Galbraith Property Matters Summer 2022 by Galbraith

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:44 Page 1

n Downsizing – A novel approach n Northern lights n Scottish estate market n The international question n Quick fire questions with two Edinburgh rugby fan favourites

Summer 2022

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 2

Welcome to

Contents

Property Matters Summer 2022

The property market in Scotland.

Unlocked - The post Covid property market.

Realising the dream in Ayrshire.

EV chargepoint - Grants for landlords.

Northern lights.

I am delighted to introduce this edition of Property Matters.

The past two years have been deﬁned by seismic changes in the way in which people consider, look for, and purchase property. This has been driven by the global pandemic and the ease of technology to facilitate virtual viewings.

advertised by Galbraith in 2021 were from the south of the UK and overseas. This trend is set to continue with a high number of registered applicants from abroad looking to purchase or rent property in Scotland and the north of England.

These changes to the way the property market operates have underlined the resilience of our teams and our ﬁrm’s ability to be agile and innovative in order to meet the challenges and requirements of a fast moving market. The events of recent years have shown that it has never been more important to seek the right advice to ensure that your property is presented in the best possible light to the widest possible audience.

Our teams are advising a wide range of clients as we approach summer, to prepare marketing of their property in readiness for an active and competitive market in 2022.

Our exposure as one of the leading property agents in the north of the UK has attracted a wide range of nationwide buyers, including a high number from London and the south of England. Our international reach also expanded during this period as we saw the return of many expat natives who were able to reassess their working locations, or accelerate their retirement plans. Over half of the purchasers for property

10 A taste of the good life. 12 Tourism, leisure, farming & forestry all support strong market for rural property. 14 Letting - The long & short of it. 15 Are there still beneﬁts to being a landlord?

The resilience of bricks and mortar as an asset continues to be proven and we are fortunate to represent clients with a wide range of beautiful properties, some of which are showcased within. We hope that you enjoy this issue of Property Matters and that it provides food for thought whether you are selling, letting or buying. Wishing all our clients a very enjoyable summer. n

16 Virtual events – A Covid cameo or gearing for the future? 17 The agent’s view with Jake Shaw-Tan. 18 Top 10 tips when moving house. 20 Rural idyll or too remote?

David Corrie 07824 690 199 david.corrie@galbraithgroup.com

Galbraith is a leading independent property consultancy. Drawing on a century of experience in land and property management the ﬁrm is progressive and dynamic employing over 200 people in offices throughout Scotland and the North of England. We provide a full range of property consulting services across the commercial, residential, rural and energy sectors. Galbraith provides a personal service, listening to clients and delivering advice to suit their particular opportunities and circumstances.

22 Downsizing - A novel approach. 23 Moving for a better lifestyle. 24 Quick-Fire Questions with Hamish Watson & Chris Dean. 26 Scottish estate market.

See us on instagram: instagram.com/GalbraithGroup

Like us on Facebook: facebook.com/Galbraith Propertyconsultancy

Join us on Linkedin: linkedin.com/company/galbraith

28 The international question? 30 Five decades of property highs & lows.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 3

| Property Matters | Summer 2022

The home front Since the start of lockdown in March 2020, thousands of people across the UK and in all walks of life have discovered that working from home is not only do-able, but can actually offer beneﬁts.

Like many other firms, Galbraith has been trialling a hybrid working model, an advance in the working week made possible by the response to the Covid-19 pandemic. Along with a number of my Galbraith colleagues from our 14 offices across Scotland and the North of England, I have embraced the chance to try hybrid working, having found aspects of working from home during lockdown periods advantageous. So, for now, two days a week I can be found in the study at home rather than at our Castle Douglas town centre office. So what are the advantages? Firstly, for the individual agent, it enables a better work/life balance. There is no commute, no parking space to find. There is peace to get on with writing valuation reports, market appraisals and sales particulars with no town hustle and bustle – the only footfall being the postman and the occasional delivery driver. Garden birds’ chatter has replaced the general background noise of the office. We can easily step outside for a screen break, taking full advantage of the various rural or suburban settings in which we live, and during lunch we can see to domestic chores or fit in that all important exercise session. With fewer interruptions, productivity is increased. However, connectivity to the office and colleagues remains high. That central hub is seamlessly accessible: we are all connected to the firm’s Virtual Private Network when working remotely, meaning we can access our property system in exactly the same way as when we are physically present in the office. E-mails and phone calls are vital means of collaboration and communication, and the Zoom/Teams meeting has become the new norm on those days.

