Property still asset of choice for HNWIs

Taken from the Knight Frank Wealth Report 2014, a survey into the attitudes of Ultra High Net Worth individuals revels a continuing interest in property.

The latest Knight Frank Wealth Report, which seeks to tap into attitudes of Ultra High Net Worth Individuals (UHNWI), has sought to find out what these people want to invest in and where they would like to live.

As an asset class, property is certainly important: according to the survey results, on average 28% of these people’s net worth is accounted for by their main house and any second homes, of which, on average, they own 2.4.

According to leading wealth advisors across the globe, just over a fifth of UHNWIs are considering buying another home in 2014, while 15% are thinking about permanently changing their domicile of country of residence. Quality of life was cited as the main reason for wanting to make a move and the UK the country people were most likely to head to.

Just over 40% of survey respondents said their clients increased their investment allocation to property in 2013 and 47% expect it to increase further in 2014. Residential property was the most popular area to invest in (54%), followed by commercial premises (34%) and agricultural land and forestry (12%).

As well as property, the survey asked how the popularity of other asset classes was changing. Reflecting the general increase in appetite for risk among investors, equities were growing in popularity the most, with a net balance of 65% of respondents saying their clients were likely to increase their exposure to stocks and shares in 2014.

Gold and commodities were out of favour as investments, with a net balance of 26% saying their clients would be reducing their exposure to them, the report found.

Luxury goods were on the up, as advisors predicted a 36% spending increase on luxury items, while investments of passion are a growing area of UHNWI spending activity: 44% of the survey’s respondents said their clients were becoming more interested in collecting art, with 34% reporting wine was gaining in popularity and 32% cars and watches.

Despite their investment potential, personal pleasure was still considered the main motivation by far for collecting.

Source: Country Life

Press release ends.

ABOUT NEW FOREST, SANDBANKS, UK COUNTRY HOUSES AND ESTATES PROPERTY SEARCH AGENTS AND PROPERTY BUYING ADVISORS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest property for sale in The New Forest, Sandbanks, the UK Country House market and in Cape Town South Africa for private, corporate and international property buying clients.

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UK Home owners view of house prices at their most positive for five years, latest index shows

Households in the UK perceive that the value of their home rose at the strongest rate in five years in February, according to the latest house price sentiment index from Knight Frank and Markit Economics.

Households in every region also expect the value of their home to rise over the next 12 months at the strongest rate seen since the sentiment index began in February 2009.

It is the eleventh consecutive month that households reported a rise in the value of their property and while Londoners are the most positive about the outlook for house prices, expectations across all regions are picking up.

Some 25.5% of the 1,500 home owners surveyed across the UK said that the value of their home had risen over the last month, up from 8.5% in February last year. Only 4.2% of households said the value of their home had fallen over the last month, the lowest since the index began, giving the HPSI a new record high reading of 60.7.

Any figure under 50 indicates that prices are falling, and the lower the figure, the steeper the decline. Any figure over 50 indicates that prices are rising.

February’s record reading surpasses the previous peak seen in December 2013 and is significantly higher than the 48.4 reading registered in February 2013.

Looking at the results on a regional basis, households in all 11 regions reported that the value of their home had risen in February, with those in London at 68.4, and the South East at 66.9 reporting the strongest growth.

The future HPSI, which measures what households think will happen to the value of their property over the next year, jumped to a new high of 74.9 this month, up from the previous record 72.3 in January. More than a half of respondents said they expected the value of their home to rise in 2014, with only 5.9% anticipating a decline.

Also, households in every region expect the value of their home to rise over the next 12 months, with expectations rising to a record high in six of the 11 regions, led by London at 81.8. Record highs were also reached in the West Midlands at 72.7, the South West at 74.4, the North West at 76.1, the South East at 78.7 and the East of England at 79.6.

