Independent 20170816-readme.ng

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/<strong>Independent</strong>ngr @independentngr www.independent.ng INDEPENDENT WEDNESDAY, AUGUST 16, 2017
Real Estate
‘Amazing Grace' Hymn Old Vicarage Up For Sale
NKASIOBI OLUIKPE
LAGOS
The vicarage (residence
of a Vicar) where the
‘Amazing Grace’ and
world’s most recognizable
songs, were written in
Buckinghamshire, England, is
up for sale.
The Old Vicarage, which has
six bedrooms, outbuildings and a
swimming pool, housed its owner,
John Newton between 1764 and
1780.
John Newton was a former
slave trader who wrote the hymn
after realizing the errors of his
early profession.
The former slave trader and
born-again Christian wrote the
iconic hymn - which has been embraced
by the African American
community - after acknowledging
how despicable his earlier profession
had been.
The Old Vicarage is in the
market town of Olney, and comes
with several outbuildings, including
a workshop and garage.
It sits within walled grounds,
offering a high degree of privacy
and featuring formal lawns edged
by herbaceous borders and an
outdoor swimming pool.
According to Ian Denton, of
Jackson-Stops and Staff, the Old
Vicarage is the ideal home for
buyers wishing to escape the hustle
and bustle of city life, in search
of a lifestyle transformation in a
period country house steeped in
history.
“From the annual duck race
on the River Ouse to the local
market that takes places in the
Market Square every Thursday
and the Olney Pancake Race,
which finishes just outside The
Old Vicarage's gates, there is always
something to enjoy in this
thriving market town.”
Today, the spacious Georgian
The Old Vicarage in Buckinghamshires Olney is for sale
house is flooded with light and
spread across three floors.
It boasts many period features,
including sash windows with
working shutters, as well as dado
rails. However, some of the rooms
need updating.
John Newton used one of the
bedrooms as his study and two
biblical texts that were inscribed
above the fireplace still remain.
Lord Dartmouth built the
main part of the house for the
Reverend John Newton.
It remained in church ownership
until 1986, when it was
acquired by the John Newton
Christian Trust and used as a
Christian Conference Centre until
1991. It was then purchased by
the current owner and returned
to a private residence.
John Newton was born in London
in 1725 and went to sea at the
age of 11, ending up as master of
ship-taking slaves from Africa to
the Caribbean. But he later realised
the error of his ways and
turned his back on seafaring after
turning to God.
He was given the post of curate
at the Church of St Peter and St
Paul in the Buckinghamshire
town of Olney.
It was during this time that
he composed hymns for his
weekly sermon, often with the
help of his neighbour, the poet
William Cowper.
The famous lyrics of Amazing
Grace are: Amazing grace!
How sweet the sound That saved
a wretch like me! I once was lost
but now am found, Was blind,
but now I see. Together they produced
a book of 282 hymns by
Newton and 66 by Cowper.
Some claim that Amazing
Grace was copied from the melody
of a song sung by slaves on
Newton's ships, with Newton
John Newton
inspiring his friend William
Wilberforce MP to successfully
lobby for the abolition of slavery.
The old Vicarage is within
easy walking distance of the
market town of Olney, with nearby
Milton Keynes offering more
extensive shopping and leisure
facilities.
The town has its own sporting
facilities, offering clubs for fans
of tennis, rugby, football, running
and sailing. The family bathroom
features a roll top bath on clawed
feet and a fireplace.
Toronto Housing Market Nosedives, Calls For Economic Diversification
NKASIOBI OLUIKPE
LAGOS
While the real estate sector
has not made any impactful
contribution to most countries
in West Africa and Nigeria
in particular, it has
been the main stay of other
developed economies, such
as Canada.
However, recent report
has it that the Canadian
housing market of recent
has been down, an issue
which Gluskin Sheff ’s
chief economist, David
Rosenberg, referred to as a
good development.
According to Rosenberg,
it will be the first indication
of a much-needed shift
away from leaning solely
on the housing segment
for economic strength in
Canada.
Rosenberg made the remark
in the wake of latest
data released by the Toronto
Real Estate Board, which
showed a dramatic 40.4-percent
year-over-year drop
in GTA (Greater Toronto
Area) residential property
sales in July. Average selling
price last month stood
at $746,218, up by 5 per cent
year-over-year but nearly
19 per cent below April’s
record $920,791.
The situation also saw
some observers predicting
that the development might
prompt a mass exodus
among the thousands of
workers (from agents and
home stagers to construction
workers) that have
entered the sector over the
past few years.
In turn, this could prove
to be the straw that breaks
the camel’s back as the loss
of a large number of skilled
professionals might lead
to even further industry
slowdown—and an eventual
winding down of a national
economy that has grown to
lean heavily upon the housing
segment.
For instance, analysts
disclose that in red-hot Toronto,
the number of real
estate agents has surged
upward to over 48,000 since
2008, representing 77 per
cent growth (compared to a
26.9 per cent growth nationally
in the same period).
“To a lot of people, housing
is a get-rich-quick
scheme. But history shows
when the market turns,
half of the agents leave,”
Toronto real estate agent,
David Fleming, recently
reports.
According to Canada’s
2016 census, which the statistics
agency is releasing
piecemeal this year, supply
of new houses in Toronto
exceeded household demand
by almost 30,000 between
2011 and 2016.
“Between 2011 and 2016,
the number of households
in Toronto rose to 2.14 million,
an addition of about
146,200, according to the
census data, the latest
round of which came out
Wednesday. That compares
to 175,825 new homes built
over that period. In other
words, supply of new houses
exceeded real household demand
by almost 30,000 over
those five years.”
Some of the imbalance between
supply and household
formation over the past five
years is a consequence of the
construction slump during
the last recession. Over the
previous census period —
2006 to 2011 — completions
totaled 160,195, compared
with 188,450 new households.
In other words, supply
almost perfectly matched
natural household demand
over the past 10 years.
The report went on to indicate
that one segment of
the Toronto market where
lack of supply is definitely
a problem is single-detached
homes. These highly-coveted
properties accounted for just
29 per cent of new builds over
the past five years, down from
40 per cent over the 10 years
prior. They’ve also been growing
at a much slower pace than
household formation. The
number of single-detached
homes in Toronto is up about
13 per cent over the past decade,
versus 19 per cent in
the number of households
formed.
It is also reported that almost
half of young adults
in Toronto live with their
parents, the highest ratio
in Canada, according to last
week’s census figures. Pent up
demand from these so-called
basement kids may quickly
emerge to take up any pricing
slack.
Diana Petramala, an economist
at Toronto Dominion
Bank, says the high proportion
of young adults living with
their parents is slowing the formation
of new households.