Marlborough News February 2014 Editorial: Water, water everywhere!
One of the Most Expensive House in the World
by works to general flood defences or to the property itself against not only direct river action, but also from surface run-off and the inability of our drainage systems to cope with flash rainfall.
Flood and storm damage costs people more than £1 billion a year, according to the Association of British Insurers, and with forecasts of increasing risk of flooding over the foreseeable future this is one issue householders cannot afford to ignore.
The lack of flood insurance at an affordable rate may see property values affected adversely despite the new government agreement (Flood Re), which will provide a fund to cover those properties in high risk area for the next 20 – 25 years. Thereafter, homeowners will be required to insure on a self-funding basis. The only exceptions to this new agreement will be homes in council tax band H and houses built since 2009. Flood Re is expected to commence in summer 2015 and in the interim the existing Statement of Principles should apply, but the insurer will still assess the risk and any proposals which may reduce their exposure.
It needs government, local authority, builders and insurance companies to work together not only to build homes in the right areas, but to the right specification. At the moment they often work against each. For instance raising the ground floor level is often hard because of Today the bosses of key insurance the need to construct a level access to companies are meeting at No. 10 meet building regulations. Another Downing Street to discuss their response option might be sustainable drainage to the spate of flooding affecting England (SUDS) which promotes natural drainage and Wales. Recently, the Association on site, but this requires builders and of British Insurers (ABI) in conjunction architects to take the longer term view of with the National Flood Forum published development. guidance for Local Authorities on planning in flood risk areas. But flooding Perhaps what is required is for house is not only a key political issue but a very buyers to be more robust in their selection personal one for every householder in a criteria of new homes especially: instead risk area. Smiths Gore sees the critical of a large kitchen, ask if it has SUDS or issue facing homeowners of flooded flood defences. Ultimately the answer is properties as to whether or not action has in our own hands. been taken to rectify the problem, either
Smiths Gore Expands
Fr anchuk Villa, Kensington Reported to be one of the top ten most expensive houses in the world, this Victorian Villa was a girl’s prep school in London until 1997. Bought by developers and upgraded in 2006 with more than £10million worth of work, it is now worth about £161 million and rising! Unusually for London, this 5-story home is freestanding, with 10 bedrooms, an underground indoor swimming pool, movie theatre, panic room, saunas and gym.
And the trend continues… •
UK house prices increased by 0.7% in January, and were up 8.8% from the same month in 2013, according to the Nationwide Building Society.
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The final three months of 2013 also saw the highest property sales per estate agency branch according to Royal Institution of Chartered Surveyors. A figure of 21 was the highest number since March 2008, and up from 9.8 in January 2009.
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The Bank of England reports that the number of mortgages approved for house purchases rose by 20% in 2013 compared with the previous year. With 734,969 home loans approved during the year, up from 612,654 the previous year, when many first-time buyers were locked out of the mortgage market.
Interestingly.. Over-55s in the UK took more than £1 billion out of their homes in equity release last year, two-thirds of which was in order to boost their income. The UK economy will grow by 2.5% this year and 2.1% in 2015, the National Institute of Social and Economic Research (NIESR) has forecast.
We are delighted to announce a merger with the independent planning consultancy, Hives Planning, based in Reading. The move, effective from 1 February, means the breadth of planning and other associated services available to Smiths Gore clients has increased. Equally, existing Hives Planning clients will be able to draw on the extensive range of property consultancy advice available within Smiths Gore, whilst retaining the local personal service and contacts within the Reading team.
Finally… Mark Carney, Governor of the Bank of England, has hinted in line with his policy of Forward Guidance that interest rates are likely to stay low and if increases are made these are likely to be marginal.
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