Mortgage borrowers are the most confident that prices will rise over the next year at 83.1, followed by those who own their home outright at 77.4. While still positive, those who are renting are expecting more modest price rises at 60.6.

Those aged over 55 expect the biggest increase in the value of their home over the next year at 79.8, followed by those aged 35 to 44 and 44 to 54 both at 76. Those aged 18 to 24 at 67.1 are expecting more moderate price rises.

‘Households in every region of the UK have reported rising values for six months now, underlining the revival we have seen in the UK housing market in terms of activity and prices. The scale of price rises remains polarised however, with households in Wales and Yorkshire reporting much more modest price rises than those elsewhere in the UK. It is also interesting to note that households’ perceptions of price rises in the regions surrounding London are starting to catch up with those in the capital,’ said Gráinne Gilmore, head of UK residential research at Knight Frank.

‘London is also becoming less of an outlier when it comes to future house price expectations. In 2013, the average future HPSI for London was some 10 points above the average for the country, now the margin is closer to seven points. Indeed, house price expectations rose to new record highs in five other regions, including the North West and the West Midlands in February,’ she explained.

‘The recovery in the housing market reflects the increasing economic confidence in the country, which recently resulted in an upgrade to economic growth forecasts, coupled with the assurance that interest rates will remain low until next year at least,’ she added.

According to Tim Moore, senior economist at Markit, households reported the steepest rise in their property values for over five years in February, suggesting that prices have accelerated sharply even before the usual spring bounce this year. Strong house price inflation has also broadened out from London to other UK regions since the start of 2014, especially the South East of England.

‘Despite policymakers appearing increasingly vigilant about rising UK property values, the latest survey indicates no let up in price expectations at street level. February data showed that almost ten times as many UK households anticipate an increase in property values as those that forecast a decline over the year ahead,’ he pointed out.

‘On a regional basis, expectations of house price rises hit survey record highs in London and five other UK regions, with the East of England closest to matching the buoyant trend seen across the capital,’ he added.

Source: Propertywire

Press release ends.

ABOUT NEW FOREST, SANDBANKS, UK COUNTRY HOUSES AND ESTATES PROPERTY SEARCH AGENTS AND PROPERTY BUYING ADVISORS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest property for sale in The New Forest, Sandbanks, the UK Country House market and in Cape Town South Africa for private, corporate and international property buying clients.

TEL: 01425 462 549

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UK prime country property price see highest quarterly rise for three years (Dec 2013)

Prime country house prices in the UK have increased by 3.1% this year and are forecast to increase by 3.5% in 2014, according to the latest analysis report from property firm Knight Frank.

Location and price will have the greatest bearing on growth with homes worth under £2 million and in the South East outperforming the wider market, it says.

The data also shows that the average price of a prime country house in the UK increased by 1.4% in the final quarter of 2013, the biggest quarterly rise in more than three years.

Although price growth is varied across price bands and performance is becoming increasingly dependent on the value of a property. For example, while homes worth under £2 million increased by an average of 1.7% over the last three months, price growth for properties in the higher price brackets has been more muted.

The average value of a home worth between £2 million and £3 million rose by 1%, while the price of properties worth between £3 million and £4 million climbed by 0.4% between October and December.

However, the average price of a home worth between £4 million and £5 million fell by 0.3% over the same time period. But prices of super prime properties worth £5 million plus proved more resilient due to low stock levels increasing by 2% in the fourth quarter of the year.

The report points out that the higher stamp duty charge for £2 million plus properties, introduced at last year’s Budget, remains a key driver behind stronger growth from the lower price brackets, while talk earlier this year about the introduction of a mansion tax for £2 million plus homes has also weighed on buyers’ minds at this end of the market.

Overall demand in the market remains strong with the number of new applicants registering their interest in buying a prime country home over the three months to December 2013 up 16.1% compared to the same period of 2012. Property viewings were up 7.9% over the same period.

Knight Frank says this has led to a rise in the number of prime country house transactions, which were 25% higher in the three months to December compared to the same period last year.

