Private Property Search

On the move

Wed, 19 Oct 2011 00:00:00 GMT

Country & Town House - On The Move
Jessie Hewitson

A matter of taste

Which county in the UK has the most Michelin-starred restaurants outside London? Not stockbroker Surrey or monied Buckinghamshire, but Kent, the region that has traditionally been the Home Counties' poor relation.

The reason that so many top-flight restaurateurs are making the Garden of England their home is because the county has seen a change in the profile of its homeowners. Since the new high-speed rail link opened in 2009, wealthier buyers have been flocking to Kent. The South Eastern and Chatham Railway may have been as slow as a snail on a tea break, but Kentish commuters now have the super-fast Javelin trains, which have changed the property market of much of the region forever. Previously, Ashford to Central London took a sluggish one hour and 20 minutes. Now it takes just 37 minutes.

'The profile of Kent is slowly changing', says William Peppitt, head of residential sales for the south-east office of Savills. This is mainly because of the better train connections. If you imagine London as a torch shedding light on the county, then only half was illuminated and the rest was in the shade. Now, with the new train lines, a lot more of the county is in full view'.

Not only commutable, but affordable, too. While house prices in Kent have risen in the past two years as a response, they are still lower than in neighbouring counties. According to the latest Land Registry data, the average price here is currently £233,019, which compares favourably to the other Home Counties: Sussex (£383,186) Buckinghamshire (£352,673) and Hertfordshire (£314,690).

So, where are the most desirable parts in which to buy a home? Sevenoaks and Tunbridge Wells are Kent's two most valuable and desirable areas, and for more up-and-coming areas, Peppitt recommends the pretty villages surrounding Ashford.

Sevenoaks certainly up-and-came a long time ago, and its top-end property rivals many of the priciest property in Surrey (the super-sized mansions of Wentworth and St George's Hill estates excluded). It is a solidly affluent town surrounded by the wooded hills of west Kent. Here, tree-lined lanes conceal detached houses in spacious grounds, and you'll find dealerships selling Bentley, Jaguar, Ferrari, Maserati and Aston Martin cars - impressive considering its population is just under 28,000 people.

Trains shuttling pin-stripe suits to town come roughly every 10 minutes, their occupants spending just 35 minutes tapping on their computers as the countryside hurtles past, before they are deposited at Charing Cross station. Average prices here are between £700,000 and £900,000 for a decent four-bed home, according to Jill Michenall, director of the south-east at Jackson-Stops & Staff, rising to £1m plus for ones with a bigger garden.

'Often our buyers come from London and start off looking at Sevenoaks, but then they move 10 to 15 minutes out to find better value - pretty, more rural villages like penshurst and Cowden', she explains. 'Tunbridge Wells, like Sevenoaks, is increasingly a haven for professional London deserters whose kids are about three or four, and they need a good local school to send them to'.

The town - Royal Tunbridge Wells - is an historic spa town, with a Hotel du Vin and proliferation of day spas. Camden Park and Calverley Park are sough-after roads - uninterrupted views of the countryside, found close to the station - as are Hungershall Park and Warwick Park.

Cranbrook, Kent's smallest town, in the borough of Tunbridge Wells, is also sought-after because of its attractive homes and proximity to a train station - Staplehurst is five miles away - as well as the local grammar school, also called Cranbrook. 'It's free education of a standard that is comparable to the private system', says William Peppitt.

Then there are the more up-and coming areas, like Ashford - or more specifically (as very few people want to live in Ashford itself) its surrounding areas. Pretty villages including Wye (home to the highly regarded Wife of Bath restaurant), Pluckley (the most haunted village in Kent) and Bilsington (which has a very large obelisk in a field).

Getting here is lightning-quick. 'I live close to Ashford and work in London' says Peppitt. 'I take the 6.43 from Ashford, arrive in St Pancras at 7.15am, and I'm sitting at my desk in Berkeley Square at 7.45am. It's amazingly fast. In my view, all these villages are under-valued compared with Sevenoaks and Tunbridge Wells. Lots of buyers are now thinking that they aren't going to battle with the residents of Sevenoaks and are going to take their money elsewhere - but somewhere like these places, where the commuting is still very speedy'.

Five-bed houses with a couple of acres of land and stables in the villages of Wye, Pluckley and Bilsington cost around £850,000, he says. In Cranbrook, the same property would cost £1 - £1.25m; in Sevenoaks and Tunbridge Wells, £1.5 - £2m.

