respondents rating their personal balance in these areas as excellent or good. The annual survey, which is undertaken with the Centre for Future Studies, asks expats to assess 16 “life experience” factors in order of importance and to indicate levels of satisfaction with each one. Nine out of ten British expatriates say moving overseas has given them a better quality of life.

 For Britons abroad, financial security and financial wellbeing occupied sixth and eighth place respectively, with the natural environment, climate, culture and leisure, healthcare and education taking priority. In addition, the number of respondents who said they would return to the UK fell to 19% in 2009, from 26% a year earlier, despite the financial pressures of the global economic downturn.

Natwest International’s head of personal banking, Dave Isley, comments, “The fact fewer expats say they will return to the UK in the future, compared to three years ago, proves that the pace of life, work life balance and earning potential abroad means life as an expat is sunnier in more ways than one - and that they are weathering the financial storm.” The study also revealed that professional expats typically earn over £20,000 more than their peers in the UK, with 92% reporting a salary increase over the past three years.

So moving to Tenerife or one of  the Canary Islands may be the best decision you ever make.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , | Comments (0)

Tenerife to cash in on latest survey?

October 12, 2009 – 4:26 pm

Tenerife could cash in on the latest gloomy British survey

Tenerife could cash in on the latest gloomy British survey

Britain is the worst place to live in Europe, according to a study.

Although Britons earn high incomes that money is cancelled out by long working hours, poor annual leave, rising food and fuel bills and a lack of sunshine. Britons have  the highest after-tax household income of £35,730-a-year, more than £10,000 above the European average.

But most of it goes on keeping a “roof over our heads, food on the table and our homes warm”, according to the uswitch.com European Quality of Life Index.

Ann Robinson of uSwitch.com, said: “There is more to good living than money - and this report shows why so many Brits are giving up on the UK and heading to France and Spain.”  Perhaps now is the time to think of renting out your Tenerife property or even selling via an estate agent as winter approaches in the UK and thoughts turn to sunshine!

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized, Weather | Tagged , , , , , , , , , , , , , , , , , , | Comments (0)

Package holiday prices set to rise

October 8, 2009 – 3:58 pm

The report, issued at the annual Association of British Travel Agents (ABTA) convention in Barcelona  warns that slackening demand will have an impact. Industry observers believe the industry simply cannot sustain its current size. Prices will have to go up even as demand slackens, and weaker firms will go to the wall.

Take advantage of holiday package increases by rengting out your property in Tenerife

Take advantage of holiday package increases by renting out your Tenerife property.

The price of package holidays is set to rise in 2010 despite the recession, a new report reveals - according to travel industry magazine Travel Trade Gazette, the average price of holidays rose by £26 to £564 this summer - as the price war that had been expected failed to materialise and travel agents cut the number of cheap deals on offer.

Overall, leisure travel was down 11 per cent this summer, and there are fears that 2010 will be no better, with the likelihood that bookings will be affected by fans being glued to the television as England compete in the World Cup in South Africa.

The report also found that travel companies have been bringing the axe down on cheaper holidays this year. Cut-backs accounted for a 30 per cent fall in the number of holidays in the £200-to-£399 price range.

Sales of packages costing between £800 and £1,799 grew by 6 per cent and there was a 5 per cent rise in accommodation-only bookings. There was also a rise in the number of all-inclusive holidays and a decline in self-catering breaks.

The report continues: ‘The general picture seems to be customers are bargaining harder than ever, waiting later than ever to book and demanding more value for money. ‘Despite this, tighter capacity means an expected late price war failed to materialise.

‘There have reports of customers walking into travel agencies expecting to have their choice of late bargains, only to find that they unable to book what they were looking for at the price they were hoping to pay.’

The number of Britons taking holidays in Spain last summer dipped by 13 per cent, with breaks to the Canary Islands falling 22 per cent. However, Spain still remained the favourite holiday destination for Britons.

On the surface,this would appear to paint a gloomy picture for the tourist industry in Tenerife, the Canary Islands and Spain generally, but if you have a property that is available  for rent or to let to holidaymakers, then providing that you have the ammenities that people expect close to hand, this could mean a greater interest in your property if the price is reasonable. So why not speak with your estate agent regarding rental properties and how best to market them so that you can take advantage of this  marketplace.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , , , | Comments (0)

Traffic tickets could follow you home from your holiday in Spain and Tenerife.

October 3, 2009 – 11:41 am

spee

A ticket in the post may greet those returning from Tenerife and Spain

Britons caught speeding in Europe will soon be forced to pay their fine when they arrive back home in the UK if they fail to pay in the country the ticket was issued.The new EU legislation, which comes into force on 1st October, allows the government to chase any fines issued in Europe above €70 (£64).

Fines handed out to foreign nationals in the UK will also be enforced by authorities in the drivers’ home countries. However, all fines will be kept by the enforcing state to pay for any costs involved.

The Ministry of Justice explains: “This will not be a loss of revenue as the UK will receive the revenue from fines imposed abroad and successfully enforced over here.” The framework will eventually apply to all EU member states. So far 13 out of 27 EU member states have signed up to the framework.

The Sparks Network, which focuses on traffic enforcement in EU member states, says it welcomes the new legislation.

Sparks Network spokesman Bill Blakemore told TravelMail: “It’s not something that most drivers have to worry about as you won’t be chased for any fines under 70 euros and most European fines are less than this.’

“It’s actually good news from a British point of view as British drivers who are caught speeding in France are likely to get an on-the-spot fine.

“A lot of European countries issue on-the-spot fines but Britain doesn’t have this system. Around 200,000 speeding tickets are handed out to foreign drivers every year in the UK so they will now be enforced when the driver returns home.”

However, British drivers will be forced to pay any parking fines they acquire abroad in countries such as Spain and areas like Tenerife, unlike foreign tourists in the UK who will be able to avoid such penalties.

Mr Blakemore explains: “If you get a parking fine in Europe you will be chased for it back in the UK. Parking isn’t something that is covered by the new legislation if the fine is not criminal - this includes British parking fines and the congestion charge. It’s a weakness of this law.”

Drivers’ associations have criticised the new legislation as simply another attempt at raising revenue by the government.

A spokesman for the Association of British Drivers, Brian Gregory, told TravelMail: “This is part of the continuing jihad against drivers. The legislation doesn’t address the problem. Speed isn’t the problem, it’s bad driving.

“Speeding fines are a cash cow for the government. They’re just another way of squeezing money out of motorists. We’re interested in seeing road safety improved not just bolstering the Chancellor’s coffers.”

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , | Comments (0)

Brits ’still buying abroad’

July 16, 2009 – 9:14 am

Brits still planning to buy in Tenerife

Brits still planning to buy in Tenerife

Many Britons are planning to buy abroad within the next year, according to a recent survey by a global property portal.

In a recent online poll, 70 per cent of those browsing the site for overseas property claimed they were preparing to buy within the next year, with more than half of this group expecting to buy within the next six months.

However, while many are getting ready to make that commitment and secure themselves a home overseas, PropertyIndex.com has warned of the potential pitfalls of buying overseas and offers buyers some essential advice to ensure a smooth and stress-free purchase:

Decide on your budget and factor in extra costs
Before you start out on your search it’s important to ensure you can afford it and that you have factored in all the likely extra costs. There are a lot of hidden costs involved in buying a property abroad, from taxes to  agent fees, which can be much higher than in the UK.
 
Do your research and don’t buy on impulse
It’s important to spend time researching an area before you leave home. Go online and visit relevant exhibitions to get a good idea of what’s available, typical prices and what the area has to offer in terms of amenities and access. If possible, try to also visit the area at different times of year - whether you’re planning to live there yourself or rent it out, somewhere that seems an ideal location in the summer might be quite a different place in the middle of winter. Though Tenerife has sun all year round.

Never buy a property you haven’t seen
A number of buyers make this mistake, often finding themselves with something entirely different to what they were expecting when they make the first visit. Never buy a property unless you have seen it and you’ve had  checks on ownership of the property and land. A good estate agent in Tenerife should organise this for you.

Take a wider perspective
Wherever you’re buying, check out how to get there - do flights run regularly all year round, is there a choice of airlines? This is particularly important if you are planning to rent out your property and are relying on budget airlines to provide a quick and inexpensive route to your chosen location. Tenerife is well served by many such airlines.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Things to Do, Uncategorized, Weather | Tagged , , , , , , , , , , , , , | Comments (0)