|
Assetsure News 1st May
2007
Mortgage Approvals slowing - As mentioned in many of our
earlier
Assetsure reports, the housing market
is now showing signs of cooling down although consumer confidence
remains high and people are continuing to spend money. There were
75,098 mortgage approvals for March which is almost 12% down on the
same month last year. The net mortgage lending rose to 5.1bn but
again, this is down on the recent average of 5.5bn. Recent interest
rises now seem to be having an effect and credit card spending is also
beginning to show signs of slowing down. Despite the recent news
regarding interest rates, many homeowners remain optimistic that the
economy will remain strong and continue to spend money. Many have seen
excellent equity growth in their homes and this “cushion” is helping
the feel good factor.
Don’t forget your Travel Insurance - With the weather still
unusually warm for the time of year, it would seem that most people
don’t expect to it last (unpredictable I think is the best way to
describe the UK weather.) Brits have booked almost 15 million holidays
since the start of 2007 with Internet booking increasing once more.
More and more people are now making their own travel arrangements but
as a result of this, often
holiday Insurance is overlooked. If
you are going on holiday or perhaps to visit your holiday home, Travel
Insurance should be considered essential. The cost is relatively cheap
and nowadays annual policies offer great value for money.
Although many travellers are not really worried about the loss of
baggage, travel policies usually provide
Medical Insurance and this is vitally
important if you are travelling abroad. Whilst it is true that
European countries have reciprocal arrangements with the UK, you may
not find that every eventuality is covered. Travel Insurance is one
way you can help stop you trip turning it to a financial nightmare
Home Buildings News - Vandalism is a growing area of crime that
is affecting home owners &
holiday home owners. In the last 12
months, crimes in this sector rose by a staggering 11% and now it is
estimated that as many as one in ten households have been affected by
this type of crime. For homeowners, this type of crime
represents a pressing UK social problem, of course if you have home
insurance; in most cases your policy will provide a payout. That said
anyone that has experienced vandalism a Theft claim will tell you that
insurance is small compensation compared with the upset that these
incidence can cause. Joining neighbourhood watch schemes and other
police initiates can give homeowners a sense that they are actually
trying to do something positive but until the social climate changes
then home insurance should be maintained. Check you policy cover to
make sure you have adequate protection for your needs. It’s sad
to report that almost 6% of people state that vandalism is a reason
for moving abroad to live.
Subsidence Problems? - Blame the weather - At the present
moment, all the indications are that we are in for a long, hot dry
summer. This should start to sound alarm bells for any homeowner whose
building is on clay soil that is more likely to shrink during dry
spells and cause subsidence problems. In the last 5 years, the number
of subsidence claims has increased by 50% and it is essential that you
make sure that you have adequate cover against the peril of
subsidence. During 2006 the
Uk insurance industry paid out
£302.00 million pounds in subsidence claims. If you are buying a new
property, remember to check the survey, is there any history of mining
in the area, 15% of claims submitted where from properties with
historical mining activity. Perhaps the biggest influence of
subsidence is soil type and trees in the immediate location. Many
insurers ask about trees within influencing distance of the building,
and you should check the gardens for any tree that is within 22ft of
your home that is in excess of 10ft tall. Remember shrubs as well as
trees also draw moisture from the ground so these should be included
as well. Inside the property, there are a number of things to look out
for. Diagonal cracks, especially around door and window frames, doors
that do not shut properly. If you are worried, ask you surveyor for
clarification
Expatriates - House price update - If you are an
expatriate
living and settled in Spain, you won’t be too bothered by the
following news, investors and speculators will perhaps be a little
more concerned.
Spanish house price sales fell by
nearly four percent last year along the Mediterranean coast. This
statistic was released by the ministry of housing yesterday. This has
implications for anyone that has purchased property “Off plan” as it
shows that demand for housing is slowing. Holiday home buyers and
would be expatriates have greeted this news as perhaps providing a
signal that Spanish property bargains are just around the corner.
Second hand House sales from the Costa Brava to the Costa del Sol,
dropped from 301,197 to 289,540. The average time to sell a
property in Spain now has increased to 30 months further demonstrating
that the property market in Spain is cooling slightly. The biggest
falls in house price sales were in Cadiz (-10.8% and Barcelona -10.6%.
Assetsure to insure Portuguese Property - Assetsure are pleased
to announce that with immediate, effect, they are able to offer
buildings and contents insurance for
holiday homes in
Portugal. Assetsure can also provide
insurance for property that is owner occupied by Expatriates. Property
prices in Portugal are a little below that in neigh boring Spain but
main people are now turning their attention to the region as a place
to buy a reasonably priced holiday home. The Expatriate community is
growing in the country and Assetsure hope to be able to welcome many
new clients.
back
to top
Copyright Assetsure Limited 2007
|
you are here: