cambridge property edition april

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Property Edition | April 2014 | 3SIGN UP TO THE EDIT NEWSLETTER AT CAMBSEDITION.CO.UK

WELCOME

his month in Property Edition, we speak to local agents about what they’re witnessing as Cambridge, and its property

market, bursts into life, as well as detailing some of the loveliest new homes to become available. There are lots of people looking, so if you’re thinking about selling, now could be the perfect time.

There are some gorgeous properties currently available, though supply, as anyone in the know will tell you, is always lagging behind demand in our sought-after city.

One that really bowled us over here at Property Edition was the manor house in Hilton, on for a cool £1,495,000. It has six bedrooms, fantastic period features, a heated

pool and beautiful gardens. Time to buy a lottery ticket, I think…

The amount of property programmes on TV is testament to our love of making over and doing up homes, and anyone on the lookout for a renovation project should keep an eye on the one currently for sale on St Barnabas Road. A Victorian family home close to the station and the city centre, it could be something really special. See page 8 for details.

Meanwhile new homes development Aura has introduced a new generation of townhouses, o� ering fl oor-to-ceiling windows, car parking and en-suites to suit the modern city slicker. Details of these, and other similar newfangled homes, are on pages 28-29.

Happy house-hunting!

WELCOME TOPROPERTY EDITION

COVER IMAGEOn the cover this month is a splendid Queen Anne property in Hilton, thought to have once been owned by landscape architect Capability Brown. O� ering glorious grounds, six bedrooms and period features throughout, it's on the market for £1.495 million. Contact Carter Jonas on 01223 368771.www.carterjonas.co.uk

JENNIFER SHELTON, FEATURES EDITOR [email protected] 01223 499463

COVER IMAGE

For commercial enquiries relating to Property Edition, contact Claire McGrath on 01223 499450.

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8 | Property Edition | April 2014 SIGN UP TO THE EDIT NEWSLETTER AT CAMBSEDITION.CO.UK

PROPERTY

PROPERTY NEWSEdition takes a look at the latest happenings in the buzzing local property market

WORDS JENNIFER SHELTON

RENOVATION PROJECTWhoever takes on this handsome period home on St Barnabas Road, Cambridge, has the opportunity of creating something very special indeed. Situated under half a mile from the railway station, o� ering fast, direct links into London, and within walking distance of the historic city centre, the Victorian townhouse is arranged over three fl oors and is in need of complete restoration and modernisation. It has fi ve bedrooms, and many original period features remain intact. Once reawoken, its location and character are likely to make it one of the most desirable addresses in the city.

The guide price is £1 million: contact Bidwells on 01223 841842.www.bidwells.co.uk

TO THE MANOR BORN O� ering a slice of village luxury, this striking house in Hilton near Huntingdon has come to the market through Carter Jonas. The Manor House is Grade II listed and occupies an idyllic location overlooking the village green, and set within its own fantastic grounds. The accommodation is arranged over three levels and includes six bedrooms, three smart reception rooms with original sash windows, high ceilings and feature fi replaces, a beautiful AGA kitchen and large conservatory. A hidden gem is the heated outdoor swimming pool, while a listed brick barn and four-bay car lodge are also included.

A guide price of £1,495,000 is invited for this delightful home. Contact 01223 368771.www.carterjonas.co.uk

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COUNTRY RETREATLocated within Hertfordshire countryside, this detached period house is set within six acres of land in Nuthampstead, near Royston. As well as a tranquil, picturesque location, the property o� ers stables, an outdoor ménage and paddock, plus a detached annexe. The main house dates from 1840 and has been sympathetically updated by the present owners. It includes four bedrooms (one en-suite), three reception rooms and a family kitchen, with planning permission to convert the second fl oor to provide additional bedrooms.

Nearby Royston o� ers fast trains to London and Cambridge, with Stansted Airport just 20 miles away.

O� ers over £1.4 million are invited. Contact Savills on 01279 756800.www.savills.co.uk

RENEWED CONFIDENCE IN SPRING MARKETThe latest Strutt & Parker data shows a 20 per cent increase in prospective buyers registering with the company during January 2014 compared with the same period last year, the highest level since 2009. This is great news for those thinking of selling their home, with stock also reaching its highest level in fi ve years.

