Web Bytes 141

Bubble? You ain't seen nothing yet
Moneyweb.co.za - South Africa
Why residential property prices will be even better than expected by end of decade - expert.
Anyone who feared that South African residential property buyers have been over-exuberant in recent years may be surprised to hear that as a nation we will continue to shop enthusiastically for property. There may be short-term volatility, but the longer-term picture is good.

That's the message in the second quarter residential property market update, released by FNB Commercial Property Finance today. In the report, respected property economist John Loos revises his forecasts upwards.

He was expecting prices to increase by 85% between 2005 and 2010 - and now expects this percentage gain to be closer to 100%.
Moneyweb.co.za

Put HIPs on the scrap heap
easier.com - UK
Commenting on the Lords Debate on Home Information Packs, Louise Cuming, head of mortgages at price comparison website moneysupermarket.com, said: "The delay and amendments to HIPs adds confusion to chaos and the Government should scrap the whole concept.

"Delaying the roll-out of HIPs will not transform a poorly thought-out piece of legislation. The Government should bite the bullet and admit that, in the current format, HIPs are a disaster.

"Since July's removal of the compulsory Home Condition Report (which was the only part that added any value), HIPs have been a costly distraction that do not add value to the home-buying process. Instead they add a costly layer of complication.
easier.com

FIC turns its eye on dodgy estate agents
Business Report - South Africa
Inspections of 11 of the biggest estate agency firms in Johannesburg, Cape Town and Pretoria identified "many suspicious transactions" that will now be subjected to further investigation by the Financial Intelligence Centre (FIC).

The Estate Agency Affairs Board (EAAB) confirmed this in the latest edition of Agent, its official newsletter, adding that in many cases the estate agency enterprises concerned were unaware of the Financial Intelligence Centre Act (FICA) requirements.

It said that these requirements were fully explained to them by the FIC inspectors and that agents should be aware that non-compliance with FICA carried serious penalties if they were found guilty.
Business Report