But how does this impact on our clients? Well, like all of us, clients have learned to adapt to new working practices and the vast majority are tech savvy enabling virtual meetings to be conducted with ease. They also are able to get in touch with us via mobile, diverted from our office desk phones, so even if they call our direct dial numbers, they will still connect with us. Appointments to inspect properties for valuation or market appraisal are still conducted in exactly the same way as before, the only difference being we leave from and return to home. Many clients can relate on discovering that we are working from home because quite often they are too – and we can deepen the client/professional relationship on the strength of that common ground. They also get a better sense of total focus on them when there is no background office buzz, and appreciate the enhanced confidentiality. Viewing requests, enquiries, negotiations and problem solving are all equally easily dealt with from our desks at home as they are in the office. There is no loss of service, and clients can be assured of the same level of professionalism and efficiency as they have always received. The planet wins too. With 5 days-a-week commutes cut to 2 or 3, the reduction in our carbon footprint is significant when multiplied by the number of agents working on a hybrid model throughout the firm. Is this the future of the modern professional? It may just be. n

Marion Currie 07799 642 407 marion.currie@galbraithgroup.com 3

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 4

Property market Scotland

The property market in Scotland The last calendar year has seen a continuation of the well reported factors inﬂuencing the Scottish housing market.

Much of the property Galbraith offers for sale and for let is aspirational in nature – which pre-2020 meant a dream to be fulfilled once certain factors or events had occurred, such as children flying the nest, retirement or lifestyle change. Those criteria have now been complemented by a willingness of people to bring those plans forward, or make the move before they expected to, to benefit from a change in location and a better lifestyle. This has meant an increase in buyers for a limited amount of available property in both the sales and lettings market across Scotland, in all regions and all price brackets. The market has been framed in this light since July 2020 and shows no sign of changing course. Where agents previously carried available portfolios of property in the region of 50-60 properties, many now hold single digit portfolios at any given time. This is not to say that turnover has slowed – it is very much a ‘one in one out’ revolving door of property as the appetite in the market continues to be exceptionally high for available property. The current global events continue to play their hand in this market, and a dichotomy of factors appears to be at play. High inflation coupled with low interest rates reduces the value of cash. But property, like gold and other physical assets, remains a resilient form of long term capital, with the likelihood of an increase in value 4

(adjusted for inﬂation and costs) over the medium to long term. Of course where a property is one’s own home, the investment angle is less of a concern, which again feeds the market as property is not being bought by ﬁgures on a spreadsheet, but by the desire to secure a comfortable family home. It is this social and economic context which is underpinning the demand for property in Scotland. We have seen an increase in the rental market also, either with full time renters, or short term, stop gap renting when seeking a home while looking to buy. This ‘chain breaking’ option would prove to be a successful strategy in a competitive market, allowing buyers to move quickly, often in a cash ready or mortgage-agreed position, which is both attractive and less complicated to the seller, who can advance their onward plans. Our teams continue to see a number of instances of competing interests bidding on property at closing date, with numbers often in the low teens of buyers, where the client may choose to select a buyer not on the basis of highest offer, but on the most advanced stage of the buying journey. The message for sellers and buyers remains the same, preparedness is key – don’t hope that you can offer to sell when you see your dream property come available. It will very likely be secured by a buyer in an advanced buying position. Remember

as a seller, at least, you remain in control of the process, and you can manage the timing of your marketing and sale to suit. Our sales and lettings teams are well versed in the processes and procedures at play, and would be happy to advise if you are considering a move. n

David Corrie 07824 690 199 david.corrie@galbraithgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 5

| Property Matters | Summer 2022

Unlocked - The post Covid property market Back in the Spring of 2020, locked down, working from home, unable to travel anywhere and with a restriction on taking on any new properties for sale and arranging viewings, the prospects for the property market appeared bleak to say the least.

The current global events continue to play their hand in this market, and a dichotomy of factors appears to be at play... David Corrie.

When the First Minister announced that as of June that year property inspections and viewings could recommence, albeit subject to the various covid protocols, I suspect noone working in the industry could have foreseen what the market would do over the next 22 months. In short, property prices boomed with increases in the order of 25% being fairly conservative, more in some areas and as ever, very much on a property by property basis. In order to try and forecast what might happen over the next 12 months, I find it is useful to examine the causes of the recent property boom. Regardless of wider economic and political factors, property prices have always been influenced by supply and demand. What we have experienced over the past two or so years is a huge demand for rural property where supply has been unable to satisfy the ravenous appetite to move out of town. With businesses appreciating that in many cases employees can work adequately from home, a significant number of people have realised that their job is no longer an impediment to them moving to the country. So long as there is sufficient broadband connectivity at home, we are increasingly seeing a move to ‘hybrid’ working conditions. The upshot of this being that there are still huge numbers looking for more space, not always possible to find in the heavily populated towns and

cities. This, coupled with a desire for a more outdoor / leisure orientated lifestyle and historically low interest rates culminated in a massive surge in demand for rural property. Now that we are, hopefully, nearing the end of the worst impacts of the pandemic, thoughts go to what might happen next. My best guess is that the fundamentals of why rural property has been in strong demand recently are likely to remain and as such I anticipate that prices will hold albeit the rate of increase in values is almost certainly going to ﬂatten out. The desire for space is unlikely to change and neither are we likely to see offices and workplaces populated at pre-covid levels. Hence, there will always be a demand and desire for houses in rural areas. At the time of writing it is difficult to see past the looming energy crisis, increased inﬂation rates and most likely an increase in interest rates too. In my opinion, these factors will check the market but certainly not to the extent that we are likely to see property value decrease. That being said, what the last two years has taught me is that despite 20 years in the industry, one should always expect the unexpected. I wonder what I will be writing in 2023. n

Rod Christie 07766 250 797 rod.christie@galbraithgroup.com 5

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 6

Realising the dream in Ayrshire

With rugged moorland, forests, rolling farmland and sandy beaches Ayrshire boasts a variety of beautiful scenery.

