January 7, 1899.
THE ESTATES GAZETTE,
14
concluded. Prices were upon the whole a trifle higher. We regard the immediate future of the land and property market as distinctly encouraging, and we hare every reason to believe that it will improve. Farms have been less difficult to let. The tendency to divide farms has not increased. As to the current value of land, agricultural land varies so very much in quality and character in this locality within a radius of ten miles that no reliable opinion can be given of an average value. Building is rapidly increasing near towns and railway stations, especially Brighton and Eastbourne, and eligible building land is yearly advancing in value. Timber has sold at £3 15s. to £5 5s. per load. Good underwood has sold about the same as in 1897, but there is no sale for that of inferior quality. There has been an exceptionally large crop of corn grown this year, which will in some degree counteract the low prices, but we are afraid the future prospect of farming is not much, if any, brighter. The price of every kind of agricultural produce is low ; dairy farming is overdone ; grazing in the best of cases leaves only a very narrow margin of profit; sheep and young stock bring a more favourable return, but sheep apply principally to Down farms. The growth of hops has been very unequal, but there has been a great improvement in prices, with every prospect of a continuance for a year or two. Not only has the year’s crop met with a ready sale, but all the old stock has been cleared out. In consequence of this revival planting is going on to a considerable extent, and, if overdone, will again land the growers in difficulties. Perhaps the labour question is the most serious the farmer has to contend with. A good! workman is worthy of his hire, but few of that sort are now to be met with, and, with all the advantages of advanced science in agricultural implements and machinery, the farmer is at his wits' end to know how to keep his land cultivated or his crops housed. A genuine agricultural labourer is almost extinct.
Herbert Morris and Son.
Lewes.
The Thames Talley.
Perhaps the most notable feature in the Thames Talley district has been the immense amount of !building enterprises that have been entered upon during the year. The expansion appears to be thoroughly healthy in tone, and middle class houses, as well as shops, find ready tenants and purchasers. The question of more rapid locomotion is receiving serious consideration, and Bills are likely to come before Parliament in the coming Session, which, if passed, will set works on foot that will have a very material bearing upon the development of the neighbourhood. There has been a very active demand for investments. Large residential properties have not been in much request, and but few have changed hands. Land suitable for building has readily sold, the largest and most important deal being the sale of the Marble-hill Estate, near Richmond Bridge. Everything points to a large number of transactions in 1899, and the continued expansion of the ever popular Thames-side towns and villages.
Ernest Pennington.
Richmond.
Westmorland.
There has been an improvement in the land market consequent upon the greater confidence which has inspired the agricultural interest. There have not been many estates offered during the year, but those which have been put in the market have realised prices which showed a decided improvement upon those of late years. The Orton Hall Estate, near Tebav, of about 765 acres, was the largest which was offered in this locality, and was sold for £17,000, in one lot, though it is generally believed that if it had been put up in separate lots, it would have realised more. The rental a few years ago was £800 ; but the present total did not transpire. Other smaller properties have been offered and realised upwards of 30 years’ purchase. Tery few farms have changed hands of late, and for those which have been to let there have been plenty of applicants. Small farms have, as a rule, obtained higher rents; but with the large ones the new tenants seem to expect to get them on the old terms. Farms generally are small in comparison with those of other districts ; but there is no inclination to further sub-divide them. The cost of buildings and their maintenance is too serious an item to encourage landlords in multiplying small farms. There are visions ahead of pressure from the powers that be to improve the ventilation, light and air space of cattle sheds, so as to keep down the tendency to tuberculosis, though it may fairly be suggested that these powers should begin at the towns, where insanitary and other conditions prevail to a much greater extent than in our open farmyards. It is unreasonable to suggest that the farmers’ cattle should be put down without compensation, because of the very
said, is somewhat easier to sell. Timber has sold well, but underwood appears to be a drug in the market. Altogether the general feeling is more hopeful.
Rolleston and Co.
Leicester.
N orthumberland.
In the borough of Tynemouth some considerable areas of land have been sold during the past year at good rates as building sites, and are being quickly covered with dwellings. Both business and residential properties have “ moved off ” at improved prices over recent years. The supply of small properties, however, fell short of the demand. Sales in this neighbourhood have been largely private, but many have been by auction. My opinion as to the immediate future of the land and property market is hopeful. Not much movement has been manifested in the sale of farms and agricultural land. Recently, though not during 1898, farms have been sold at 20 years’ purchase; building land (per acre), £1,450 for sites; or groups of three or four sites at 7s. to 16s. per superficial yard. Talues have improved about 20 per cent, since 1893; business sites have sold for about £18 per superficial yard. There is no trade here for locally grown timber of any amount. Lastly, I would remark that the borough is distinctly advancing.
Robert M. Tate.
Tictoria-chambers, North Shields.
