FEAR OF A "SLUMP."

Poverty Bay Herald, Volume XXIX, Issue 9431, 15 May 1902, Page 4

FEAR OF A "SLUMP."

EXCESSIVE PRICES FOR CORONA-

TION HOUSES.

GOOD RIVER SEASON IN VIEW,

(Daily Mail, April 3.) There is a.serious prospect of a big "slump" in prices for the letting of London town and suburban houses for the Coronation.

All the big West End house agents are complaining that the business is hanging fire.

"As it was with the street stands in 1897, so it will be with the. letting of houses for the Coronation," said one of the leading agents yesterday, "unless owners of houses get into a more reasonable frame of mind.

"Everyone has been anticipating an immense rush of the wealthy people of all the world to London, and the general tendency has been to ask twice or three times as much as a house would fetch in an ordinary London season."

Inquiries at Messrs Trollope's. in Mount street, confirmed this view. "What is needed," it was said, "is that prices should be reduced now to a reasonable figure, and that pepple should be assured that they will not be fleeced if they seek a town house." "' : A.SUDDEN RISE. An instance of the way prices have been raised this season was given by Messrs. Gillow and Co. A client whose house had been let for the season in former years for £300 wrote that the price- for this season would be £400. But a day or two later came a second letter saying I that, in view of the Coronation "boom," £400 seemed a ridiculously small sum, and that he would accept nothing less than £800. Instances of this kind could be multiplied by the score.

A curious side of the business is that, according to one well-known firm, American house-huliters are not nearly such, satisfactory clients, in spite of American millions, as are Australian or South African visitors.

"The American comes in and tells us he wants a 'real big place,' a sort of Tower of London in a Green Park, and he ends up very often by taking rooms in a hotel or a modest suburban retreat twenty or thirty miles outside of town. The Australian" or South African begins by asking for something modest, and as often as not in the end he goes in for a splendid mansion."

RIVER HOUSES IN DEMAND

In pleasing contrast with the poor business in Coronation lettings in London is the great demand for riverside houses. The demand is greater than it has been for years, and the number of houses to let is smaller than evei\ People who have houses on the river, and who very often let them in the summer, are this year retaining possession in view of the festivities that are likely to take place at Windsor Castle. .

The Dowager-Duchess of Manchester, r for instance, who wished to take a house 'at Windsor, was unable to get nearer than Bray Lodge, Maidenhead, which Messrs. Giddy and Giddy secured for her. Another fine place, Remnantz, at Great Maiiow, has been taken by Sir William Young. Lord Stavordale has secured Bisham Abbey, Lady Rosslyn has rented Ladye Place, Hurley, and the Sultan of Johore will take up his residence at-Amerden Bank, near Taplow.

Two of the pleasantest Windsor residences, Clewermead and Queensmead, have been let respectively to Mr Leon Sutra and Mr Whitbread. The prices

for the best river houses range from £600 to £1200 for three or four months.

Royal Ascot, which this year promises to be more regal than ever, has also proved a great attraction. Most of the Ascot houses were let as early as January last. Ascot Green House, which the King has in former years rented, has been taken by Mrs Arthur Paget.