South Ayrshire is part of the Galloway and Southern Ayrshire UNESCO Biosphere which has been recognised as a world-class environment for nature (including red kites, curlew, red squirrels and pine martens) and people, due to its cultural heritage and historic buildings such as Dumfries House, Culzean Castle and Drumlanrig Castle. The biosphere is also noted for its dark skies, providing excellent opportunities for star gazing. Ayrshire is renowned for its many golf courses including Royal Troon and Turnberry, both of which have hosted the Open Championship. Yachting facilities can be found at the marinas in Troon, Ardrossan and Largs and the west coast is also home to some of the world’s best sailing waters. Ayrshire is attractive to house-hunters over and above its lovely scenery and leisure opportunities. Ayrshire is very accessible to Glasgow and the central belt, with good rail connections and an excellent road network, along with the fact many can now work from home, Ayrshire has seen a signiﬁcant rise in house prices. This quarter’s property transactions reﬂect the continued very strong market in Ayrshire. Sales are at a 20-year high with intense competition between buyers for the most attractive properties and some notable premiums achieved above the asking price. Almost all sales now go to a closing date due to the strength of demand. Buyers are typically seeking more space and the continued ability to work from home has extended the town-to-country exodus which began in 2020, opening up the whole region to a wider pool of buyers who may only need to be in the office once or twice a month. Land is also crucial. Whether it be to have their ponies close at hand or to ensure privacy and a feeling of wellbeing, a property with land is always in huge demand. The most sought-after properties include country houses and compact farms with up to 50 acres, and smallholdings with 10 acres or less, the latter offering the

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 7

| Property Matters | Summer 2022 potential for people from towns and cities to realise the dream of a better quality of life. This lifestyle motivation has underpinned the good prices achieved, as many buyers are pushing their budget to achieve a particular lifestyle. The northern half of Ayrshire has always had the strongest market, due to its proximity to Glasgow but the recent changes in working practices have led to a significant rise in interest in properties in south Ayrshire. These sellers have probably been the principal beneficiaries of rising prices over the past two years. Two recent sales illustrate the strength of demand in Ayrshire. A two-bedroom apartment at 145 Piersland Mews in Troon attracted six good offers at the closing date. All of these were from buyers who did not have a property to sell, mainly people from Glasgow looking for a second home to enjoy at the weekend. The location of the flat, about 200 metres from the clubhouse of Royal Troon Golf Course, proved a considerable draw. Craigmalloch Lodge was one of the most popular properties ever sold through the Ayr office. Situated on the shores of Loch Doon, Craigmalloch Lodge enjoys superb views across the loch over the Galloway Hills. It represents the ultimate rural dream, offering excellent potential either to create an outdoor activity centre (which the previous owners had started) or as a family home with a wonderful lifestyle on offer in the most picturesque setting but only 23 miles from Ayr. At the time of writing, this property is under offer, after extraordinary interest - 460 people asked for the Home Report and 190 requested a viewing. It neatly encapsulates the key ingredients with appeal to buyers – nature, lifestyle and glorious views! n

Jake Shaw-Tan 07919 182 474 jake.shaw-tan@galbraithgroup.com

EV chargepoint Grants for landlords With more and more consumers opting for an electric vehicle, the UK government has provided an incentive to aid the provision of charging facilities by landlords.

The new grant for EV chargepoints provides ﬁnancial support to encourage landlords, public bodies and businesses to install electric vehicle (EV) chargepoints at residential or commercial properties in the UK. The landlord must register to access the grant. The Office for Zero Emission Vehicles (OZEV) which provides the grant has a list of approved Installers, who can then claim for work completed on their behalf. The grant covers chargepoints, which are able to charge one or more vehicles simultaneously. The grant amount given is per chargepoint socket installed and will provide up to 75% of the cost of the purchase and installation of a chargepoint socket, with an overall limit of £350 per property. Who can apply? This grant is for bodies that rent, lease or manage residential or commercial properties (referred to hereafter as landlords) and want to install EV chargepoints on their properties. A client is considered a landlord and may apply for this grant if they are one of the following:

• Landlord of a property that lets the property. • Right to manage (RTM) company. • Companies owning the freehold of a leased or rented property • Companies owning a building’s common areas. The company may comprise shareholders who are the leaseholders. The company may also manage the building. • Property factor listed on the property factor register. • Private registered providers of social housing (PRP). • Public authorities, such as government departments and their agencies, the armed forces, local governments, the NHS and emergency services. • Charities. To qualify you must be registered at Companies House or be VAT registered with Her Majesty’s Revenue and Customs (HMRC). If you are not registered at either, you are not eligible for the grant. n

Sarah Hazzard 07717 227 390 sarah.hazzard@galbraithgroup.com 7

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 8

Northern lights... The property market in the north of England continues to ﬂourish, with strong demand from focused, motivated buyers and a buzz created by almost every new property launched to the market.