The firm expects further price growth in the prime country market in the coming year, as improved economic conditions, and the improved confidence engendered by Government stimuli feed in. It is forecasting average growth of 3.5% across all the prime country house market in 2014.

However, as has been the case through 2013, location and price will have the greatest bearing on growth and there are likely to be significant variations in prime house prices across the UK.

Knight Frank expects properties in the sub £1 million price band to see the biggest uplift of around 5%. In the £1 million to £2 million price band growth of 4% is forecast for 2014, while for homes worth £2 million plus are likely to see more modest growth of 2%.

Property markets in South East England will also outperform as price growth is boosted by the ripple effect of London prices, and continuing price growth in the towns within easy commuting distance of the capital.

‘2013 has seen the market pick up month on month after a slow and late start. Most confidence has been in the price range up to £1.5 million and we expect this to continue,’ said Rupert Sweeting, head of Knight Frank Country.

He also predicts rises in the £2 million to £5 million sector as buyers come to terms with the stamp duty and possible property tax of some sort. ‘As ever prime property at £5 million plus where it has been near perfect and close to London has attracted international interest. We are confident 2014 will be better than 2013,’ he added.

Source: Propertywire

Press release ends.

ABOUT UK PROPERTY SEARCH AGENTS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest UK homes, country houses, estates, farms, equestrian and waterside properties for retained private, corporate and international property buying clients.

TEL: 01425 462 549

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The Most expensive UK Streets

The most expensive residential streets in England and Wales remain in the Royal Borough of Kensington and Chelsea, according to latest research from Lloyds Bank.

Located in South Kensington, surrounded by fashionable boutiques and with the Victoria and Albert Museum just across the road, Egerton Crescent is the nation’s dearest address for the second year running with an average property price of £7,369,000. Many of these properties are large grade II listed Georgian homes with four to five bedrooms.

Six of the 10 most expensive streets are in the Royal Borough such as Cadogan Square with an average property value of £5,746,000, Prince Consort Road at £5,499,000, Drayton Gardens at £5,234,000 and Eaton Square at £5,042,000.

Outside central London, the capital’s costliest addresses are The Bishops Avenue in Hampstead which has an average property value of £6,203,000 and also the second most expensive in this survey, and Parkside in Merton at £5,212,000 the sixth priciest street.

The most expensive streets away from the London are mainly in the Home Counties and generally in Surrey. Properties on Spicers Field in Oxshott in Surrey have an average price of £3,500,000, the highest outside London. Others include Leys Road also in Oxshott at £3,436,000), and then Icklingham Road at £3,264,000 and Harebell Hill at £3,080,000) both of which are streets in the Surrey village of Cobham.

The nation’s top 50 most expensive addresses are all in southern England. Apart from those in Surrey, others include Loom Lane in the Hertfordshire village of Radlett at £2,586,000, Philippines Shaw in Sevenoaks at £2,499,000, Western Avenue in Poole at £2,427,000) and Nuns Walk in Virginia Waters at £2,345,000.

Outside southern England the most expensive street is Withinlee Road in Macclesfield with an average property price of £1,871,000 and the 48th most expensive in this survey. Withinlee Road is followed by Ridgeway in Charnwood in Leicestershire where the average house price stands at £1,671,000.

Other exclusive addresses include The Thorsway in the Wirral with an average property value of £1,584,000, East Downs Road in Altrincham at £1,361,000, Rutland Drive in Harrogate at £1,152,000, Torkington Road in Wilmslow at £1,143,000 and Graham Park Road in Newcastle at £1,126,000.

‘Unsurprisingly, many of the most expensive residential streets in England and Wales are in the Royal Borough of Kensington and Chelsea with more than half of the 20 most expensive London streets in the borough,’ said Nitesh Patel, economist at Lloyds Bank.

