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    Marcus and I review the headlines for HS2 and the latest RICS Market Surveys for the residential and commercial property markets. The...
    • AndrewTompson Marcus and I review the headlines for HS2 and the latest RICS Market Surveys for the residential and commercial property markets. The announcements last week were followed by details of the changes to the compensation schemes and the route. For more detail on last week's HS2 announcement see the previous posts or Audioboo. The RICS Market Surveys are one of the best sources for finding the underlying sentiment of those involved in the various markets. They are not indices in that they are not based on raw numerical data but balance of opinions. The recent residential and commercial market surveys show the markets are still suffering- no surprise there- but that there are signs of life. The Land Registry data set is based on raw numerical data and the Northants figures for the last twelve months show that the volume of sales has started to rise but that average sales prices are down 2% year on year. Sales are happening but buyers are not going mad with their offers and for those able to get loan finance, I have seen reports that the cost of loans compared to take home pay is at the lowest percentage since 1998. The commercial market survey points to another tough year with expectations of the majority being of negative price and rental growth. Again, this is general and there is activity in the market but those looking to buy or rent are in a strong position outside the rarified air of prime property and they are likely to negotiate hard for the best price
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    in this short Audioboo Marcus and I discuss the most recent planning decisions in the South Northants area. The greyhound track at...
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    The HS2 project is pushing on and in this Audioboo Marcus gives an update on the survey work that is now being undertaken adn what this...
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    News and views on the property market generally and South Northants in particular from Berrys' Towcester office
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    The timeline for the HS2 development is now much clearer and in the podcast Marcus Blake discussess the programme that the project will...
    • AndrewTompson The timeline for the HS2 development is now much clearer and in the podcast Marcus Blake discussess the programme that the project will follow. This will be of interest to proeprty owners close to the route in particular. The timeline is: Early 2012 HS2 will shortly be writing to all owners of the property that are very close to the proposed line of the route to inform them of the Government’s decision, and the potential need for compulsory purchase of property. Spring 2012 HS2 have announced that they plan to open a 12 week Consultation on the Compensation Proposals and the safeguarding of Phase 1 (London to West Midlands) route. This will enable them to finalise the Government’s approach on blight policy. We are not certain of the exact of the content of this consultation document but Berrys will be able to provide professional advice in due course when greater detail is known on the consultation process. Summer 2012 HS2 will have their agreed compensation policy in place. They will also commence a comprehensive land referencing exercise to identify and confirm all property interests affected by the route. This will be followed by HS2 discussing with individual property owners the particular circumstances concerning their property, plus the process and arrangements that will apply regarding the potential future acquisition of all (or part of) their property. Autumn 2012 This is the targeted time for safeguarding of HS2 route and is likely to trigger the end of the Exceptional Hardship Scheme. At the same time HS2 is likely to introduce a streamlined advance purchase scheme to simplify the statutory process for many property owners. Spring 2013 Consultation on environmental statement for Phase 1. Late 2013 Introduction of a Hybrid Bill to provide necessary powers to construct and operate Phase 1 of the railway. Early 2014 Consultation of preferred route for Phase 2. Late 2014 Government announcement of the chosen route for Phase 2. 2015 – 2016 On the currently anticipated programme, construction will start around 2016, and it is unlikely that any property will be required before 2015 at the earliest. It will be possible for individuals to bring the date of acquisition forward if they wish to do so – mainly under the implementation of blight provisions.