Agents at Savills and Jackson-Stop & Staff are dealing with buyers who are mainly London relocaters - people who have done well from their sales in Clapham, Wandsworth or Battersea and are looking to move to get good schools, a proper spare room and more greenery.

Search agent, Charlie Warner, who works for Private Porepty Search (020-7318-4640; 01256-242938; privatepropertysearch.co.uk) - the independent buying agency arm of Strutt & Parker - believes that whether you choose to live in Kent or Surrey is likely to be determined by what line of work you're in 'Surrey tends to be attractive to foreigners and to hedge-fund managers who work in the West End, as the trains take you to Waterloo with easy access to Mayfair. Trains from Kent go to the City, which suits workers in the Square Mile. Being able to get to Paris in under two hours isn't bad either'.

Why Use a Buying Agent?

Thu, 01 Sep 2011 00:00:00 GMT

Cotswold Life - Property News (Richard Evans)

So, what is the difference between an estate agent and a buying agent?

We are all well versed as to the role of the estate agent and, love them or hate them, most of us will, at some stage in our lives, find ourselves using their services. But, increasingly prospective purchasers of property are turning to a relatively new breed of agent, the buying or search agent, to help them acquire the home of their dreams.

So what exactly is the difference between an estate agent and a buying agent? The estate agent's entire focus is on getting a sale at the best price possible for the vendor or seller of the property. The buying agent acts solely for the prospective purchaser not only to find the right property for them but also to assist in negotiating the most favourable price for their property purchase.

Buying agents in the country established themselves some 20 years ago. At the time, even the property industry itself was sceptical and few thought they would be around for very long. The buying agents proved this sceptism wrong and continued to thrive. Today nearly all the large estate agents boast a buying arm and there are a number of other regional specialist firms. One such buying agent is Private Property Search (PPS), which is the buying arm of national agents Strutt & Parker.

David Milligan is a Patner at PPS and specialises in finding properties within the triangle of the M5, M4 and M40 corridors, which includes the Cotswolds, for his clients. "There is a misconception that estate agents and buying agents are in competition with one another. This is just not true. In fact PPS has excellent relationships with estate agency firms across the board so that we can be absolutely sure we have gathered the very best selection of available properties at any given time to put to our clients."

"And, estate agents themselves prefer dealing with buying agents as they know that they are representing serious and genuine purchasers" adds Milligan.

As well as saving hours of fruitless web-browsing, visits to estate agency offices, and disappointing viewings, a buying agent provides another important benefit - knowledge of the 'grey market'. Many vendors prefer their properties to be sold quietly with no overt marketing materials. In these circumstances the estate agent will contact selected clients and buying agents. These buying agents may well be acting for a client who would not have been aware about a grey market property other than through their buying agent. Using a buying agent gains access to this very important pool of properties.

"Most of our clients rely on us not only to search and acquire their ideal property but to advise on the many other aspects related to the purchase", says Milligan.

"For example, I have an in-depth knowledge of the planning process and the development of large country houses having been involved in the construction of a number of individual properties in a previous career. Many of our clients find this aspect extremely useful, particularly if they are looking to build a new house, need planning advice or are looking to extend or renovate an existing country property.

"Others in the team have extensive farming and financial backgrounds thereby providing a wider expertise to our clients".

"The purchase of property is one of the biggest investments an individual can undertake. Why wouldn't you want to seek the best advice to ensure you get the right property at the right price with the very best of professional support?" he concludes.

Ripe for Conversion

Wed, 31 Aug 2011 00:00:00 GMT

Country Life (Anna Tyzack)

Outbuildings across the country and being turned into gyms, art studios and home cinemas. Anna Tyzack discovers what's worth the cost.

For country-house buyers, outbuildings with the potential for conversion are increasingly becoming an essential requirement. 'Barns are never just barns any more - they're a deal clincher,' says Adrian Wright of Strutt & Parker's Private Property Search (07774 254749). 'People's lifestyles have progressed with technology; they work from home and require offices, gyms, and large entertainment spaces that simply can't be squeezed into the floor plan of an average house.' He's encountered barns housing shooting ranges, classic-car collections and, most recently, a wine cellar masquerading as a vehicle-inspection pit. 'It was only when I climbed into the pit that I discovered a door into an enormous temperature-controlled room.'

Conversions usually fall into one of four categories; sporting (gyms, swimming pools, games rooms and equestrian facilities); income streams (offices, light industrial spaces, studios, storage and wedding venues); lifestyle (home cinemas, play rooms, party rooms, wine cellars, machinery or classic-car stores) and accommodation (family, staff, guest, holiday or long term rentals).

