Warwickshire:

The sale of estates has, I think, been generally postponed since the war began. There is a tendency by auctioneers and the press to write up the demand. If there was any genuine demand desirable properties would change hands privately oftener than they do. I know of miles of frontage close to one of the favourite towns in the Midlands where the owners declared land values for their own protection from increment duty under the Finance (1909-10) Act, 1910, not a plot of which has been enquired about up to the present time.

There are plenty of applicants for farms but substantial men of experience are few and far between. Prices are better all round since the war began, but labour is very scarce, and the cream of the young men are very properly entering the army. The labour question frightens farmers more than anything else.

All financial schemes for assisting capital-less men to buy land are in abeyance now the Government itself cannot borrow (without sinking fund) under .4 per cent; such schemes must have ended in disaster anyhow. County seats are unsaleable. Most estates which have been sold entire in recent years have made from 20 to 25 years’ purchase on the rental with the mansion, shooting, and all the appurtenances included.

The County Councils have, when left alone, have acted prudently and with judgement, but when bustled up by the Government have made purchases which will be regretted later on.

As regard the timber trade, merchants try to buy at slightly increased prices, but will have to give more if sellers keep their heads. There is a genuine demand for oak and larch thinnings for pit props; fine ash timber is very dear and hard to find.

George W Raikes, Ragley Estate.

Banbury Guardian 1915 (from ‘The Estate Gazette’ )