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Existing home sales in the United States rose again in November and remain above a year ago, according to the latest figures from the National Association of Realtors.

Existing home sales, which are completed transactions that include single family, town homes, condominiums and co-ops, increased 4% to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2% above the 3.94 million unit pace in November 2010.

NAR chief economist Lawrence Yun said more people are taking advantage of the buyer’s market.‘Sales reached the highest mark in 10 months and are 34% above the cyclical low point in the middle of 2010. A genuine sustained sales recovery appears to be developing,’ he explained.

‘We’ve seen h...

The Scottish town of Falkirk experienced the biggest rise in house prices in Scotland and the second biggest gain across the UK in 2011, according to new research by Bank of Scotland.

Based on the Bank of Scotland's own house price data, the average selling price in Falkirk was 12% higher than in the previous year, increasing from £113,422 in 2010 to £126,548 in 2011.

Falkirk is within easy commuting distance of major commercial centres, lying almost equidistant between Edinburgh and Glasgow. The town also has relatively low average property prices, making it more affordable than many other areas close to Scotland's two largest cities.

Overall Scotland recorded a very mixed performance in 2011 with two towns in the UK top ten, Falkirk and Inverness, a...

Seven streets in the London borough of Kensington and Chelsea have the most expensive real estate in the UK, new research published today (Thursday 29 December) reveals.

Around the corner from Kensington Palace, soon to be the home of the Duke and Duchess of Cambridge, Campden Hill Square in the heart of fashionable Holland Park is Britain's most expensive residential street ¬with an average price of £4,863,000, according to research from Lloyds TSB.

Such is the pull of living in Kensington and Chelsea that seven streets in the Royal Borough are in the list of the ten most expensive in the country. These include Drayton Gardens with an average price of £4,428,000, Dawson Place at £3,891,000, Duchess of Bedfords Walk at £3,862,000 and Cadogan Square at ...

The private rented property sector in the UK is facing a mixed outlook in 2012 but such challenging conditions may spark improvement in standards, according to the Association of Residential Lettings Agents (ARLA).

It predicts that further imbalance in supply and demand are likely as is a rise in arrears and repossessions as things are set to get worse before they improve.

‘The package of measures unveiled in the government's Housing Strategy could go some way to helping get the wider housing market moving. However it will take time for the measures to have an impact, and in the meantime the issue of a severe lack of stock will continue to affect the PRS well into 2012, particularly in London and the South East,’ said Ian Potter, operations manager at ARLA.

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Residential properties in the United States are set to lose almost $700 billion in value in 2011, according to research.

But his is 35% less than the $1.1 trillion lost in 2010, according to an analysis by data provider Zillow of its recent real estate market reports.

It is an important sign that the downturn in the property market is slowing, as is the fact that the bulk of the total value lost during 2011 was in the first half of the year.

From January to June, the US housing market lost $454 billion. From July to December, Zillow projects residential home value losses will total a significantly lower $227 billion.

Regionally, only nine out of 128 markets showed gains in home values during 2011, with the New Orleans metropolitan statistical area (MSA) showing the ...

Dubai office occupier activity has been buoyant in the third quarter of 2011 with the market seeing a significant upturn in lease enquires but the eurozone crisis has not damaged demand in Europe which is stable, according to the latest research from CBRE.

Dubai has seen current demand increase in the third quarter of 2011 with existing companies either looking to expand their activities, or from occupiers located in older areas of the city seeking more central areas, the report shows. The Dubai International Financial Centre and ‘TECOM’ freezones were particularly in demand this quarter, resulting in a sharp reduction in local vacancy rates.

In Abu Dhabi many occupiers are considering deferring relocation decisions until 2012, when a considerable amount of new supp...

Singapore has introduced new taxes on residential property purchases to curb excessive investment by foreign buyers.

Foreigners and corporate entities will have to pay an unprecedented extra 10% stamp duty when buying a residential property in Singapore, the government confirmed.

There will also be an extra 3% on stamp duty permanent residents purchasing a second home and for citizens buying their third residential property.

‘We have always had open markets and must keep them that way. However, the reality is that investment flows into our property market are now larger than before, and unlikely to recede as long as interest rates remain low. The additional buyer'...

Overseas and global property news, real estate news, reviews and features. Property Wire brings you the latest news on global property and real estate markets....

The Mayor of London, Boris Johnson, has unveiled ambitious plans to deliver 55,000 new affordable homes by 2015 with the potential to create over 100,000 jobs over the next four years.

Speaking at the National Housing Federation, the Mayor set out the details of his revised housing strategy, which outlines how he will take on new housing powers secured in the Localism Act, tackle Londoners' housing needs and deliver 55,000 affordable homes over this investment round. This includes a significant proportion of family sized housing with new homes designed to the Mayor's larger space standards.

The Mayor has also pledged to work with landlords to improve standards in the private re...

Surging interest rates in India are having an impact on the real estate market and are responsible for a fall in demand and prices, according to the Royal Institution of Chartered Surveyors (RICS).

There has been robust economic growth but that has created challengers for the property market, developers and builders. Political instability and indecision, allegations of corruption, issues relating to the environment and land acquisition, regulatory delays and inefficiencies have all negatively impacted on investment demand, said Sachin Sandir, managing director of RICS in South Asia.

Also, the existing unfavourable global environment, political risks in the Middle East and North Africa and concerns in the Eurozone will continue to pose challenges in 2012, he pointed out.

‘Specifically...

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