N OTTINGHAMSHIRE.
There has been more demand for land than for house property during the past year, and prices have been somewhat higher. We have been buying, chiefly small properties, as additions to large estates; sales have been chiefly by private contract. As to the immediate future, we think that the period of panic is over, and that unless we have more interfering legislation, the market will be much more steady. Our desire is to be “ let alone.” Farms have let easier than for some years past, and there is no tendency to divide them. Although there is a scarcity of good agricultural labour, this is compensated for by the farmers’ own families remaining at home and helping on the farm. The value of timber, underwood, etc., has improved, especially for ash and good oak. The excellent seasons have ameliorated the “ agricultural depression” to some extent. In my opinion, however, the whole difficulty of working for a profit lies in our financial system and can only be cured by a revision of the Bank of England Charter, so that the public may know what portion of the legal tender paper is based on gold in reserve, and what portion circulates on a fiduciary basis : i.e., the notes of the Issue Department and the notes allowed the Banking Department of the Bank of England by arrangement with the Government should be kept quite distinct.
T. W. HuskinSON, F.S.I.
Epperstone.
Suffolk.
During the past year business in Lowestoft and the immediate locality has been exceedingly good, the demand for freehold investments greatly exceeding the supply. The prices have also been considerably higher in all classes of property. There have been many inquiries for both large and small properties. During the past year I have submitted 271 lots by public auction, of which at the present moment only two small properties remain unsold. In almost all instances the lots have been purchased at the fall of the hammer. A large number of freehold houses and plots of building land, especially on the Gunton Estate at the north end of the town, have been sold by private contract. In my opinion the price of building land will continue to increase, inasmuch as two large hotels are about to be erected, one at the north and the other at the south of the town on the cliffs facing the sea. This fact must tend to the enhancement of all properties in the locality. The very few farms that have been offered for sale have in every case caused active competition, and ready purchasers have been found. Immediately it has been known that a farm was to let, it was at once taken. There is no tendency to divide farms into smaller holdings. Agricultural land has sold within four miles of Lowestoft at from £20 to £30 per acre. In 1893 this same land would not have fetched £15 per acre. There is but little building land left on the sea front. Some has been lately sold at considerably over £1,000 per acre in Kirk-ley, and land 100 yards back from the sea has fetched from £700 to £1,000 per acre. This is also an improvement of probably 20 per cent, since 1893.
A. G. Notley.
Lowestoft.
Sussex.
"We are glad to report that we have experienced better supply and greater demand for land and house property during the year just
I consideration a great scheme of dockisation which will involve an expenditure of hundreds of thousands. The tramways company have obtained powers to make important extensions and to substitute electric traction on lines now worked by horses, and they hope to complete the whole work, which is already well in hand, in about 12 months at a cost of nearly £400,000. The sales of city properties by auction and private treaty during the year are considerably in advance of previous years and show a decided increase in value. There has been a great demand for building land in the suburbs, and several hundred acres are now being speedily developed. Land in the neighbourhood of Brislington, which could have been purchased five years ago at £150 an acre, would now fetch £1,000. New houses are rapidly springing up on all sides of the city, it being estimated that nearly 2,000 were erected during the past year. Ground rents, being the favourite investment, sell readily at good prices, ranging from 22 to 33 years’ purchase. A plot of land, comprising about 122 square yards, situated in Wine-street, one of the principal thoroughfares in the centre of the city, recently sold by auction on ground rent at £230 per annum, which capitalised at 33 years’ purchase, amounts to £7,590, or at the rate of about £300,000 an acre. Farms and agricultural land sell freely and applicants to rent are numerous. Market gardening is an important industry in this neighbourhood, the land being eminently suitable for that purpose, and there is no difficulty in obtaining from £6 to £10 an acre per annum for suitable land situate within a short distance of the city. Everyone seems fully alive and alert to the fact that business is extremely brisk and the future outlook very promising.
Albert Ford (Hunt and Ford).
Athenseum-chambers, Bristol.
Kent.
Our experience of business during 1898 has been that rather a better demand for property has prevailed, and consequently prices have shown an upward tendency. There was more enquiry for medium-sized properties than for large ones with expensive upkeeps. Sales have been principally by auction, or following an auction. At the present moment, with the difficulty of obtaining investments with security and a fair percentage, there seems to be a favourable prospect for good class property. Farms have decidedly let more readily recently. There is not much tendency to divide farms into smaller holdings; probably partly because of the difficulty of providing buildings, and partly because that, in having so many small tenants, there is considerably more trouble to the owner, particularly if the tenants have not sufficient capital to work the land properly. In an open district like this it is impossible to give a price for building land, and where so many hops and much fruit is grown the same remark applies to agricultural land. Talues have improved since 1893. Good class underwood meets a better trade this year, but poorer sorts are very difficult to sell. Timber has been fetching somewhat higher prices.
G. W. Finn and Sons.
Faversham.
Lancashire.
Business during, 1898, as well as the supply and demand for property, have been good. Prices have been much the same as last year, if anything, however, rather better. City properties have had a good sale, and have been well absorbed. Sales have been chiefly private, but a large business has been done under the hammer. The state of the land and property market is good. Farms and agricultural land have sold and let freely, as they always do in the counties of Lancaster and Cheshire; and there is no tendency to divide farms into smaller holdings. The value of agricultural land is £30 to £50 per statute acre; and building land in the block runs from 2s. to 7s. a yard. For cottage and shop land in the outskirts, 15s. to £2 a yard is paid for net land.
Branch and Leete.
Liverpool.
Leicestershire.
Our experience of business during 1898 has been encouraging. It has been on the whole good; the demand has kept up to the increase of the past year or two. Prices were slightly higher. Small properties have been chiefly enquired for. As to the future, urban land and property is increasing in value, and we think the same may be said of agricultural land in small lots. Farms let freely at moderate rents ; it is easier to sell than a few years back. The tendency is towards dividing farms. Conditions vary so much that to give an accurate average of the value of land hereabouts is impossible. Urban land has probably risen nearly 25 per cent, since 1893. Agricultural land has not risen perceptibly in value, but, as we have
THE YEAR 1898.
Sales of house and landed property.— The character of the year’s business. —The future outlook.—Agriculture.— The division of farms and provision of small holdings.—Present value of land.
It is again our pleasure to submit the reports and opinions of important firms of land and estate agents and auctioneers throughout the country upon the state and condition of the land and property market during the year 1898.
We take this opportunity of expressing our thanks for the valuable assistance we have received in connection with these reports from our many correspondents.
Devonshire.
There has been a slight upward tendency in the market for good freehold land in moderate sized farms, and little difficulty is experienced in the disposal of good, well-situated farms, with a fair proportion of pasture land up to 150 or 200 acres, the prices obtained being from 25 to 30 years’ purchase according to the special circumstances, but for poor farms, chiefly arable and some distance away from markets and stations, there is no demand. Large estates do not so easily change hands, but are at the same time marketable generally, being acquired to pay a clear 4 per cent, on the purchase money. For small holdings, with suitable buildings, there is a great demand and competition, and very high prices are obtained for same. A general inclination exists amongst intending vendors to hold over the sale of their estates until the coming spring and summer, when it is anticipated a further rise in price will occur, and we are of opinion that this will be the case, though perhaps of only a temporary nature.
Thompson and Co.
Exeter.
Dorsetshire.
The extent of business transacted in land and house property has proved well up to the average for the past year. There has been a more ready disposition on the part of capitalists to invest in such properties, especially so in land occupying favourable positions. For such, values have generally ranged from 22 to 26, and in a few instances “ fancy ” properties have reached 33, years’ purchase, the timber being included. Hill farms in out of the way districts, which a few years since were practically unsaleable, have been sold at from 18 to 20 years’ purchase. These figures are not materially in advance of those prevailing last year, but there has been a better tone in the trade. Splitting up estates is now the order of the day. They no doubt realise more in this manner, the large class of small investors being able to enter into competition. As a matter of fact, we have not been successful in finding a purchaser for a large estate as a whole. There is a good enquiry for sporting properties, for which extreme prices can be realised. Most of the sales have been transacted in the auction room, there having been few sales by private treaty. Our opinion of the immediate future is that in face of the dearth of sound investments a healthy demand will prevail for both land and house pro-pertv. especially that in good localities. Farms have let more freely, possibly as a result of the adjustment of rents to meet the times, helped bv a better season. Some of our large farms, where sufficientlv equipped with buildings, have been sub-divided with satisfactory results, there being a much greater demand for moderate sized holdings at proportionally increased rentals. Mixed farms are let at an average of from 12s. to 20s. per acre ; dairy and grazing land from 25s. to 50s. Building land makes from £200 to £300 per acre in large parcels, or about £450 in plots. Agricultural land maintains its position of 1893, but building values are slightly steadier. Oak and ash timber is very scarce and makes more money, but underwood is sold at lower rates.
Hy. Duke and Son.
Dorchester.
Gloucestershire (Bristol and District).
Never, perhaps, in the history of the “ metropolis of the west ” has fortune smiled so favourably upon it as during the past year, and even brighter prospects are looming in the distance. Agricultural districts around Bristol have also greatly shared in the progress. The extension of the city boundaries became an accomplished fact just over a year ago, which nearly restored Bristol to its former position in the rank of large cities of England, the rateable value now being nearly £1,500,000. The dock imports have increased by leaps and bounds. A new line of fast Atlantic steamers has been established, and the Town Council have now under