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MED LRG
MED LRG
03 Jul 2024
Rural House Hunters Remain Active Despite Election
Galbraith

Leading property consultancy Galbraith reports that the snap election has not dampened buyer activity in the residential and rural property market, bucking the trend seen in previous years.

In most pre-election periods, there would be market hesitancy and prospective buyers would typically delay making a decision. This effect is not in evidence currently, according to Galbraith.

David Corrie, head of residential sales and lettings at Galbraith, said: “We are seeing sustained demand throughout our core markets in Scotland and the north of England.

“The number of active buyers and sellers remains very good – actually slightly above the number actively in the market at this time last year. Usually when there is an election we would see the market stall but that hasn't happened this time around. We are encouraged by the stability in the rural property market and the positive perceptions of most buyers.”

The Galbraith findings correspond with UK-wide data from Rightmove which showed that 95 per cent of people planning to move said that the general election would not cause them to change their plans.

Supply of residential property is good in most parts of Scotland and the north of England, a testament to the positive market conditions.

Galbraith has 441 properties currently on the market, about 23 per cent higher than during the same period last year. Transactions so far this year are already in excess of the figure for 2023 and look likely to better the last 12 months, in which rising interest rates were a factor.

David Corrie continued: “There are a number of factors that affect buyers' willingness to commit to a purchase. Political and financial stability are key and the fact that interest rates, whilst higher than recent years, have remained unchanged over an extended period is hugely reassuring for anyone about to buy a property. As long as inflation remains on target, market sentiment is likely to remain positive.

“Buyers are still price sensitive but market conditions are very much returning to the norms we would expect after a cooling off period in 2022 and 2023 following the exceptional activity of 2020 and 2021.”

Property trends noted by Galbraith in the past quarter include the demand for energy efficient homes, open countryside views, tranquil settings and a manageable amount of land.

One of the most beautiful properties sold by Galbraith this year was Ogle Castle in Northumberland, a Grade I listed country house thought to date back to the 14th century, with a wealth of attractive features inside, including inglenook fireplaces, exposed timber beams and mullioned windows. Outside the property is no less imposing, with five acres of land, charming formal gardens, woodland and paddock plus a versatile carriage house and outbuildings. The property was marketed for a guide price of £1,000,000.

Architect-designed and energy efficient homes have attracted considerable interest in several regions of the country.

In Aberdeenshire, Wellhead attracted a number of competitive offers, due to its innovative design and contemporary style, with light and bright reception rooms and high-spec interior design. The property has triple-glazed windows and is clad in Siberian larch, providing an energy efficiency rating of C, for low running costs. The land holding extends to 26 acres, including gardens, two polytunnels, and 25 acres of grazing land, with potential to create a smallholding.

Also energy-efficient, Tillietudlem in Ross-shire sold well after nine competing offers were submitted. The property is in a beautiful, secluded setting with a backdrop of mature native woodland and views over its own grounds to mixed farmland. Energy-efficient features include a ground source heat pump, solar panels and high levels of insulation. The grounds of just over five acres are managed for wildlife with a wildflower meadow, native hedging, woodland and grazing land.

In the Scottish Borders, equestrian properties have proved the star buys this quarter. One traditional cottage, The Brockhill on the banks of the Ettrick Water went under offer within a few weeks – offering open south facing views, stabling, land and additional paddock.

Similarly, Drygrange Mains Farmhouse, a traditional farmhouse with a paddock, was under offer within five weeks. The property combines good commuter links with a private rural setting and within easy reach of the attractive village of Melrose.

The market in Dumfries and Galloway has proved particularly active in recent weeks, with multiple offers for rural properties in attractive settings, and one property accepting an offer on the first day of marketing.

Galbraith has 13 offices across Scotland and the north of England, providing residential, commercial and rural agency services, building consultancy, farm sales, forestry, estate management and renewable energy advice.

 

-ENDS-

For media enquiries please contact Lorna Gardner at Media House on lorna@mediahouse.co.uk.   

About Galbraith

Galbraith is an independent property consultancy with offices including; Edinburgh, Aberdeen, Ayr, Blagdon, Castle Douglas, Cupar, Hexham, Inverness, Kelso, Penrith, Perth and Stirling, and consultants based in Argyll, Elgin, Stranraer and Galashiels.

The firm provides the full range of property consultancy services across the commercial, residential, rural, natural capital and renewable energy sectors. Galbraith is the largest and leading rural consultancy in Scotland and the North of England managing farm, forestry and woodland, land and estate interests on over 4.5 million acres.

OnTheMarket features thousands of new properties each month, 24 hours or more before they are advertised on other property portals.

To find out more about Galbraith visit www.galbraithgroup.com or follow:

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