Not all are worth the effort: although planning laws have been relaxed for converting unlisted barns within close proximity to the main house, development can still be a long and arduous process. 'If buildings are in poor condition, or listed, it can cost a fortune,' explains Hugh Petter of Adam architects (01962 843843). 'I often find myself scratching my head to find a revenue stream to justify the huge expense of restoration.'

If you have an unlisted building in good condition, however, there are plenty of ways to make it pay for itself. Accommodation is by far the most lucrative, according to Rob Jones-Davies of buying agents Middleton Advisors (01235 436272). 'Not only can you rent the property out, but when you come to sell, the additional properties will be far more valuable than, say, stables or even offices.'

But holiday lets and long-term rentals aren't for everyone - including the local planning authorities in many rural areas. Owners lucky enough to be granted permission to create accommodation within outbuildings may be required to sign a Section 106 legal agreement preventing their conversion from being rented commercially or sold as a separate dwelling.

Moreover, adds Martin Lamb of Savills in Exeter (01392 455740), you have to plan for a future resale: some buyers are put off by the prospect of too many holiday cottages. 'Most people want just one or perhaps two cottages for staff, relatives or guests,' he says.

To cater to the various whims of potential buyers, home owners and property developers are increasingly hedging their bets and creating 'reversible' conversions. With minimum upheaval, for example, what is currently the 'party room' at the Old Rectory in Biddestone, Wiltshire (£2.5million through Knight Frank, 01225 325994), can become an indoor pool - key plant equipment and infrastructure elements are concealed beneath a sprung floor.

By far the most practical and cost-effective rooms, however, are those with multiple uses: a games room that is also a cinema, say, or a combined play room and party room, which can be rented out for shoot lunches. 'Party barns that double up as play rooms are a particularly safe bet,' says Mr Jones-Davies. 'Parents appreciate having space for their children, and enjoy using the areas themselves for entertaining.'

But amid the current fervour for home cinemas and media rooms, are we in danger of forgetting the simple beauty of an untouched building? A medieval barn with a mud floor and cob walls in Sowton Barton in Devon, owned by Paul and Linda Kingdon, has been the venue for many memorable family parties - despite the fact that it's unheated. 'It's Grade II* listed, so we're not allowed to do anything except prevent it from falling down and rethatch it,' Mrs Kingdon says. But it's untouched state gives it a unique atmosphere.'

Invest in Green and Pleasant Land

Sun, 21 Aug 2011 00:00:00 GMT

By Penny Churchill

Traditionally, the second quarter of the year is always the busiest for farmland sales, with vendors keen to market land and farms when they're looking their best, with a view to completing a sale before the start of the next cropping year. For all its problems, 2011 has been no exception.

Back in April, Giles Wordsworth, head of national farms and agency at Smiths Gore (01865 733300), was 'spot on' when he prophesised that the sale of the scenic, 702-acre Manor Farm at West Overton, near Marlborough, in the North Wessex Downs AONB, would set the benchmark for farmland values in Wiltshire for the year. Following its launch in Country Life, 'unprecedented interest' from prospective purchasers resulted in Manor Farm going under offer within two weeks, and selling for 20% more than its £6.2 million guide price.

Market intelligence suggests that Mr Wordsworth can repeat the process with next week's launch of Manor Farm at Chirton, near Pewsey, Wiltshire, at a guide price of £4.625m. The picturesque, 470-acre farm, mainly arable with some pasture, stands against a backdrop of one of the Pewsey Vale's famous White Horses.

It comes with a pretty, Grade II-listed, four-bedroom farmhouse on the edge of the village and a range of traditional farm buildings that could be converted to equestrian or even residential use, subject to planning consent. The land is of excellent quality, being half grade 1 Pewsey greensand-a soil renowned for its moisture-retaining properties the other half being mainly grade 3.

In a farmland market that has seen supply dwindle in the past three decades-from an average of 328,000 acres sold each year in the 1980s, to 246,000 a year in the 1990s, and 143,000 a year in the 2000s-Charlie Wells of buying agents Prime Purchase reports sustained demand 'from investment-motivated buyers, particularly where a farm presents a good combination of crop-yield potential within an attractive setting, as well as some wildlife and amenity value. Buyers are often prepared to pay a premium for productive land set in appealing countryside: the "green and pleasant land" image is what the majority look for'.

