Continued signs of positivity in the rural property market

13/07/2023
ThePark, Galbraith

REAL signs of positivity remain in the rural property market despite continued rate rises, according to leading property consultants Galbraith. 

David Corrie, head of residential agency at Galbraith, said: “We acknowledge that rate rises can be extremely difficult for many however, they can present an opportunity for savers and those not requiring a loan to purchase a property.”

A recent OnTheMarket* property sentiment report (June 2023) outlined that 40% of rural buyers in Scotland did not require a mortgage to purchase a property in May 2023. This is a trend that Galbraith has witnessed for several years, and which gives the rural market some resilience to economic changes.

David continues: “We have witnessed a spring flush of farms changing hands and rural properties achieving good sales prices. The rural market has now settled back to normality post-covid, after it disproportionately witnessed higher demand. Buyers are releasing income from sales in other parts of the country which is allowing them to make the move to the north of the UK where property in the rural sector historically offers good value for money, proportionally, and a more relaxed outdoor lifestyle.”   

Positive market activity was also reflected in the time it took to sell property from when they were first listed. OnTheMarket reported that in May 2023 67% of property transactions in Scotland were agreed within the shortest time period of 30 days, this is the highest number of transactions in the UK closely followed by the North East at 46%, Yorkshire and the Humberside at 44% and the South West also at 44%.

Buyer and seller confidence was high, as indicted in the OnTheMarket report, with 72% of sellers in Scotland believing they would sell their property within the next three months from May 2023 and 78% of buyers in the same period were sure they would purchase their next property.  

Galbraith has many instances of rural property that have come to the market and received strong interest within days of being launched, best offers being received within a few weeks and sale completion and handover within a few months thereafter. Private sales are also very much still the trend, with some sellers looking to quietly move without public marketing. This supports the ongoing trend that there are cash buyers in the marketplace waiting for the right opportunity.

The Park, Dundrennan, Dumfries and Galloway was sold within 12 weeks of being launched to the open market through Galbraith, at a guide price £400,000. The Park is an attractive spacious and comfortable family home with three reception rooms and four bedrooms. It is beautifully situated in a peaceful edge of village location, looking towards the village over countryside Abbey water and towards the ruins of Dundrennan Abbey. 

The top five most popular wish list searches for property in Scotland, according to data from OnTheMarket’s report, had a rural location in at fifth most popular in April 2023, behind a large garden in forth, parking and a garage in at third and second places respectively and a garden in first place. These results give a clear indication that the outdoors is high on buyers’ priorities.  

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