The pandemic and the subsequent lockdowns shone a light on rural homes in a way that hadn’t happened before, or certainly not in recent years. Buyers are motivated by the desire to achieve a better lifestyle sooner rather than later and there is a strong element of Carpe Diem. The potential resale value of a property in 10 years’ time (and the ability to achieve appreciation of the capital invested) is no longer such a signiﬁcant factor in the market – lifestyle is the primary consideration above all others. Our target area spans the north of England from the Lake District all the way across to the east coast and the fringes of Newcastle. Many buyers have expanded their search area, as there is no longer such a critical requirement to live within 150 miles of London, or within daily commuting distance to Newcastle. The whole of Northumberland, Cumbria and County Durham are now of interest, with an increasing number of buyers liberated by the ability to work from home, considering the more northern and more remote parts of the region. Frequently, the only limiting factor is the quality of the internet connection – with many buyers ﬁnding they can work well using a satellite broadband connection or via a mobile phone with a dongle.

Expats returning to the UK and people relocating from the south of England to the north, again for lifestyle reasons, were also a major element of the pool of buyers over the past 18 months.

the market than sales agreed in that week.

At the time of writing, concern over increases in the cost of living has not had an impact on the market as yet although this may change as energy and fuel prices increase.

My advice would be that those who put their house on the market now can be conﬁdent of a sale in the short term. At the time of writing, more properties are just starting to come to the market, so if you sell now you will be in a better position to act quickly when the right home comes up for sale.

The key constraint to the market currently is the lack of available stock, with a relatively low number of properties being brought to the market given the high demand. Concerns over how to limit the energy consumption of a property is creeping in, both from the perspective of cost and in order to limit one’s overall carbon footprint.

It is worth remembering that good communication with your agent is particularly important in a fast moving market. Keep talking to your agent about your requirements, make sure you are registered for property updates and check OnTheMarket.com, which lists properties before they hit the other internet property portals.

One family that we met with recently had last considered selling their house in the 1970s – during the last oil crisis! As the French say plus ça change, plus c'est la même chose…

The other point to note, for buyers and sellers, is that private sales should not be overlooked. An offmarket listing often allows greater ﬂexibility for the seller, and other favourable associated terms e.g. the ability to set a long stop window for completion of the sale, while still achieving a premium price. We have handled several private sales since the start of the year. For buyers, keep in touch with your agent as there may be an off-market listing of interest to you.

The speed of sales may be disconcerting, to a certain extent, for those looking to buy, as they watch another lovely home being snapped up before they have put in an offer. Over the past year in our region, there have been very few weeks where there has been a higher number of new properties coming on

Sam Gibson 07769 687 978 sam.gibson@galbraithgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 9

Property market England

| Property Matters | Summer 2022

Kirklinton Hall Once a grand stately home and the centrepiece of the Kirklinton Estate in Cumbria, Kirklinton Hall offers the opportunity to rebuild and restore the remains of this historic property and create a home of great distinction. The grade-II listed former mansion site enjoys a rich and varied history. The oldest part of the structure is a medieval Pele Tower or fortified house at the western end, built to protect against reiving incursions in the fourteenth, fifteenth and sixteenth centuries. Kirklinton Hall was extended and modified in later periods with superb 17th Century, Georgian and Victorian additions.

Galbraith Hexham We are proud to have a 5-star average rating on Google reviews. Our motto in the office is: Delivering results. We lavish all of our clients with the same care, no matter what size of property they are selling. We have a 98 per cent success rate of properties following all the way through from initial instruction to completion. This success is underpinned by establishing genuine and transparent relationships with our clients, not promising the earth, but rather seeking to deliver the best result in the optimum timeframe. All of our Hexham team will typically go and view properties that are coming on the market so that we are able to talk about them in detail

(beyond the brochure) to prospective purchasers and match them with a property that meets their needs. This reduces the likelihood of unnecessary viewings and saves time for both buyers and sellers. The youngest member of our team is Megan Parker who started two years ago as a receptionist primarily, conducting occasional property viewings, and she has developed her skills in estate agency and as a sales negotiator. Megan helps build positive relationships with buyers and sellers, facilitates the conveyancing process and is a member of the NAEA with exams coming up soon. We wish her continued success!

In the 20th century the property was used as an RAF base, a school, a hotel, and a nightclub and casino hosting high-stakes gambling parties! Planning permission is in place to create a nine-bedroom home, in keeping with the architectural legacy of the property. The planning permission offers considerable versatility, allowing the purchaser to complete the renovation to meet their requirements and create an unsurpassed private home, with beautiful gardens and policies of about 13 acres, set amidst the picturesque scenery of Cumbria. Three viewing days led to a closing date. A subsequent telephone auction with the top ﬁve bidders resulted in an agreed sale price signiﬁcantly in excess of the guide price. Again, this is indicative of the strength of the market in the north of England and the popularity of the markets desire to achieve an idyllic rural lifestyle. n

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 10

A taste of the good life What’s the attraction? Many people have dreamed about escaping the daily grind and enjoying a simpler, more wholesome lifestyle.