Land doesn't come much greener or more pleasant than the 102 wooded acres of idyllic Week Farm (pictured) at Combe Hay, near Bath, Somerset, which launches in this week's Country Life at a guide price of £4.75m through Knight Frank (01225 325999). Week Farm sits in a dreamy small valley overlooking the enchanting stone village of Combe Hay, within the Cotswolds AONB, yet is only three miles-or 10 minutes' drive -from Bath city centre. Charles II is rumoured to have found refuge here for a week in 1651 while on the run from Cromwell.

The present owners, whose family bought the farm in 1964, are now returning to their native Yorkshire. They have transformed Week Farm into a mini-sporting estate, completely rebuilding the house, which had been derelict for more than 30 years. It now has four reception rooms, a kitchen/breakfast room, master and guest suites, four further bedrooms and a family bathroom, its centrepiece a splendid cantilevered stone staircase leading up to the second floor. Outbuildings include two cottages, an original stone barn, an office suite and two large barns with B2 business use.

The land is let on a Farm Business Tenancy to a local farmer until 2012, and the shooting rights until February 2012, with the owner of Week Farm taking one or two 'family days' in lieu of rent.

London buyers are always a force in the market for easily run residential farms within commuting distance of the City. Tim Page-Ratcliff of Strutt & Parker in Lewes (01273 475411) recently arranged the sale of picturesque Eatons Farm at Ashurst, near Steyning, West Sussex, at a guide price of £4.8m, within a week of its launch in Country Life.

With its recently renovated, Grade II-listed, five-bedroom Sussex farmhouse, landscaped gardens with a swimming pool and tennis court, traditional and modern farm buildings, stabling with access to the South Downs, and 183 acres of rolling farmland with frontage to the River Adur, Eatons Farm is the perfect retreat for a London family wishing to indulge in a spot of hobby farming.

But according to Ian Hep-burn, head of Hampshire-based Private Property Search (01256 242938), the independent buying arm of Strutt & Parker, there is a growing trend for London buyers to take a more active role in farming any land they buy, for the tax advantages this brings. In effect, this means hiring a local contractor to farm the land on their behalf, rather than letting it to a tenant. This year alone, Mr Hepburn has purchased no fewer than five farms of 150 acres or more-mainly in Hampshire and the Cots-wolds-on behalf of City investors who wished to build a new house on site and contract-farm the land, while continuing to run their London operations.

For one southern family, the purchase of a Yorkshire grouse moor some 20 years ago was followed soon after by that of a charming small sporting estate in the glorious Howardian Hills AONB between Malton and York. That was secluded Potter Hill near Coulton, 12 miles from Malton, which sits tucked away in its own private valley, surrounded by 152 acres of formal gardens, well-fenced grass paddocks, lakes and woodland. Now, the owners are heading back south, and Potter Hill is

for sale through Rounthwaite & Woodhead in Malton (01653 600747) and Savills in London (020-7499 8644) at £2.85m.

At the heart of the estate stands the main house, a striking building redesigned in the 1930s with three main reception rooms, a kitchen/breakfast room, a large conservatory and garden room, a billiards room, an indoor swimming pool, a gun room, five main bedrooms, four bathrooms and a four-bedroom guest wing. Amenities include a tennis court, stabling, lakes and a family shoot.

Generally speaking, however, agriculture is a serious business, and across the Cheshire border in scenic north-east Wales, former CLA president Mark Hudson is retiring from farming and selling the 271-acre Rhyd-y-Cilgwyn estate near Ruthin, in the Vale of Clwyd, which has been in his wife's family for 65 years. The estate was bought soon after the war by his wife's uncle and established as a thriving dairy farm, first with dairy shorthorns and later, when he was already 80 years old, with British Friesians. Mr Hudson, an agricultural consultant, and his wife, Sue, came over to help with the running of the farm in 1973, and took it over altogether some six years later. It has been fully organic since 2002.

Strutt & Parker (020-7629 7282) quote a guide price of £3.75m for Rhyd-y-Cilgwyn, which is being sold as a whole or in up to 13 lots, with the house, gardens, modern and traditional farm buildings and some pasture-31.7 acres in all-on offer at £1.2 million. The main estate house, listed Grade II, was completely refurbished following a fire in 2000, and has four reception rooms, a kitchen/breakfast room, eight bedrooms and six bathrooms, on three floors. It overlooks lawns and the River Clywedog, the banks of which are lined with mature trees, snowdrops and daffodils.

The dairy business is currently run as a contract farming venture and includes an exceptional range of farm buildings built 13 years ago, in addition to a range of brick former dairy buildings and storage sheds. The estate includes 179 acres of arable land (with 139 acres currently down to ley grass) and some 78 acres of woodland, with 'some nice dips into the valley' offering scope for a challenging family shoot. Included in the sale is a terrace of four cottages and 1.25 miles of fishing on the Clywedog.

