Rural Property Market Trending Up

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.