‘Kensington and Chelsea has long had a global appeal and in more recent years the area has attracted many ultra wealthy foreign buyers. Low housing supply also helps support high property values in this area. Across most regions, the most expensive streets are tightly clustered within the same area,’ added Patel.

Eight of the 10 most expensive streets in East Anglia are in Cambridge. Most of these streets are close to the main University area, particularly around the Botanic Gardens, in the CB2 postal district. The most expensive streets are Barrow Road with an average house price of £1,487,000, Mingle Lane at £1,294,000 and Hills Road at £1,019,000.

In the East Midlands the most expensive street is The Ridgeway in Leicester with an average price of £1,671,000. Other expensive streets in the region include Croft Road at £1,001,000 and Valley Road at £815,000, both south of the River Trent in Nottingham, followed by Weston Road in Oakham at £813,000, First Drift in Stamford at £751,000, Belfry Lane in Northampton at £732,000 and Main Street in Loughborough at £724,000.

Six of the 10 most expensive streets in the North East are in Newcastle, particularly in the areas of Gosforth and Ponteland. Graham Park Road is the most expensive with an average price of £1,126,000, followed by Oakfield Road at £781,000 and Edge Hill at £701,000. Other streets include The Square in Sunderland at £652,000 and Leven Bank in Yarm at £631,000.

In the South West most of the dearest addresses are along the south coast with five of the 10 most expensive streets in Poole in Dorset. These include Western Avenue with an average property price of £2,427,000, Brudenell Avenue at £1,844,000 and Chaddesley Glen at £1,489,000. The region’s other top addresses include Restronguet Point in Truro at £1,715,000, Mudeford in Christchurch at £1,569,000, North Road in Bristol at £1,201,000 and Ilsham Marine Drive in Torquay at £1,164,000.

The most expensive streets in the West Midlands are Blue Lake Road in Solihull at £1,039,000 followed by Church Street in Broadway at £1,038,000 and Quarry Park Road in Stourbridge at £921,000. There are two other streets with an average value of over £850,000: Alderbrook Road at £893,000 and Little Aston Park Road at £880,000.

Seven of the 10 most expensive streets in Yorkshire and the Humber are located in the area that makes up what is known at the golden triangle between Harrogate, Wetherby and north Leeds. The region’s most expensive street is Rutland Drive in the spa town of Harrogate at £1,152,000. Other exclusive addresses include Bracken Park at £956,000and Wigton Lane at £942,000 which are both in north Leeds as well as Queens Parade in Harrogate at £881,000, and Spofforth Hill at £695,000. Outside the golden triangle the most expensive street is Whirlow Park Road in Sheffield at £766,000.

The most expensive street in Wales is Gannock Park in Conwy with an average house price of £655,000, followed by Druidstone Road and Lake Road West in Cardiff, both at £636,000, then East Cliff in Swansea at £608,000 and Llantrithyd Road in Cowbridge at £555,000.

Press release ends.

ABOUT UK PROPERTY SEARCH AGENTS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest UK homes, country houses, estates, farms, equestrian and waterside properties for retained private, corporate and international property buying clients.

TEL: 01425 462 549

(from outside of the UK 0044 1425 462 549)

WEBSITE: www.SandsHomeSearch.com

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Rightmove property portal Forecasts 8% Increase In UK House Prices Next Year

Asking prices for a property in the UK could rise by up to 8% next year unless the growing demand is countered by sufficient supply according to a recent Rightmove Press Release in December 2013.

The market needs to redress 2013’s imbalance of 2% rise in new listings versus 13% jump in transactions, the firm said in a monthly report. It also noted that the time-lag between transaction growth and new listing growth has led to a further squeeze on property supply.

Rightmove forecasts that with confidence and mortgage lending at five year highs, property transactions could surge as much as 10% to hit around one million in 2014.

In December, house prices fell 1.9% month-on-month to GBP 241,455. This was the smallest December fall since 2006. This outcome indicates that the housing market recovery is gaining momentum, the report said.

Year-on-year, prices increased 5.4%. Prices in London could rise by another 6% and the South East by up to 10% due to the London ripple effect, Rightmove said.

Rightmove Director and housing market analyst Miles Shipside said that he does not see a housing bubble forming in London due to Help to Buy, the government-backed mortgage guarantee scheme for existing homes.

"Agents report low take-up of phase two of Help to Buy in London and the South East as mortgage repayments for many properties are not affordable for buyers with only a 5% deposit," Shipside said. "It seems to be helping those it was targeted at and those expecting a Help to Buy London bubble have got it very wrong."

The Bank of England last month decided to halt the Funding for Lending (FLS) scheme for household lending as house price growth gathered pace, but said will focus the scheme’s firepower on small businesses.

BoE Governor Mark Carney said last week that he is concerned about potential developments in the housing market.

Press release ends.

ABOUT UK PROPERTY SEARCH AGENTS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest UK homes, country houses, estates, farms, equestrian and waterside properties for retained private, corporate and international property buying clients.

TEL: 01425 462 549

(from outside of the UK 0044 1425 462 549)

WEBSITE: www.SandsHomeSearch.com

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Constantia Uitsig Wine Estate in South Africa For Sale through Sands associate company, VIP International Homes

For Sale : Constantia Uitsig Wine Estate

Luxury Wine Estate with Hotel, Spa, Restaurants & Cricket Oval

One of South Africa’s Iconic Luxury Wine Estates

Constantia Uitsig is a luxury Wine Estate with Award Winning Wines, 3 World-Renowned Restaurants, a 16-roomed Luxury Hotel, Spa, Private Cricket Oval, Wine Shop, Stables and is highly sought after as an Events location. Set on 60.5 hectares of some of the most valuable land throughout Africa.

Applications have been submitted to build 30 luxury homes on a small portion of the property (each home on c. 2,000 sqm plots) and to extend the Hotel to 28 rooms.

A truly unique opportunity to acquire one of South Africa’s iconic Wine Estates.

Key features:

-Iconic South African Wine Estate

-Luxury Hotel

-Spa

-Award Winning Wines

-3 Award Winning Restaurants

-Private Cricket Oval

-Stables

-Wine Shop

-Wine Estate

-Residential Development Potential

Full description:

One of South Africa’s Iconic Luxury Wine Estates

Constantia Uitsig is a luxury Wine Estate with Award Winning Wines, 3 World-Renowned Restaurants, a 16-roomed Luxury Hotel, Spa, Private Cricket Oval, Wine Shop, Stables and is highly sought after as an Events location.

Set on 60.5 hectares of some of the most valuable land throughout Africa.

Applications have been submitted to build 30 luxury homes on a small portion of the property (each home on c. 2,000 sqm plots) and to extend the Hotel to 28 rooms.

A truly unique opportunity to acquire one of South Africa’s iconic Wine Estates.

Luxury Wine Estate with Hotel, Spa, Restaurants & Cricket Oval Constantia Uitsig boasts Award Winning Wines, 3 World-Renowned Restaurants, a 16-roomed Luxury Hotel, Spa, Private Cricket Oval, Wine Shop, Stables and Events.

Constantia Uitsig, known until 1940 as Constantia View, was the home of the Lategan family for five generations. Their ancestors arrived in this country in 1735.

Constantia Uitsig had been a portion of Simon van der Stel’s original grant of Groot Constantia. In 1894 Willem Lategan married Antoinette Bredell of Schoemanshoek, and with her inheritance he built the present homestead of Constantia Uitsig.

Truly one of South Africa’s Iconic Luxury Wine Estates.

Just 20 minutes from the heart of the city, Constantia Uitsig is truly Cape Town’s own Vineyard. The breath-taking rural beauty of a valley, where vineyard rows stretch up the mountainside, is unique in today’s overcrowded world.

