We are certain that the effort of all those involved to create an environment and architecture, which is truly outstanding, is clear. However we understand the significance of the financial viability when purchasing a home at Rocky Lane.
I have setout below the important points in regard to the current market conditions and statistical evidence that relates to Rocky Lane as an aid in your decision to purchase. I also welcome the opportunity to discuss any aspect of Rocky Lane with you personally.
As founder and owner of the Point Cornwall Ltd, it is my business to view all development opportunities from a financial perspective. To this end I have set out some key aspects, which I believe, point to a very healthy outlook for the Rocky Lane.
The questions most people ask are:
Have we reached the bottom of the market?
The experts and the figures are saying yes.
Some key indicators for this are:
Why get involved now?
Exploit the downturn
Where are we buying?
Prime Cornwall mirroring the London market.
"The time to buy UK property is now"
From CB Richard Ellis, the UK’s largest commercial estate agent
The UK property market has suffered a dramatic drop in value over the last 20 months but the consensus amongst industry experts is that this has dramatically slowed during the second quarter of 2009 and that a steady recovery is near. This has created a window of opportunity for investors with ready finance to buy prime properties at significantly discounted prices before the market begins to rise.
"Despite the weaker economic climate and outlook we have not altered our forecasts for house price growth for end—2009."
Jones Lang LaSalle, Feb 2009
Rental Return
Pure Cornwall forecast RENTAL returns of £48,000 per annum equal to around 10% gross — for further information contact James Bailey at Pure Cornwall tel: 01872 561642 or visit purecornwall.co.uk
Recovery — It’s a supply & demand thing
There is a fundamental shortage of housing in the UK. And a growing population coupled with a rising trend for single ownership/occupation is putting even more pressure on the housing supply. Buyers have not left the market, they just don’t have the same access to credit, which is why prices were falling and equity rich investors are benefiting.
"The primary reason for the unprecedented speed and level of decline is obvious in retrospect: the sudden restriction of mortgage finance."
Knight Frank, London Residential, 2009.
As soon as more finance products are made available by lenders buyers will look to get on to the ladder, building more confidence and pushing prices up to start the whole cycle all over again.
"The gap between underlying housing demand and supply will widen over the next 2-3 years which implies that medium-term prospects for house prices remain strong."
Jones Lang LaSalle, Feb 2009
"We are now seeing real evidence that we are very close to the bottom of the prime country house market with prices already rebounding slightly in some areas. Knight Frank sold more houses in June than in any month over the past three years and the number of new applicants registering with our offices increased by 15% compared with June 2008. This helped push prices up by 0.8% in the second quarter of the year."
Andrew Shirley, Knight Frank’s head of rural property research
"It is encouraging that the fall in the price of prime country houses has at last virtually levelled off. After five consecutive quarters of declining values, the market needs a period of stability to help bring back some confidence for buyers, sellers and, in particular, lenders, who remain very cautious. Demand from buyers is already up as people, spurred on by low interest rates, have decided to get on with their lives. Our Country Department sold 36% more properties last month than in June 2008 and viewings were also up 12%. Now the market needs more stock and credit to satisfy this demand."
Rupert Sweeting, Knight Frank’s head of country department July 2009
Location and design underpins the desirability of properties
Desirable property alway sells
Desirability fuels demand
When demand outstrips supply, the value of property increases
"People buy because of location, use, cost, emotional appeal, pride of ownership, and to make a statement. All of these are human motivations. All are predictable. In fact, selecting a property that is likely to go up in value is pretty easy. The problem is knowing when that will happen."
Lucky You
The Real Estate Investor’s Answer Book by Jack Cummings
Rocky Lane’s unique character in terms of both design and location gives me the confidence to state that the values of these homes will increase at a greater rate than most, with most set to rise significantly.
Oliver Hookway FCCA MAAT
The Point Cornwall 21 July 2009
ohookway@thepointcornwall.com
Legal disclaimer
This document has been produced by The Point Cornwall for information purposes. Whilst The Point Cornwall make every attempt to ensure the accuracy and reliability of the information contained in this document, this information should not be relied upon as a substitute for formal professional advice. The Point Cornwall, its employees and agents will not be responsible for any loss, howsoever arising, from the use of, or reliance on this information. The Point Cornwall make no warranties or guarantees in respect of the content of this brochure.
The reader agrees not to hold The Point Cornwall or any of its employees or agents liable for decisions that are based on information from this document. The Point Cornwall highly recommends that before making a decision, the reader carries out their own due diligence and collects several opinions related to the decision and verifies facts from at least several independent sources.
The reader acknowledges that the value of property can increase or decrease, as can rental yields. No representation or guarantee is given by The Point Cornwall that statements, views, projections or forecasts contained in this document are specific to any particular property. The information contained in the document merely represents a general picture of the property market in the territory identified and the reader must determine for themselves what reliance they should place on such information. The reader also acknowledges that tax and other legislation may change.