Cameron Ewer of Strutt & Parker’s Cambridge o� ce explains: “These latest fi gures are a clear example of renewed strength in 2014’s property market. Confi dence from buyers as well as sellers has signifi cantly increased transaction fi gures and registered interest on a regional and national level.”

Strutt & Parker also reports that the number of o� ers received on for sale properties in the UK was up an astonishing 41 per cent over the same period last year showing that, not only are more people thinking of moving, but they are buying too. This comes as British house prices displayed their biggest rise in three months in January 2014.

Cameron adds: “The market conditions for sellers are more favourable than ever. In the last quarter of 2013, there has defi nitely been an uplift in the number of committed buyers – those who have waited out the uncertainty of 2013 and are now looking to buy in the next four to fi ve months before the end of summer.”

A resurgence in market activity has been stimulated by government-backed lending schemes like Help to Buy, rippling out to the mid and upper ends of the marketplace. Strutt & Parker data indicates a 35 per cent increase in applicants for homes over £2 million in January 2014 compared with the same period last year. This is great news for estate owners and a clear indication that market confi dence has fi ltered through to the upper quartile.

“The most popular homes for young couples and families continue to be those in city centres, with fl exible living accommodation such as annexes, as well as ready-to-move-in homes with fully modernised kitchens and bathrooms. Downsizers have also dominated the market in recent months, often looking for village locations that o� er good transport links. Land will continue to be a key issue for the national market with many seeing investment opportunities in land more valuable than gold.”

Moving into spring, it is hoped the supply of properties for sale will seasonally increase, and 2014’s predicted to be one of the busiest years for the housing market since 2008. www.struttandparker.com

IDEAL FOR: DOWNSIZERSHAVERHILL ROAD, HORSEHEATHPeriod features, a village location and a small enclosed garden are some of the attractions of this lovely mid-terrace property in Horseheath. On the market for £215,000, it comes with two bedrooms, a large living room, modern kitchen, breakfast room and an en-suite bathroom. Timber doors, exposed beams and stripped wooden fl oorboards give this property great character.

For more information or to view, contact SAB on 01223 352170.www.sab.co.uk

IDEAL FOR:



PROPERTY

IS YOUR PROJECT A ‘PERMITTED DEVELOPMENT’?If you want to make any substantial changes to your house, traditionally you’d have to apply for planning permission – and probably jump through a lot of hoops before it was obtained. It can be a minimum eight-week process, which is also expensive. But changes to the planning laws are making things easier for homeowners wanting to add more space, explain Saffron Walden based architects KMP.

Planning consent exists, in the main part, to protect the character of heritage buildings, conservation areas and to ensure new structures don’t interfere with or offend neighbouring properties. But equally it can be a huge headache for anyone wanting to build something tasteful and discreet.

“Planning officers look at applications and make a recommendation to pass it or refuse it,” says John. “As such, traditionally planners are seen as people who just get in the way and don’t want to approve anything. Which really isn’t the case; their job is to protect the environment, neighbours etc.”

But an increasing number of applications, perhaps as more people opt to improve rather than move, has led to a relaxation of the laws around some minor domestic projects. “Planners were getting swamped,” says John, “which meant everything was building up and taking a long time to process. So the planning laws have changed in an effort to reduce the volume of applications coming through, which will allow planners to concentrate on larger developments.”

What this also means is that householders, so long as their property isn’t listed, have more freedom to adapt their homes to suit their lifestyles. You might now find that what you want to do is classed as a Permitted Development, as John explains: “Depending on what you’re planning to do, if it falls within certain criteria, you will not need planning permission, so you won’t have to go through the whole protracted process. This means you can do a bit more than you used to be able to, without consulting the planners.

“That’s not to say you can do exactly what you want, but it has made it easier for some. You can build on a large percentage of your garden, you can put up buildings, as long as they’re a certain height, and conservatories generally fall within this category too. There are huge things that you can do under Permitted Development that people wouldn’t even imagine. So have a chat with your architect, you may be surprised,” John explains.