Award Winning Wines

“Constantia Uitsig can be so proud of its wines – what a great thing it is to produce a range of wines like yours and for it to be so difficult to decide which one is best.” Michael Olivier 2007

In the spirit of collaboration with its neighbouring wine farms, Constantia Uitsig has embraced the distinct, embossed ‘1685 Constantia South Africa’ wine bottle.

All Constantia Uitsig white wines are screw capped, whilst the red is bottled in natural cork. Constantia Uitsig was one of South Africa’s screw cap closure pioneers, implementing the select use of screw cap as early as 2003.

Constantia Uitsig produces Chardonnay, Sauvignon Blanc, Semillon and Red and White Bordeaux blends- all noble cultivars ideally suited to the climate in the valley.

La Colombe Restaurant

La Colombe, one of Cape Town’s most well-loved and awarded restaurants, achieved an impressive 12th place in the San Pellegrino 50 Best Restaurants of the World Awards 2010. La Colombe has also achieved the highest three star rating in the 2009, 2010 and 2011 issue of the acclaimed Rossouw’s Restaurants guide.

Constantia Uitsig Restaurant

Constantia Uitsig Restaurant is housed in the original Cape Dutch Homestead, offering breath-taking views of the surrounding mountains and vineyards. Under the expert hand of Head Chef Clayton Bell, it has earned international reputation for a stylish, yet relaxed atmosphere and offers widely varied Mediterranean Provencal Cuisine. Since its inception in 1992, Constantia Uitsig Restaurant has consistently featured amongst the top restaurants in South Africa.

River Café Restaurant

River Café has long been a popular social haunt in the Constantia Valley, revered for its sumptuous breakfasts, assortment of freshly baked pastries, cakes and muffins complimented by a café style menu. Two separate indoor dining areas, The Tea Room and The Red Room, extend outwards to a lush, sunny courtyard for laid back alfresco style dining. Using local ingredients and wines sourced from the Constantia Valley, River Café provides the perfect setting for leisurely breakfasts, lunches and afternoon teas.

Constantia Uitsig Hotel

The Constantia Uitsig Hotel is a 16-roomed luxury Hotel set amongst the vineyards in the shadow of Cape Town’s Table Mountain and is located just twenty minutes from Cape Town city centre & the V&A Waterfront.

Constantia Uitsig’s tranquil surroundings, charming service and heartfelt hospitality are enhanced by its splendid location on a working wine estate. The hotel has 16 garden rooms furnished with elegant simplicity and sweeping views of the gardens – a perfect resting place for the most discerning traveller. (Note: A planning application has been submitted to increase the Hotel to 28 rooms)

Constantia Uitsig Spa

In 2007, the Constantia Uitsig Spa opened and contains 6 multipurpose treatment rooms offering clients the tranquil sound of running water, the presence of grand old trees and constantly changing vistas of mountain and vineyards set in the shadow of Table Mountain. The Spa has been featured in Tatlers Guide to the Top Spas in the World 2007. It is the only Spa in South Africa to offer ‘Les Aromes du Vin’, a body treatment based on the aromatic components of fine wines.

Private Cricket Oval

”There is a little corner of Constantia Uitsig where they play cricket…"

The Private Cricket Oval is set amongst the Constantiaberg and several hectares of lush vineyards which define the boundaries, the private cricket oval leaves long-lasting memories. Offering a world class location for outdoor concerts, serious team building, functions, corporate entertainment and a truly dream wedding location (to include a pre or post-wedding cricket match). Retrieving a six may involve something of a grapple with a grape.

The Wine Shop

Situated at the entrance to the Estate, The Wine Shop offers tastings of the Constantia Uitsig Wines 7 days a week. Formal educational wine-tastings are available and expert staff are on hand offering advice on food and wine pairing or the history of the Estate. The Wine Shop also stocks premium brandies, a selection of fine olive oils, kikoys from Tanzania, wine accessories and books about the Cape’s magnificent Winelands.

