In the face of continued rate hikes, property consultants Galbraith reports enduring positivity in the rural property market.
David Corrie, head of residential agency at Galbraith, spoke about this resilience, saying: “We recognise that rate increases can be challenging for many people. However, they also present unique opportunities for savers and those who can purchase properties without needing a loan.”
According to the property sentiment report from OnTheMarket in June 2023, 40% of rural property buyers in Scotland managed to purchase their homes without the need for a mortgage in May 2023. “This trend isn’t new, we at Galbraith have noticed this for several years. It seems the rural market has a certain resilience to economic fluctuations,” Corrie added.
Commenting on recent market activities, Corrie said: “We’ve seen a surge in farm sales and rural properties achieving robust prices this spring. The rural market has returned to normalcy after experiencing a surge in demand in the Covid-19 aftermath. Buyers are cashing in from sales in other areas of the country, making it possible for them to move to northern regions of the UK, where rural properties offer excellent value for money and a chance for a more relaxed, outdoor lifestyle.”
The OnTheMarket report also noted that in May 2023, 67% of property transactions in Scotland were finalized within just 30 days. “This is the highest rate in the UK, closely followed by the North East at 46%, Yorkshire and Humberside at 44%, and the South West also at 44%,” the report stated.
In terms of buyer and seller confidence, “72% of sellers in Scotland believed they would sell their property within the next three months from May 2023,” Corrie shared. “78% of buyers were also confident they would secure their next property within the same timeframe.”
Galbraith has seen numerous rural properties attracting strong interest soon after being listed, “best offers being received within weeks and sales completed within a few months thereafter,” Corrie said. “Private sales are also a continuing trend, with some sellers preferring a more quiet move without public marketing. It’s clear there are cash buyers in the marketplace waiting for the right opportunity.”
One such example is The Park in Dundrennan, Dumfries and Galloway, which “was sold within 12 weeks of being listed by Galbraith at a guide price of £400,000,” Corrie explained. The property boasts three reception rooms, four bedrooms, and stunning views.
OnTheMarket’s report also revealed the top five wishlist items for property hunters in Scotland in April 2023. According to Corrie, “a rural location was fifth on the list, while a large garden was fourth. Parking and a garage came in third and second, respectively, and unsurprisingly, a garden secured the top spot. These results underscore that outdoor features remain high priorities for buyers.”