He concludes: “Most people don’t know this, as it’s not been widely advertised, but people do need to be made aware. Many people are put off making extensions as they think it’ll be a hassle. But go and discuss your project with your architect and you may find you can proceed more easily than you’d thought.”

For more information, contact KMP in Saffron Walden on 01799 521734.www.kmpractice.co.uk

IS THE HIGHEST BIDDER BEST?Gavin Human of Fine & Country Cambridgetells us more

It’s natural to want the best possible price when your property goes to market. The question is whether this is the most important aspect of a sale. A more important consideration may be to find the best possible buyer at the best possible price.

It’s not unheard of for a property to be snapped up quickly, at a price both seller and buyer are happy with, only to stall – the buyer turns uncommunicative; there’s not been the instruction for a surveyor to carry out a valuation on behalf of the bank; your agent can’t get hold of the buyer. Mortgage rates are low, enticing first-time buyers to get a foot on the ladder, but they can trigger red-tape migraines. Does this mean that the cash buyer is king? Well, yes and no.

For a seller, an all-cash buyer can be a dream, far away from bank loans, the whims of appraisers and any kind of chain. The latest data for the UK property market is showing an increase in the proportion of housebuyers using cash – almost a third of all property purchases in the first half of 2013.

Position is also important: how quickly can the buyer move and how keen are they to push the sale through? A cash buyer is in a promising position to move quickly forward in a hassle-free sale.

This doesn’t mean a buyer with a mortgage will always come in second place. The truth is that someone buying a home with credit may still compete against a cash buyer. If a buyer with a mortgage has a significant down payment, secure employment and good credit, their offer may be just as secure. A buyer with a loan may be able to provide a pre-approval letter from their lender, making their offer equally viable.

In the end, it’s more important that the sale goes through, so give some consideration to the buyer’s financial situation before you accept the highest bid. Cash may be king, but the queen may be more reliable. Just don’t be taken in by the buyer waving the highest bid – they may be the least promising candidate in closing the sale.www.fineandcountry.com

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PROPERTY

PROPERTY: THE INDEPENDENT WAY

Everyone wants to know that they’re in safe hands when moving house; it’s one of the biggest decisions we’re ever likely to make, after all. As such, an estate agent who is experienced, approachable and knows the local market is a necessity. Saint Andrew’s Bureau (SAB) stands brightly at the top of Mill Road, o� ering a friendly yet professional service covering sales, lettings, estate management and investment.

John Lorimer, born and raised in Cambridge, heads up the sales team. He says: “We’re very proud of our levels of customer service and commitment to each job. We take each one on its merits: every job is individual. We make sure to listen carefully to what the client needs and expects, and then put that into practice and make what they want to do possible. It’s the personal touch and the attention to detail that we hope sets us apart from others.”

SAB was established in Cambridge in 1959, and between them the directors and partners have a wealth of local knowledge and over 100 years of experience in selling property. “Experience and local knowledge is so important,” says John. “There’s never a dull day,” he adds, “and

there are always challenges, but that's what I enjoy about it; no day is ever the same.”

Cambridge is often topping lists of the most desirable places to live in the country, never more so than today, meaning the property market is one of the more robust.

John explains: “The Cambridge market is very buoyant and heavily driven by a lack of supply and a lot of demand. There’s still good growth in Cambridge though, with technology, links to London and good schooling. But it’s also such a unique, beautiful city and a great place to live. Good architecture, beautiful countryside, good pubs and restaurants… it’s got everything you want.”

There’s something of the Mill Road spirit about SAB’s welcoming period o� ces, personable manner and love of Cambridge.

“We are a truly independent, respected, family-owned business,” says John. “We appreciate every job, and we know that we wouldn’t be in business if people didn’t phone us up and ask for our help. Ultimately, helping people is what we’re here to do.”

SAB also has o� ces in Longstanton, Royston, Hertford and London. Contact them in Cambridge on 01223 352170.www.sab.co.uk



PROPERTY

CARTER JONAS SHORTLISTED FOR LETTINGS AWARDNever mind the BAFTAs, Carter Jonas has been shortlisted for the ESTAS, industry awards recognising outstanding customer service to clients.