Stables

The estate currently stables approximately 20 horses for fee paying private owners and third parties. Riders are able to make use of the plethora of available outriding in the neighbouring greenbelts, green surrounding areas and the local forest areas.

Events

There are few places in the world more sought after and desirable to celebrate special occasions than The Constantia Uitsig Estate. Constantia Uitsig is set on over 60 hectares of some of the most valuable land throughout Africa.

About The Constantia Valley

The Constantia Valley comprises some of the most valuable land throughout Africa. The Constantia valley is the cradle of quality wine-making in South Africa. Constantia is linked with the most famous wines ever produced in South Africa. For over two centuries the wines of the valley were sought-after by royal courts and the aristocracy of Europe. Napoleon Bonaparte who was imprisoned by the British on the remote Atlantic island of St Helena, loved the sweet wines of the Constantia valley.

Nature provides the valley with ideal conditions for growing wine grapes… long days of sunlight, cool ocean breezes… plentiful winter rain… and varied soil types…

Constantia Uitsig is one of the 8 wine farms in the Constantia Valley. They are all big in quality and rich in a unique terroir and boast a wine-making history dating back to 1685.

CONSTANTIA UITSIG

One of South Africa’s Iconic Luxury Wine Estates.

A truly unique opportunity to acquire one of South Africa’s iconic Wine Estates.

For Further Information please contact VIP Homes.

Shaun Ascough (Owner/Founder of VIP Homes)

Cell: +27 (0) 71 605 3191

Email: Shaun@VIPhomes.co.za

Murray Tocker (Associate Director of VIP Homes)

Cell: +27 (0) 78 722 7836

Email: Murray@VIPhomes.co.za

Viewings

Viewings are strictly by appointment through the vendors’ agents VIP Homes who can be contacted via Sands Home Search International

Press release ends.

ABOUT UK PROPERTY SEARCH AGENTS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest UK homes, country houses, estates, farms, equestrian and waterside properties for retained private, corporate and international property buying clients.

TEL: 01425 462 549

(from outside of the UK 0044 1425 462 549)

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The number of UK homes valued at more than £1m has risen to 323,684

Survey reveals 1,500 property millionaires created each week and there are now 8,230 ‘million-pound streets’ in Britain, including 930 in London’s wealthiest satellite towns such as Kingston upon Thames.

The number of UK homes valued at more than £1m has soared by nearly a third over the past 12 months. The huge increase in the number of property millionaires – with 1,500 new members joining the exclusive housing club every week – is revealed in a survey released on Friday by the property website Zoopla.

It also shows that the number of "million-pound streets" in Britain, where the average property value is more than £1m, has jumped by nearly a quarter over the past year. There are now 8,230 such streets – including nearly 3,000 in London and another 930 in the capital’s wealthiest satellite towns, such as Kingston upon Thames, Richmond and Harpenden.

The number of homes valued at more than £1m has risen to 323,684 – a 32% increase in the past 12 months. The space taken up by a doormat in Kensington is now worth more than £3,500.

Separate figures from Lloyds TSB show that just four sales of million-pound homes took place in Wales during 2012, and nine in the north-east of England.

The huge concentration of million-pound houses in London and the south-east will fuel concern about what has been dubbed "the Manhattanisation of London" and the widening north-south divide.

In London’s W8 district, which takes in much of Kensington and is home to many celebrities, the average house is now valued at £2.3m. At that price, a standard doormat of 0.24 sq metres (2.58 sq ft) would require a space worth just over £3,500.

Overseas buyers are behind much of the boom in what upmarket estate agents are now referring to as a new mini city-state, PCL – prime central London. In 2012, of 7,000 new-build homes sold in prime central London, more than 5,000 went to overseas buyers, and the estate agency Knight Frank said buyers from just two countries, China and Singapore, bought 40% of them.