Finally, where else but in Scotland would £2m buy you a productive, 408-acre, arable and mixed farm with a modernised four-bedroom traditional farmhouse, two good cottages and a first-class pheasant and partridge shoot with duck-flighting and roe stalking? The Brechin office of Savills (01356 628600) is handling the sale of Greenmyre, near Kingoldrum, at the foot of Glen Isla, six miles west of Kirriemuir, Angus, where both the farming and sporting sides have been run as part of a bigger operation by sporting icon Paddy Fetherston-Godley of Avon & Airlie Sporting Ltd. The farm, which won Mr Fetherston-Godley and his team a Purdey Award for Game and Conservation in 2008, has been run with shooting very much in mind, with woods and game crops providing testing pheasant and partridge drives.

Two cottages have been renovated and used for holiday lets, at rents of up to £385 a week, mainly tied in with the sporting lets. Planning consent, now expired, was granted in 2000 to convert part of the farm steading to further holiday accommodation.

The land is let on a Farm Business Tenancy to a local farmer until 2012, and the shooting rights until February 2012, with the owner of Week Farm taking one or two 'family days' in lieu of rent.

Follow the plot as number of self-builders rises

Fri, 20 May 2011 00:00:00 GMT

By Tanya Powley

Wealthy homebuyers are increasingly opting to build their own dream homes, as good quality family houses remain scarce at the top end of the property market.

In recent months, buying agents have reported a rise in the number of clients looking to buy plots of land with planning permission for large family houses.

Adrian Wright of Private Property Search (PPS) says his company has recently acquired four sites in Hampshire and Dorset on behalf of clients, at prices varying from £1m to £5m.

This trend towards self-build has been reflected in stronger demand for self-build mortgages since the beginning of the year.

According to Buildstore, a company that sources building plots and self-build loans, there was a 30 per cent increase in the number of self-build mortgage offers in the first quarter of 2011, compared with the same period last year.

Government policy is expected to drive further growth in coming years. Earlier this month, Grant Shapps, the housing minister, announced that he wanted self-build to become a mainstream housing option - and said the government would look to make more publicly-owned land available for use by "ordinary people to build their own homes".

The appeal of self-build has also been boosted by the prospect of paying no VAT - at 20 per cent - on building materials, as well as savings on stamp duty.

"The self-build market is thriving as wealthy buyers in particular buy fairly average or dated houses in great locations, knock them down, and build much swankier properties to their specifications," says Melanie Bien of Private Finance, the mortgage broker.

Bien says Private Finance recently arranged funding of up to £17m on a single plot in Mayfair, on which a block of four flats was knocked down to create a single house.

Self-build is particularly popular with wealthy buyers looking to build family homes in the country. PPS says it has bought a 150 acre plot in Hampshire with planning permission for a 15,000 sq ft country house - including an indoor swimming pool, stables and outbuildings - for less than the guide price of £5m. It has also secured a 55 acre plot with planning permission for a 10,000 sq ft house, plus 6,000 sq ft of ancillary buildings, for just over £2m.

But, while building a home to exact personal specifications will appeal to many, experts warn that the process is often costly and time-consuming.

Simon Barnes, a London-based buying agent, says it is crucial to employ professionals. "You really need to know what you are doing and have a good team in place," he explains.

Jaclyn Thorburn of Buildstore advises self-builders to set a realistic budget - including a contingency of at least 15 per cent.

Build costs at the top end of the market can vary significantly. Wright of PPS says that, generally, top-end buyers would look to spend between £160 and £250 per sq ft depending on specification, but some can go over £300 per sq ft.

Securing finance for self-build is also harder than it used to be. "Self-build has been decimated as a result of the credit crisis and lenders that would once have been worth a call will no longer look at self-build," says David Hollingworth of broker London & Country.

On the high street, BM Solutions and Halifax offer self-build mortgages, but the majority of other self-build lenders are building societies. This week, Norwich & Peterborough eased its lending criteria for self-build mortgages, increasing the maximum loan-to-value from 75 to 80 per cent.

Self-build loans are more expensive than traditional mortgages. N&P charges 5.3 per cent, with a £995 fee. However, self-builders seeking larger loans could try a private bank. According to Aaron Strutt of broker Trinity Financial, Bank of Scotland Private Bank can offer rates as low as 3 per cent over bank base rate.