Marlborough News April 2014 TO LET - ON A GR AND SCALE Smiths Gore will be offering to market one of the biggest open market farm lettings seen in the South of England in the last decade. The farms on the West Dean Estate are located in the heart of the South Downs National Park and will be available on a 15 year Farm Business Tenancy from 1 October 2014. They form part of the 6,400 acre West Dean Estate which is managed by Smiths Gore on behalf of the Edward James Foundation and stretches from the South Downs escarpment to the edge of Trundle Hill overlooking the English Channel. Philip Kirk of Smiths Gore, Managing Agent for The Edward James Foundation, comments: “This is an incredibly exciting opportunity and represents one of the biggest open market lettings in the South of England
in over a decade. We are offering a rare opportunity to acquire a Farm Business Tenancy over a large acreage in the heart of the South Downs and we’re anticipating considerable levels of interest.”
and the tender deadline is midday on 30 May 2014. Expressions of interest should be directed to Philip Kirk at Smiths Gore’s Petworth office on 01798 345980 or e-mail philip.kirk@smithsgore.co.uk
Viewing days will be held on 2 and 6 May
Smiths Gore ABS – Winning Recognition Smiths Gore’s team of Architects and Building Surveyors (ABS) in Truro have been awarded Cornwall Building Control Awards 2014, “Best Urban Site” for the residential development at Smithick Hill Falmouth, comprising two blocks of fourteen flats within a very constrained site in the town centre. This was designed for a private developer and all flats were sold successfully prior to completion of the project. The Caerlaverock Tea Room and Shop at Glencaple, designed by the Smiths Gore ABS team in Dumfries, has been shortlisted for a RIAS award. This striking piece of contemporary architecture stands on the quay at Glencaple on the banks of the River Nith. The design, commissioned by Caerlaverock Estates , captures the maritime influence of the area. The building is also unusual in that it has been designed so that the lower level can flood below floor level, when the tides are running particularly high.
CITY v CAPITAL BOOM Prices in Manchester are rising at the fastest rate in the UK, beating even the London figures, according to the Nationwide house price index. The index showed prices in Manchester rose by 18%, compared with 17% for London, in the first quarter of 2014.
DEMAND AND LACK OF SUPPLY The lack of homes for sale was a "major concern" and there was a "desperate need" for more, the Royal Institution for Chartered Surveyors (RICS) said. The RICS report said that house prices "continue along their upward trajectory" as the economy recovers, with the survey recording an 11th month of house price rises. Many more surveyors expect prices to rise in the next three months and the next year, compared with the number of surveyors predicting price falls.
enough houses coming on to the market," said Simon Rubinsohn, chief economist at RICS. "For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live. "Until this happens, we are likely to see prices continue to increase and it is going to be ever harder for many first-time buyers to conceive of ever owning their own home."
The survey suggested that prices would rise by 6% a year, on average, over the next five years. "It is a major concern that we are not seeing
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Mortgage approvals down, business lending slows Mortgage approvals slowed in February and business lending contracted, a consequence of the severe rain and flooding which swept the country, according to analysts. Approvals numbered 70,309, the lowest figure since October 2013, whilst lending dropped by £750m compared to January 2014.
Financial Prudence? Changes designed to “hardwire common sense” into the mortgage application process according to the Financial Conduct Authority (FCA) take effect on Saturday, 27th April. Applicants will have to prove they can afford the monthly payments even if the interest rate increases and will have to field questions from lenders about their regular outgoings - including childcare costs and even haircuts. The rules - known as the Mortgage Market Review (MMR) - are designed to protect consumers from the kind of reckless mortgage lending that would leave them unable to make repayments. They were drawn up during the financial crisis and originally planned to come into force last summer, but changes were made following consultation with lenders. At their heart is a new affordability check, that will see applicants interviewed by a lender and asked about their income and outgoings.
ability to pay, and we’ve ended up with lots of payment problems, lots of people in mortgages that are problematic for them, and if we had a different interest rate environment we’d see a lot of foreclosures.”
Martin Wheatley, the chief executive of the FCA, said: “The core principle is a very sensible one - lend to people what they can afford to repay. We’ve come out of a period, particularly in 2008-09, when there was no attempt to verify people’s
Editors Comment: “This move, although financially prudent, may squeeze the lower end of the property market. In due course, this may well ripple through to the middle tier, slowing the demand for properties across the spectrum.”
Property Forums: We are holding more of our successful seminars on property matters. Join us at our forum on Planning on Wednesday 28th May and our Property Finance Forum on Wednesday 25th June. They will be held at our Marlborough office from 5-7pm. All welcome, but please let us know you are coming by contacting Shona on 01672 529050 or shona.ford@smithsgore.co.uk.
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The Farrell Review released The Farrell Review, a long anticipated report on the future of architecture and the built environment, has recommended creating a new role of chief architect, ensuring a consistency of approach across government departments. It also suggests architecture should be made a part of children's education in school. Other recommendations include having an "Urban Room" in every town and city, where residents would be encouraged to understand and discuss the past, present and future of the physical structure of their communities. At the core of the report is a call for a fundamental shift in UK planning culture. "Planning, in the
true sense of the word, is simply not done in this country," Mr Farrell says. "In many other places, such as New York, the height, bulk and use of a building is all determined in advance in detailed spatial plans, but here everything is on the table, with every possibility debated every single time. You could buy a plot of land, get lucky, and have a Shard built in your back garden. The tallest building in Europe was never on anyone's plan, yet it stands there today." Ed Vaizey, the culture minister, who commissioned the review, described it as "the most wideranging exercise that has taken place in the sector for several generations".
Britain tops survey of most attr active places to invest According to a survey by Ernest & Young, a flood of property investment in Britain this year will push up prices even further as investors seek a safe haven for their cash. The consultancy firm, has described the UK as “leagues above” the rest of Europe in terms of the quality of residential and commercial property investment. Its survey of property company CEO’s showed that 69% believed Britain would see the highest deal volumes this year, with Spain a distant second with 16% and Germany judged to be the third most attractive place to invest.
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