Carter Jonas is one of just ten residential lettings agents in the eastern region to go up for this, the biggest estate and lettings agent award in the UK. Agents have been shortlisted in 18 regions around the country, and the regional and national winners will be announced by TV property expert Phil Spencer at the 11th annual ESTAS ceremony, to be held at the Hilton Park Lane, London, on 9 May.

Speaking about the ESTAS, Phil Spencer said: “I think these awards help us all to focus on customer service for the greater good of our own businesses, as well as the wider industry. We must all drive standards higher, raising the bar in terms of the quality of advice we o� er and the level of customer care we deliver.”

In congratulating those agents shortlisted this year, Alex Chesterman, founder and CEO of the awards’ headline sponsor Zoopla Property Group, said: “This is our fi fth year of sponsoring the ESTAS and we are delighted to be supporting this key industry event once again.

“The ability to collect and act on customer feedback is essential to the success of any business and rewarding those who provide the best service in the industry – as these awards do – is perfectly aligned with our business.”www.carterjonas.co.uk

Research carried out recently has found that the chattiest streets are the happiest streets. While small talk with the neighbours might not come naturally to everyone – indeed, many of us don’t even know who lives either side of us – most people said it makes them feel happier.

The study, carried out by Lottery funded initiative The Big Lunch – the UK’s annual get-together for neighbours, found that 60 per cent make small talk with their neighbours and 52 per cent even go out of their way to start a conversation with a neighbour. Seven in ten of those who do make small talk claim that a simple conversation with a neighbour makes them feel more in touch with the rest of their own community.

Small talk comes more easily to the older generation – perhaps unsurprisingly – with 72 per cent of over 55s saying it comes naturally compared to just 35 per cent of under 35s. Of the under 25s spoken to, 20 per cent say that they do not talk at all with their neighbours.

Clinical psychologist Tanya Byron said: “It is very easy to trivialise ‘small talk’ as tedious and time-wasting, but in fact taking the time to have meaningful but minimal interactions is very important. These are the conversations that have meaning and benefi t our immediate community and wider society. They are free, take no time and are impactful. These moments are humanising and are an important acknowledgement of the individual. In taking the trouble to talk to your neighbour you may also be helping to reduce their sense of loneliness.”

When it comes to the motivation behind small talk, one third of respondents said they wanted to talk about something that happened locally, while only one in eight used small talk as a means to an end, for example asking their neighbour for a favour.

Researchers found that weather is the most popular subject when starting a conversation, followed by holidays and enquiring about a person’s well-being. Children, local events or the opportunity to gossip are also among the go-to themes when making small talk.

TOP TEN SMALL TALK SUBJECTS1. Weather2. Holidays3. Enquiring about well-being4. Your/their children5. Local events happening in the community6. Gossip or news about another neighbour7. Work8. National news/current a� airs9. Tra� c10. Crime levels in the area

WHAT MAKES GOOD NEIGHBOURS?


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PROPERTY

Train station? Close to Cambridge? Shops and schools? � e Shelfords tick all the boxes and their popularity just keeps on growing – and it’s not hard to see why

WORDS & IMAGES JENNIFER SHELTON

ust south of the city boundary, picturesque Great Shelford is one of Cambridge’s larger surrounding villages. Together

with Little Shelford, situated just over the river, it is a consistently popular spot for house-hunters looking to be near the city yet part of a village community.

Made up largely of pretty cottages and older properties, with a population of around 4,000, it’s just four miles from the city centre – a defi nite draw, says Stuart Harris of Carter Jonas. “It gives good access to Cambridge – you can even

do it on a bike, as there are some good cycleways now. It’s also on the side of the city that’s preferred by a lot of people for many reasons,” says Stuart, citing the close proximity of some of the city’s top schools (St Faith’s, The Perse, The Leys and St Mary’s) and Addenbrooke’s hospital amongst those reasons. “There’s also a bit more space; it’s not quite as densely populated as other areas nearby.”

Great Shelford railway station, which o� ers regular services to Cambridge and London Liverpool Street, is another attractive prospect for many.

“For anyone with any degree of London bias in their lives, they’ll fi nd it quite easy with the train station here, and being on the southern side of Cambridge.

“But it’s still a village, with a village community, so you get the best of both worlds. There are lots of shops, pubs, doctors’ surgeries and that kind of thing. Everything really that a small town would have,” Stuart says.

The Shelfords are also a popular foodie destination, with the Shelford Deli in particular o� ering a wide selection of wonderful produce. It was listed as one of

J

THE SHELFORDS

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PROPERTY

WHAT CAN I GET FOR MY MONEY?The Independent’s 50 Best Delicatessens in Britain, and you’ll fi nd its café and garden regularly fi lled from brunch to afternoon tea time. Meanwhile the Barker Bros Butchers, a family-run establishment which has been trading since way back in 1843, supplies the village with its own hams, bacon and award-winning sausages.

Great Shelford has two traditional pubs: The Plough, serving real ales, fi ne wines and home-cooked food; and the Square and Compasses, with its cosy low ceilings and down-to-earth vibe. Zara, set within a characterful old railway building, serves top notch Indian cuisine – see this month’s restaurant review on page 83. Over in Little Shelford, The Navigator is an attractive, authentic Thai restaurant (its sister restaurant, The Three Horseshoes, is just up the road in Harston). And, to get your body and soul back in harmony, there’s always Camyoga, which has studios in Mill Court.

Residents also have the benefi t of the village’s weekly country market and monthly farmers’ market, meanwhile local fare is celebrated each year at The Shelford Feast, held in July. Originating in medieval times (Shelford was traditionally a farming village), the feast stopped in 1938 ahead of the Second World War but was revived with great success in 1995 and has been a highlight of the local calendar ever since. This year’s feast takes place 7-13 July – details can be found online at www.shelfordfeast.co.uk.

Taking all this into account, Shelford has established a genteel reputation as one of Cambridge’s more a� uent addresses. Residents of note, past and present, have included children’s novelist Philippa Pearce (her delightful story, Tom’s Midnight Garden, was inspired by the Mill House, where she grew up), Tom Sharpe and Sir Peter Hall. However its popularity means prices are kept relatively high, and house-hunters need to be quick o� the mark if they spot a place they like, with some properties with the right credentials going for over and above the guide price.

“We fi nd that a lot of people identify the Shelfords as a place they’d like to be. But there’s not always a direct relation between the types of properties you tend to fi nd, and what people might be looking for. That is a particular problem for Cambridge universally,” says Stuart.

“Some addresses in Shelford are very sought-after, like Woodlands Road, where the prices are not far short of Cambridge prices. But really the whole village isn’t very far behind Cambridge in terms of prices.”

CHURCH STREET, GREAT SHELFORDThe Old Vicarage in Great Shelford is on the market with Savills for a cool £2,300,000. For this you’ll get elegant period accommodation including seven bedrooms, attractive gardens with former stables, ample parking and a pretty village location. Contact 01223 957029 for details on this stunning property.■ www.savills.co.uk

POPLAR CLOSE, GREAT SHELFORD A two-bedroom bungalow has recently come onto the market with local agents Sharman Quinney. The property, which needs some modernising inside, occupies a quiet cul-de-sac location, within walking distance of the train station and local amenities. There is a small garden to the front, a garage and parking, plus a lovely large garden, laid to lawn, at the back of the property.

It is on the market for £245,000 – contact 01223 844760 for details.■ www.sharmanquinney.co.uk

CAMBRIDGE ROAD, GREAT SHELFORDO� ers in the region of £550,000 are invited for this detached family home. Positioned close to the station, the property is deceptively spacious within and includes a large living room, kitchen/dining room, four bedrooms, a bathroom and two en-suite shower rooms. The property is set back from the road behind a driveway, and the large rear garden is a particular feature. Contact TuckerGardner on 01223 845240.■ www.tuckergardner.com

£245,000

£2,300,000

£550,000

UNDER OFFER

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PROPERTY


hile the time taken from viewing your new home to moving in is normally measured in weeks, your

planning should start months earlier – if not longer. The key is to start early. They say it takes ten years to achieve anything worthwhile. While more normally applied to acquiring a completely new skill – like learning a musical instrument – it’s a maxim that fi rst-time buyers would also do well to bear in mind.

With interest in property in our area at a peak, � rst-time buyers need to be highly organised in the face of � erce competition to secure the keys to their own front door

LEARN TO LOVE PAPERWORK It’s time to acquire a love of fi ling. At some point, you’re going to need to demonstrate to a mortgage lender what a fi ne, upstanding citizen you are, and you’ll require documentation to prove it. You’ll need to be able to lay your hands on your passport or driving licence as well as a recent utility bill so you can prove your identity. Keep hold of payslips, P60s,

bank statements and credit agreements. And if you’re self-employed and receive paper SA302 forms, which record your tax calculation, hang on to them, or have accounts to hand if you don’t, says David Hollingworth, head of communications at London & Country Mortgages.

Know what you’ve got coming in (income) and try to work out how it slips through your fi ngers (outgoings). If you are already renting (as many fi rst-time buyers in our area will be) you will, hopefully, be

FIRST-TIME BUYING

WORDS CHARLOTTE PHILLIPS

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PROPERTY


More parents than ever before are stepping into thefi nancial breach, helping two thirds of fi rst-time buyers,aged between 25 and 36, to buy their homes

a model tenant who pays on time every month, something mortgage lenders will appreciate. If you’re not, try to improve. Similarly, ensure that you keep on top of any money you owe. “Plan a little bit ahead,” agrees Cameron Ewer, a partner at Strutt and Parker. “The more organised you are, the better the chances.”

CULTIVATE A SAVINGS HABITWhile a mortgage will take care of the vast majority of the money you’ll need to buy your home, lenders will also insist that you put down a cash deposit. In the Cambridge area, that can amount to a chunky sum.

“In Cambridge, you’re talking about a price of over £300,000 or £350,000 which means a lot of money to come up with for a deposit,” says David Bentley, a partner at Bidwells. “If you’re coming out of education already with a debt to pay o� , you’ve then got to challenge yourself to raise £20,000 or £30,000. That’s a fairly big ask.”

As Cameron Ewer points out, some fi rst-time buyers will fi nd it easier than others, particularly those who have previously rented. “At the end of the day, pay is reasonable and you can still save. It’s not way beyond everyone’s means.”

Putting something aside on a regular basis will help ease the pain. While current savings rates aren’t great, a cash ISA, which currently allows you to put aside £5670 (rising to £5940 in 2014/2015) is at least tax free, though check the interest rate you’re o� ered as well. While Stuart Harris, a partner at Carter Jonas, can’t be absolutely certain, he thinks he started putting money aside for his fi rst home almost as soon as he’d fi nished studying and started working. “Saving up for a deposit can take years, of course,” Stuart says. “It’s a while ago that I did but I suppose it probably was after university.”

DON’T FORGET MOTHER’S DAY However determined and conscientious you are, it may not be enough, especially as the amount you need to save today is far higher than it used to be. According to one report, deposits accounted for 12 per cent of the average annual income 30 years ago. Today, that fi gure has risen to over 80 per cent. As a result, more parents than ever before are stepping into the fi nancial breach, helping two thirds of fi rst-time buyers, aged between 25 and 36, to buy

their homes, according to a survey by a UK bank. In addition to giving children the warm glow that comes from doing the right thing, being good to the so-called Bank of Mum and Dad could also boost your chances of being amongst them. And in cases where parents are short of a bob or two, grandparents, too, are increasingly being asked to step into the breach – and coming up trumps.

“I think all of us who are parents are going to have to start thinking about how we help our children,” agrees Stuart Harris.

GET GOVERNMENT HELPIf your nearest and dearest can’t or won’t help you out, the government may. Financial assistance comes courtesy of the Help to Buy scheme which was introduced last year.

