Property Market: A perspective from Louisa McElroy
High demand for Rural Properties
As the market has emerged from Covid-19 lockdown we have seen a significant increase in both sales and lettings demand for rural properties. Residential properties with a few acres are proving particularly popular, especially those that benefit from good internet connections and transport links. That said, there are also regular enquiries for good quality farms and small-holdings as people seek a change of lifestyle. We remain fortunate that in Cumbria and Southern Scotland we are well connected both via motorways and rail links to London and Birmingham as well as Scotland’s Central belt that, for those looking to escape the city life but have a commuting requirement this part of the country is both desirable and affordable. Whilst the long-term effects of the pandemic remain to be seen the high volume of enquiries we are currently receiving certainly bodes well in the short to medium term.
Stamp Duty Holiday
The Governments on both sides of the border (as well as the Welsh Government) have introduced a stamp duty holiday to run until 31st March 2021 meaning that in England there will be no Stamp Duty Land Tax payable on the first £500,000 of a residential purchase and in Scotland the first £250,000 will be exempt from Land and Buildings Transaction Tax. Whilst individuals purchasing farms and properties with larger areas of land are unlikely to benefit from the holiday, now may still be a good time to sell as the benefits of the Stamp Duty Holiday are likely to pass up through the property ladder or indeed you may benefit if you are trading in a farm for a residential property.
Never undersell
In the current market, where things can change quickly, it is more important than ever to have at least two market appraisals of your property and gauge differing views on lotting and marketing strategy to ensure you instruct the agent who is best suited to marketing your individual property.
Louisa McElroy MRICS is the managing land agent at C&D Rural, based in Longtown and Dumfries and covering North Cumbria, The Borders and Dumfries & Galloway.
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