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LAND AND HOUSING
exchanges are normally negotiated on a foot-for-foot basis for building land surrendered, and a five feet for two feet basis for the agricultural land surrendered, with a premium payable equal to the difference in value between the land surrendered and that re-granted. This system has proved acceptable to landowners and has been further eased by the issue of letters entitling any landowner who voluntarily surrenders land at the time when it is required for a public purpose to a future grant of land when this becomes available. The current depression in the real estate market and general tightness of credit have, however, placed some strain on the system, but it is hoped that the position will improve when demand for building land catches up with supply and investors regain confidence.
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LAND SALES
There can be no doubt that the most important factor affecting the property market during 1965 was the tightness of credit facilities which persisted throughout the year. Purchasers found greater difficulties in obtaining mortgages and building finance, and con- sequently the demand for Crown land offered for sale by public auction was reduced. As a result, it was considered advisable to review the policy which had been adopted in the urban area over the last few years of offering land for sale by public auction in accordance with a pre-announced programme. It was decided, in view of the lack of demand for residential lots and the temporary shortage of industrial lots, that no programme of urban land sales should be published for the third quarter of the year and a press announcement was made to this effect. A programme of sales was published for the fourth quarter, but was restricted for the most part to industrial land which had again become available, although a few sites available for development by the erection of residential-commercial buildings were included. For the time being, land for purely residential development was to be offered for sale by auction only in the event of an application being made.
The difficulties of financing development also resulted in fewer applications being received for the grant of modifications of leases and the re-grant of expiring 75-year (non-renewable) leases.
On 1st March 1965, the final date for tenders in respect of two parcels of land which formed the Naval Dockyard, it was found