With state-backed equity loans, you can borrow up to 20 per cent of the cost of a new-build home, and don’t pay loan fees on this for the fi rst fi ve years you own it. You contribute a fi ve per cent cash deposit

STEP TWO

STEP THREESTEP FOUR


PROPERTY


Just because your fi nancial rating is good doesn’t mean it will stay that way on its own. These days, your creditworthiness can be instantly checked

and take out a loan for the remaining 75 per cent. The government has also introduced a mortgage guarantee scheme which applies to a wider range of houses and works the same way as a normal mortgage, except that the government will guarantee your loan. This benefi ts lenders because it reduces their risk of losing money and means that they can o� er homebuyers higher loan to value mortgages.

Not everyone believes the scheme is a good idea. PricedOut, a campaigning group that represents frustrated would-be fi rst-time buyers, claims that it has pushed up house prices so much that 250,000 would-be houseowners are now unable to buy their homes.

Plenty of property experts, however, say would-be property owners have benefi ted from the move. “As always, it comes down to a� ordability and people raising deposits,” explains David Bentley, a partner at Bidwells. “Help to Buy has certainly sprung a lot more fi rst time buyers into the marketplace, which has assisted.”

The biggest group to benefi t are young professionals, David believes. “They’ve been earning for a few years but are struggling to get the deposit. Help to Buy has helped add to the impetus and boosted a lot of the new sites in and around the region.”

SCRUB UP YOUR CREDIT RATING The old saying is that bank managers will only lend you an umbrella while the sun is shining. Similarly, fi rst-time buyers have to demonstrate squeaky clean success with money management before mortgage fi rms will let them borrow any more.

Just because your fi nancial rating is good doesn’t mean it will stay that way on its own. These days, your creditworthiness can be instantly checked. It will show up all your fi nancial commitments, from car loans to outstanding credit card balances

and score you on the basis of how much you owe, and how good you are at paying o� your debts. Mortgages lenders may well check it more than once. So beware if you fi nd your ideal property and decide to splash out on furniture, using a hire purchase agreement to pay for it. It may prove far more costly than you imagine, says Toby Greenhow, director of residential development sales at Savills.

“We’ve heard anecdotal stories of buyers who have had their mortgage agreed in principle then went o� to buy a three-piece suite and a television and took on various credit agreements, only to fi nd that their lender subsequently did another credit check on them prior to issuing the fi nal mortgage o� er – and they no longer met the criteria.”

Similarly, while it is tempting to prove to a homeowner just how serious your intentions are by waving a provisional

agreement from a mortgage lender at them, it’s worth bearing in mind that even this can lead to your credit rating being downgraded.

KEEP AN EYE ON HIDDEN COSTS In addition to saving for your deposit, many fi rst-time buyers will also have to fi nd the money for stamp duty (formally stamp duty land tax or SDLT). You cannot add this cost to your mortgage loan. “It needs to come out of your savings, not your borrowed money,” says Stuart Harris.

So it’s worth mentally adding one per cent to the asking price of any property costing between £125,000 and £250,000, three per cent for those costing £250,000 to £500,000, four per cent if between £500,000 and £1 million, fi ve per cent on properties between £1 million and £2 million and seven per cent for individuals (and more for corporations) for properties costing over £2 million. And if you end up paying more than the asking price for a property, don’t forget that stamp duty will rise correspondingly.

IN THE NEXT INSTALMENTWhich property? A look at when to take the plunge – and when to draw back from the edge.

How to shop around for your mortgage and what to look for.When to call in the experts: appointing a surveyor and solicitor.

Life after completion: managing on a budget/possibility of interest rate rises.

STEP FIVE

STEP SIX


CE ADS.indd 1 21/03/2014 17:26

PROPERTY


BOOMTOWN BULLETIN

WORDS JENNIFER SHELTON

All the latest from Cambridge’s new property developments

The fi rst of a collection of townhouses has been unveiled at popular new homes development Aura on Long Road, Cambridge. Potential buyers will be able to tour the stylish show homes, occupying one of the most prestigious addresses in Cambridge.

Tony Travers, managing director of the New Homes and Communities Division of Countryside Properties, says: “Following the resounding success of our iconic apartment building at Aura, which sold within a few weeks, this collection of exceptional three- and four-bedroom houses will appeal to buyers looking for a contemporary family home. Unique within the Cambridge market, Aura is fl anked by two mature woodland areas and every home at Aura has been designed to make the most of natural daylight and been carefully positioned to create a varied skyline.”