But buyers rarely occupy the properties, leaving parts of prime central London empty of residents and any remaining local shops bereft of customers popping out to buy a paper or pint of milk.

The main beneficiary has been the Treasury, which in March last year imposed a 7% stamp duty on home sales above £2m.

The new governor of the Bank of England, Mark Carney, who has his first day in office on Monday, may find that his £250,000 housing allowance fails to stretch far in London’s superheated property market.

Rents in prime central London have soared alongside house prices, so that Carney’s annual allowance is only enough to cover five weeks’ rent for a five-bedroom flat in Knightsbridge currently being marketed by Savills.

The huge rise in property prices has left many young families despairing of ever affording a home. On Thursday, data company Experian said owner-occupation levels in some parts of the south-east were falling dramatically, citing Slough, Brent and Bournemouth as some of the "generation rent" hotspots where younger people were struggling to buy a property. In Slough, owner-occupation levels have fallen by 14% over the past decade.

The government’s controversial Help to Buy scheme is aimed at helping first-time buyers to afford a property, but critics have warned that it will simply spark another price boom. This month Halifax said average house prices in Britain were rising at their fastest pace for two and a half years.

Most expensive streets in the UK

1 Kensington Palace Gardens, London W8, £36,066,148

2 The Boltons, London SW10, £23,375,758

3 Grosvenor Crescent, London SW1X, £19,768,963

4 Courtenay Avenue, London N6, £10,750,336

5 Compton Avenue, London N6, £10,006,014

6 Frognal Way, London NW3, £9,513,716

7 Park Place Villas, London W2, £8,980,477

8 Montrose Place, London SW1X, £8,980,468

9 Cottesmore Gardens, London W8, £8,813,429

10 Palace Green, London W8, £8,644,535

Most expensive towns

1 Virginia Water, Surrey, £1,034,368

2 Cobham, Surrey, £842,806

3 Beaconsfield, Buckinghamshire, £806,459

4 Keston, London, £785,399

5 Esher, Surrey, £774,265

6 Chalfont St Giles, Buckinghamshire, £754,779

7 Richmond, Surrey, £718,229

8 Gerrards Cross, Buckinghamshire, £717,319

9 Radlett, Hertfordshire, £691,211

10 Welwyn, Hertfordshire, £687,558

Most expensive streets outside the south-east

1 Broadway, Altrincham, £2,354,906

2 Western Avenue, Poole, £1,734,122

3 Somerset Road, Birmingham, £1,384,096

4 Leathley Lane, Otley, £1,328,146

5 Fulwith Mill Lane, Harrogate £1,243,388

6 Lyndon Road, Oakham £988,034

Source: zoopla.co.uk (June 2013)

Press release ends.

ABOUT UK PROPERTY SEARCH AGENTS, SANDS HOME SEARCH

Sands Home Search are independent Property Search & Relocation Agents who specialise in finding and acquiring the finest UK homes, country houses, estates, farms, equestrian and waterside properties for retained private, corporate and international property buying clients.

TEL: 01425 462 549

(from outside of the UK 0044 1425 462 549)

WEBSITE: www.SandsHomeSearch.com

CORPORATE VIDEO: www.YouTube.com/User/PropertySearchAgents

Follow us on Facebook: www.FaceBook/pages/UK-Property-Search-Agents-Sands-Home-Search

TAGS: UK, England, Property Search Agent, Relocation Agent, Property Buying Agent, Property Buying Advisor, Relocation Company, Property, Real Estate, Country Houses, Country Homes, Country Estates, Period Property, Equestrian Property, Farms, Waterside Homes, London, Town, City, Village, For Sale, Period Property, Rectories, City, Buying, Selling, Renting, Homes, Houses, Estate Agents, Property Search, House for sale, Property Prices, Property Market, Property Agents

(from outside of the UK 0044 1425 462 549)

Posted in Property Search | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment