The Office of Fair Trading has launched a consultation on its proposed financial services strategy which sets out its approach to the sector in response to the current economic crisis. The OFT is asking interested parties to comment on its proposal to focus on two inter-related themes: the prioritisation, in the short term, of promoting fairness and responsibility between the credit industry and...

Property prices for residences in the UK rose during the month of March, the first such increase in 16 months. The Nationwide Building Society monthly housing price index showed an increase of 0.9 percent for the month, the first increase since October, 2007. The price of an average home rose to just above £150,000.   While the rise in prices is certainly good news, economists don’t expect it to...

Plans for a new mixed-use development in the town of Newry in Northern Ireland have been submitted to the Northern Ireland Planning Service. The Hill Partnership owns a 32-acre site on Carnbane Way in Newry and is planning to construct homes, restaurants, offices and industrial units, retail shops and a park.   The project is estimated to create up to 500 new jobs in the construction phase and over 1,000...

The market share of foreign investment in Chinese property fell in 2008 to 26.3 percent from 56.9 percent the previous year, according to the latest research from real estate analyst DTZ. Overall, real estate investments in China fell by 46 percent with 508 major transactions worth approximately US$34 billion for all of 2008.   Of these major transactions for 2008, 432 – or 85 percent – were land...

Following an earlier pledge to build one million new homes for low-income residents and workers in Brazil, President Luiz Inacio Lula da Silva, recently announced plans to spend some 34 billion reais, or US$15.1 billion, on the project to help spark the slowing economy. Finance Minister Guido Mantega said that the drive to build new homes will add 60 billion reais into the economy, increase growth by 2...

The Cityscape property conference and exhibition is coming to Abu Dhabi in April and the number of exhibitors is up from last year. Despite the international economic downturn, the conference organizers report that the number of spaces for exhibitors is up by 31 percent from last year. Additionally, the number of pre-registered visitors is up 22 percent from the same time last year.   While the numbers...

At its annual meeting in London, the leaders of the world’s largest and most important economies agreed to a range of fiscal and regulatory steps in the hope of combating the worldwide economic recession. Prime Minister Gordon Brown of Britain announced that the leaders had committed to US$1.1 trillion in loans and guarantees to finance worldwide trade while also helping to bail out troubled...

The overseas property industry and potential international property buyers are due to converge on the A Place in the Sun Live exhibition taking place at London's Earl's Court from April 3rd to April 5th.   The UK has seen a host of other property exhibitions being cancelled owing to the slow down in the industry and this exhibition will be a welcome relief for consumers and professionals alike.  A Place...

The Andara Residences on Thailand’s tropical island of Phuket are now available for potential buyers to view. The property just finished its 4-bedroom show home for viewers, and there are already 2 and 3-bedroom apartments to see and from which to choose.   The 37 Residences are located next to the Andara Villas development, which sold out very quickly. These new apartments and homes are about halfway...

Good news for the UK housing market, it seems that the huge cuts in interest rates maybe taking effect with some positive UK house price news from the Nationwide Building Society This comes at a time when the Bank of England recently announced that mortgage approvals were also up   House prices rose last month for the first time in 16 months, the price of a typical house increased by 0.9 per cent to...