The Silverstein is arranged over four fl oors and provides a fi ne example of one of the four-bedroom townhouses now available. A spacious open-plan living/dining/kitchen area and cloakroom occupy the whole of the fi rst fl oor; on the second fl oor are bedrooms two, three and four plus a luxurious family bathroom. The ground fl oor provides a useful, extensive storage and utility area, as well as an integral gated car port with space for two cars.

The piece de resistance can be found on the top fl oor which boasts a fantastic master bedroom suite with en-suite shower room, fi tted wardrobes and a private terrace that runs the width of the property.

Aura comprises 229 apartments and houses of all shapes and sizes, which all have access to the facilities of Great Kneighton. Set in a parkland location, the area is set to benefi t from an extensive range of proposed new amenities including shops, community facilities, a 120-acre country park and new schools. Several of the most sought-after private schools are also located close by. Residents are also within easy reach of the city centre, Addenbrooke’s hospital and Cambridge train station.

Guide prices for the houses start from £695,000, up to in excess of £2 million. www.auracambridge.co.uk

GLORIOUS MUD!

AURA UNVEILS NEW TOWNHOUSES

Artists Nina Pope and Karen Guthrie need help to create an ambitious public artwork – entirely out of mud!

Tomorrow, Today will be an enormous walk-through scale model of the paths and buildings that will form part of the new community at the North West Cambridge Development. The model will be entirely constructed using cob (mud and straw) and will be around 75 metres long. Cob is an ancient, sustainable and increasingly popular building technique – used recently on Grand Designs, which featured a home built entirely from cob in Cornwall.

The idea emerged from the artists’ year-long residency with the Cambridge University Archaeology Department and will reuse the earth dug from the recent archaeological excavations.

Construction of the scale model will start in late April and there are plenty of opportunities for people to participate, learn and practise cob construction skills themselves.

Says Nina: “It’s been fascinating to observe and take part in the North West Cambridge archaeological digs. We hope this project will bring people together to consider the future of the North West Cambridge Development as they work together.” For more information visit the website.www.nwcambridgeart.com

PE04_028-029 (BOOMTOWN)hb.indd 28 21/03/2014 14:25

PROPERTY


HOMES FOR ALL AT MILLBROOK MEADOWSHouse-hunters are being o� ered their fi rst chance to reserve a new property in Gamlingay this weekend, and they could be moving in along with some charming feathered friends.

Kier Homes’ Millbrook Meadows development comprises two-, three- and four-bedroom new homes priced from just £169,995. Each one will come with an unusual addition to the garden in the form of a bespoke bird box.

Apprentices from Kier Homes have been hard at work building bird boxes with a goal of attracting blue tits, robins, sparrows and other garden birds to take up residence at the picturesque village location, in the hope of creating a real ‘lived-in’ homely feel to the development.

Millbrook Meadows has been designed to perfectly complement the countryside setting and each home has been built and fi nished to the highest specifi cation.

Councillor Sarah Groom, chair of Gamlingay Parish Council, said: “We welcome the provision of these quality new homes to Gamlingay. The healthy future of our village relies on young people bringing up their families here.”

Amanda Edmunds, regional sales manager for Kier Homes, added: “It is really exciting to be launching this beautiful collection of homes as we’ve received considerable interest since work began on-site last year. The team are looking forward to helping buyers secure their dream property.” For more information visit the website.www.kierhomes.co.uk

PRIMROSE LANENew homes at Primrose Lane, Impington, have proved such a hit with house-hunters that only the fi nal few are still available to buy. The two remaining properties are stylish fi ve-bedroom family homes priced at £559,995-£599,995.

All homes benefi t from modern interiors ideally suited to family life, and are set close to the centre of this thriving village community, with good access to Cambridge and the A14. Infant, junior and senior schooling is provided nearby, including at sixth form level with Impington Village College close by.

For more information call 01223 235100 or go online.www.bellway.co.uk

PE04_028-029 (BOOMTOWN)hb.indd 29 21/03/2014 14:25

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