You will have your own views on what this might entail, but for many it is the desire to cultivate and develop their own parcel of land, allowing them to indulge in existing hobbies and, in most cases, try some new ones. There are a number of different routes smallholders can take, such as developing commercial interests, and selling produce from the holding which may bring a welcome additional income. Others tend to be more environmentally focused, planting hedgerows, orchards, and native woodland. One of the great opportunities given by a smallholding is that it offers many options to the owner to embrace "good life" interests.

What to consider? A country cottage or house with a few acres and maybe even an outbuilding are generally what we all think of when we think smallholding. This space, amenity and potential therefore lends itself to lots of land and garden orientated interests such as keeping hens, beekeeping, growing vegetables, creating an orchard, having a ﬂock of pedigree sheep. Before embarking on your search it is worthwhile bottoming out exactly what you and your family want to achieve from this move. Whilst dreams are free, unfortunately achieving them often comes at a cost, and establishing how you are going to ﬁnance this new way of

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 11

| Property Matters | Summer 2022

the individual. Some purchasers, particularly those who have full-time jobs, may be content to run the smallholding at a slower pace. Buying a smallholding is often a decision made reﬂecting longer-term objectives, with opportunities to develop the holding over a number of years. Smallholding Market

n Pothill, Foswell, By Auchterarder, Perthshire

Traditionally smallholdings have always been popular as they appeal to lifestyle buyers. The past two years have seen huge changes worldwide which have caused a lot of people to reassess where they are and where they want to be. This has, for many, seen a shift toward a better work-life balance. A number of businesses have introduced working from home or ﬂexi working arrangements which have seen property purchasers put a greater emphasis on home offices and space when seeking a new home. An outbuilding or shed is also very much an asset on a smallholding, given the potential alternative uses they can offer. Demand for smallholdings is outstripping current supply. Galbraith has been involved in a number of smallholding sales in the past two years, the majority of which have resulted in competitive closing dates being set. If you are seeking a smallholding or considering the sale of a smallholding, the Galbraith Agency Team would be delighted to be of assistance and so please do contact us. n

Recent Smallholding sales 32 Holding, Lintrose, Perthshire. Offers Over £320,000. Knowes Farmhouse, Dunning, Perthshire. Offers Over £250,000. Pothill, Foswell, By Auchterarder, Perthshire. Offers Over £265,000.

n Broughdearg, Glenshee, Perthshire.

life will stand you in good stead once you start your property search. Most residential property lenders will have a maximum amount of land (typically 3 – 10 acres) that they will take as security so it may be worth investigating whether commercial lending is required. If this is the case, you will often be asked to provide business plans which can be challenging if you do not have an existing business and the type of existing business depends on the holding you require. However if you do want to run a business off your smallholding there

are a great number of potential enterprises. The very nature of a smallholding often means more time can be dedicated to the produce, allowing the smallholder to add value to core produce or specialise in something a bit different such as lamb boxes, quail eggs, or edible ﬂowers. Most smallholders are not looking to directly compete with larger commercial farming enterprises. By providing something slightly different, often with a personal touch, they stand out and may command a premium. The scale and extent of the commercial activity on their smallholding will depend on

Broughdearg, Glenshee, Perthshire. Price Offers Over £275,000. Forestry Holdings, Framedrum, Forfar, Angus. Offers Over £350,000. The Cotton of Balhary, Alyth, Perthshire. Offers Over £450,000.

Richard Stewart 07792 503 637 richard.stewart@galbralthgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:45 Page 12

Tourism, leisure, farming & forestry all support strong market for rural property The overriding characteristic of Scotland’s rural property market is the current imbalance between supply and demand. Farms, agricultural land, and rural property are all attracting considerable interest but there is a shortage of property to meet the demand. The number of acres of land on the market in 2021 was approximately 40 per cent lower than in 2020. Farmland The vast majority of land holdings, whether a working farm, rural property or a smallholding are either selling at a competitive closing date or else an offer is made and accepted before the property is publicised on the open market. Productive prime arable land remains highly sought after, with demand driven by existing agricultural businesses in the local vicinity. Parts of East Lothian, Perthshire and Fife have all seen an increase in prices being achieved for prime arable land but there is often signiﬁcant variation within the same area. The underpinning market fundamentals remain similar to

previous years, in terms of lack of supply and relatively low costs of borrowing but there is now a perceived long-term positive outlook for agricultural land. However a continued interest in land for forestry and natural capital ventures from a variety of buyers is creating a distortion in the land market. The signiﬁcant shift in the number of lifestyle buyers coming into the market following Covid, has improved interest in the smaller holdings and land areas particularly if local authorities have a favourable view of rural development, and depending on the location and the local planning rules in place. These factors have combined to support higher prices overall and have led to some exceptional premiums being paid in some circumstances especially for the least and most productive types of land. Forestry and natural capital Some of the more marginal farms and estates appeal to parties looking

to use the land for afforestation purposes. This has been a theme of the market over the last 24 months with little sign of reduced demand for land for forestry. Aside from mainstream farming businesses, there is now significant demand for land for afforestation purposes and from buyers with ‘natural capital’ interests. This trend has contributed to the significant increase in price for land which is not suitable for crops over the past 24 months, with values of £3,000-£7,000 per acre being achieved for areas of hill ground and marginal permanent pasture. Again, pricing varies significantly between sites. This section of the market is predominantly underpinned by forestry investors and institutions looking to make a return on land for planting purposes in the longer term. There are a number of key factors which will determine whether a plot is suitable for tree planting, such as the presence of deep peat, statutory

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:46 Page 13

| Property Matters | Summer 2022

designations (Sites of Special Scientiﬁc Interest, Scheduled Monuments and Special Protection Areas for example) and soil depth. If more commercial planting is being considered, ease of access for planting and harvesting timber is also a material consideration which will inﬂuence demand and consequently pricing. Amenity, Business and Leisure Interests For some buyers, the need for a property as a family home is now only part of their search criteria. There is a growing segment of the market interested in rural property for leisure, business or amenity use.

In Scotland it is often the more remote and scenic areas of the country that are the most in demand for amenity and tourism use. Duncan Barrie.

Agricultural properties by nature often present the potential for a variety of alternative uses, as long as planning permission/change of use consents can be obtained. Rural tourism businesses can, if marketed and designed correctly, generate good returns for buyers or investors. Following the pandemic there has been a growing interest in smaller farms and bare land from amenity, leisure and rural tourism buyers. In addition, since the start of the pandemic, some larger landholdings of up to 300 acres plus have attracted interest from buyers looking to create ‘wellbeing’ retreats, which can provide direct access to rural space and the associated mental health beneﬁts. In addition, some buyers are looking to improve their own lifestyle and general situation in relation to rural surroundings, while some investors are also looking at properties with this type of business use in mind. In Scotland it is often the more remote and scenic areas of the country that are the most in demand for amenity and tourism use, particularly if they are within close proximity to the coast, established areas of water, and

hills or larger designated areas such national parks. We have recently launched Gart Farm by Callander which has attracted a significant level of interest from a variety of different parties looking to utilise the site for recreational, amenity and business purposes. However in some cases buyers do require a level of proximity to larger populations and easy access to transport hubs to ensure good footfall for a future rural business, especially if this use requires regular public attendance such as farm shop with cafe, recreational activities or other well-being type projects. Strong market likely to be maintained For the remainder of this year, most indications suggest that the market will remain broadly the same. There remains a significant lack of properties for sale to satisfy the strong demand, which is helping to drive competition between buyers and boosting prices. Further interest rate rises could erode some buyer’s borrowing power in the longer term, but there is still a significant level of money in the marketplace chasing too few suitable properties. The significant flexibility offered by farms and rural property continues to attract a wide variety of buyers. We expect that more farmers close to retirement may decide to sell given the strong market, especially due to significant demand from natural capital interests, but also having taken time to reflect over the periods of lockdown during 2020 and 2021, and increased pressures on margins in terms of input costs and the likelihood of further instability within the wider global economy. n

Duncan Barrie 07766 250 798 duncan.barrie@galbraithgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:46 Page 14

Letting... The long & short of it There are arguments for and against short term and long term lettings and we have advised clients in both sectors.

The decision to opt for one model or the other may depend on the landlord’s circumstances and overall objectives. Here we look at some of the pros and cons.

Short Term Lets A short term tenancy typically is for a couple of nights or weeks and it is usually for people who are travelling (as an alternative to a hotel) or those who are on holiday in the area.

Positives of Short Term Lets Price Short-term lets are usually let on a per night/week basis. In a recent example a short term let with a 7 night minimum stay was priced at £725 per week. This would provide a potential monthly income of £2,900 compared to a similar cottage let on a long term basis for £550 per month. A considerable premium. Flexibility As short term lets can be offered on a per day/per week basis landlords can block off periods they wish to use the property themselves or for family and friends. This allows the owner to still be able to enjoy the property as well as making an income. Occupants One of the biggest worries for a residential landlord is if their tenant is not suitable for the property because the process of ending a tenancy agreement can be lengthy and complex. This is still a potential problem with short term lets however when they are only staying for a few days/weeks the situation will be resolved relatively quickly.

Negatives of Short Term Lets Preparation The preparation for short term lets can be very time consuming and costly. Cleaning after a guest has left, managing guest bookings and making sure that all the contents are still in the property after they leave can be a very time consuming process if you are carrying this out yourself and may be costly if you are outsourcing this to a third party. Wear and Tear As the guests will only be in the property for a short time they are less likely to treat the property as their own (as a long term tenant would), and the higher frequency of guests means that naturally there will be more wear and tear on the property. The cost of maintaining the property increases and there may be damage to repair. Void Periods I mentioned previously the income can be 5 times the amount when compared to a long-term let however this is only if the property is occupied. Void periods are unavoidable, which will have a signiﬁcant effect on annual income. Running costs Long term tenants take on the cost of running the property. However with short term lets, all of these costs are payable by the owner. Utility bills, internet service and council tax to name a few will all be payable by the owner. Fully Furnished Short term lets must be fully furnished, with bedding, towels, cooking utensils, TVs etc, thus there is the initial outlay in order to furnish the property.

Long Term Lets A long term tenancy will be on a Private Residential Tenancy (PRT) and have no end date, these are typically for a few years however the length of tenancy varies depending on circumstances. The property would be their main residence.

Positives of long term lets Income The income of a long term let can be guaranteed to an extent and the COVID pandemic highlighted this. Many short term lets could not be let out except to essential workers and this meant that many were empty and not producing an income, however long term lets continued to be occupied and produce a steady income. Void Periods A long term let property will still have periods when the property is vacant however due to the tenant having to give a minimum of 28 days’ notice to vacate, you can prepare the property for re-marketing and reduce void periods. Damage to property With long term lets the tenant is likely to stay for a number of years, this means they are more likely to treat the property as their own and the damage to the property should be minimal. Inventories are prepared prior to the tenants moving in, deposits are taken and interim inspections are carried out, this means that if any damage is caused during the tenancy you have a deposit which can be claimed against, minimising the cost of repairs. Unfurnished The majority of landlords in the long term lets sector do not furnish the property, this means the initial outlay is lower and the tenant may stay longer if they have moved all their own furnishings into the property.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:46 Page 15

| Property Matters | Summer 2022

Negatives to long term lets Price The rent per month for a long term let is typically much lower than the potential daily/weekly rate for a short term let. Legal requirements There are a number of legal requirements which must be in place when letting a property on a long term basis, there is a cost for these and, depending on the age/condition of your property, there may be high costs initially to get these in place. Tenants

Are there still beneﬁts to being a landlord?

As mentioned this is one of the biggest worries for a landlord, choosing the wrong tenants can lead to arrears and a lengthy battle to get them to vacate the property however with the advances in tenant referencing this should minimise the risk. It is worth bearing mind that the risk cannot be eliminated entirely.

Who is the winner If you wish to have a steady income with minimal time consumed by the let, then long term letting would be the best choice. The factors which lead to the most successful long term lets are choosing the correct tenant and having a well maintained property. If you wish to have a high income, you will need to put in the work for the more demanding schedule of short term lets. We have a number of options for long term lets whether this be Let only, Rent Collection or Full Management we can help with all your long term let needs. Galbraith operates from 13 offices across Scotland and Northern England allowing us to cover your property needs. n

Isla Shaw 07899 877 739 isla.shaw@galbraithgroup.com

If you wish to have a steady income with minimal time consumed by the let, then long term letting would be the best choice... Isla Shaw.

Is it still worth investing in a buy-to-let property in Scotland? In recent years legislation has tightened but there are still numerous beneﬁts to becoming a landlord.

Rental properties provide a secure investment, with long-term capital growth. People always need somewhere to live, regardless of how the economy is performing, so there will always be people looking to rent, and if you make sure your property is in good condition throughout you will attract a reliable, good-quality tenant providing a predictable monthly income stream. A buy-to-let property also offers an accessible inheritance for your children. Strong demand from tenants and lack of supply means that rental prices are rising and the landlord can pick and choose from waiting tenants. Secondly the value of the property itself will rise over the term of ownership because property prices have risen considerably in Scotland over the past two years and even if this growth slows, the overall value of the asset is likely to increase in the long-term. Interest rates remain relatively low and access to property ﬁnancing such as a mortgage, is typically very good. Many landlords are planning ahead and investing in a buy-to-let property which will achieve good capital growth and fulﬁl

their financial objectives while offering security. We are seeing landlords moving back into residential lets as an investment, and moving out of the short-term holiday lets sector. With a residential let, your tenant is likely to stay for 12 months or longer and is responsible for their own utility bills and general cleaning. Given the shortage of property available, landlords can pick and choose between tenants, offering a very good degree of control and peace of mind. The last benefit of being a landlord is that you can outsource the management of your property to an agent. This is particularly useful if you have multiple properties, have limited time, or lack confidence in your ability to manage the tenancy. At Galbraith our letting agents are experienced and qualified with the highest industry qualification delivered by the Association of Residential Letting Agents’ (ARLA) If you have a property that you are considering letting please contact us to discuss your options. n

Susan Guthrie 07778 000 657 susan.guthrie@galbraithgroup.com 15

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:46 Page 16

Virtual events – A Covid cameo or gearing for the future?

The smell of grass; the chatter of arriving visitors and a bubbling sense of excitement, ah, it must be show time! After more than two years in obscurity, shows are back and the Galbraith team are all set for a busy year of events. It wouldn’t be truthful to say events completely disappeared whilst Covid-19 restrictions were in place - for some it just meant going online! Virtual events were no new concept in March 2020, but what followed meant they went from being a tasty side dish to the full buffet. The annual Galbraith AgriConference last February was our ﬁrst headliner to take place over the web and it proved to be a roaring success. Although it would never have replaced the buzz of real socialising, it provided an evening of entertaining content, informative speakers and a ﬂeeting escape from the reality around us. Comedy skits from Jim Smith, interviews with Edinburgh Rugby players & coaches and a live interactive quiz allowed Galbraith to showcase our work and services to the agricultural community despite prohibiting travel and social restrictions. We weren’t the only ones. A raft of events went virtual – some to different degrees of success – and none bigger than the Royal Highland Show. The thought of the RHS going behind closed doors could have meant curtains, but the organisers

managed to adapt and create a global spectacle. Without the usual geographical restraints, the ‘Royal Highland Showcase 2021’ streamed 252 hours of live footage to 87 countries, watched by 270,000 people, and reached two million mobiles via social media. That’s a lot of eyes peering over the Galbraith Bridge! With us all set for face-to-face events returning it will be interesting to see how organisers utilize their virtual space going forward. The RHS has plans to utilise online alongside their physical show this year in the hope of maintaining the international reach of 2021. Nothing beats the real thing, but being forced to cast a wider net online last year opened up a wealth of opportunities too good to lose. Although restrictions are easing, we do live in a digital world and adapting to the times were an inevitability – for some Covid-19 just helped accelerate the process. n

Callum Kerr 07920 496 824 callum.kerr@galbraithgroup.com

A signiﬁcant number of people are moving to the countryside or moving somewhere with land because their business now operates a hybrid work pattern... Jake Shaw-Tan.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:46 Page 17

Ask the Agent

| Property Matters | Summer 2022

The agent's view Jake Shaw-Tan Jake Shaw-Tan shares some of the questions that he is asked by people buying and selling their property.

How should you choose an Estate Agent? Choose an agent with a strong track record of selling the type of property that you’re about to sell and who you feel you have a good rapport with because selling a house is a very personal thing.. To achieve the maximum exposure and therefore the best price for your property you must have it listed on multiple channels therefore you want to work with an agent who’s hot on digital marketing. All sorts of issues can appear, particularly with rural properties such as access and rights of way, accurately measuring land etc therefore you need an experienced agent who can guide you appropriately and be with you through every step of the process. What do sellers need? Other than your chosen agent, to sell a house in Scotland there’s a legal requirement for a home report which gives a mortgage valuation, energy performance certiﬁcate and highlights the condition of the property. How have things changed since the Pandemic? Since Covid the market has changed drastically. Lots of people are looking for their dream home or dream

lifestyle and many have brought forward their plans for the future as a result of the pandemic. A signiﬁcant number of people are moving to the countryside or moving somewhere with land because their business now operates a hybrid work pattern and as a result they can work from home more often and spend less time commuting. People are putting a real value on their happiness and where they live. Where would you live, town or country? Personally I prefer the countryside because it offers a much more peaceful way of life, but I can see the attraction of town living with easy access to theatres, restaurants and cinemas. What should you do to prepare your home for the sale? The best thing to do is declutter. You want your home to feel open and spacious and if you can make things neutral it gives people a blank canvas to imagine their own belongings there. What is the most common question you get asked? How quickly will it sell is often asked! Properties are generally selling very

quickly at the time of writing. There’s a lack of stock in the market across the country and a high number of purchasers , many who have lost out at closing dates, so generally there is strong competition for the limited number of properties currently available What would you say to someone who’s new to selling and or buying? Talk to your agent because that’s what they do for a living. Pick their brain, get words of wisdom and they’ll be able to guide you through the process. How should you get ready to go look for houses? Ideally you should be in a good position to purchase because it’s such a competitive marketplace. Either have your own house sold, under offer, or on the market and if you need a mortgage have it agreed in principle so it’s ready to go. You’re essentially demonstrating to the seller that you’re ready to take that step. n Jake Shaw-Tan is a Residential Sales Associate in the Galbraith Ayr office.

Jake Shaw-Tan 07919 182 474 jake.shaw-tan@galbraithgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:46 Page 18

tips... Here she offers a plain truth guide to what you really should – and really shouldn’t – do when it comes to selling your home.

Don’t invest in refurbishments or improvements unless something is essential maintenance - That lovely new kitchen or bathroom you put in ‘to sell’ the property will just get ripped out and replaced by the buyer. Instead, make sure all rooms have fresh, neutral décor, consider painting the walls if a room is looking tired and replace any strong colours or patterns which might not be to everyone’s taste.

If selling in Scotland, engage a solicitor - Your agent can suggest some local solicitors but you can also work with your own solicitor based anywhere in Scotland if you have an existing arrangement. A surveyor is also required (to provide the Home Report) but again your agent will usually arrange this for you. You may also need to consult a mortgage adviser if you are onward buying or want to ‘port’ your current mortgage.

Choose your agent wisely Don’t choose an agent on fees alone. This is the sale of your biggest asset and you need to have a genuine rapport with an agent and trust that he or she understands your needs. Ask them about what kind of property they sell typically, their experience and how they would manage the sale of your home. Their approach and methods should be just as important to you as what they might charge. A good relationship with your agent makes the difference between a stressful experience and plain sailing.

De-clutter – don’t let mess or too many personal items distract potential buyers from picturing their own life in the property. This offers the added advantage that you will also be a step ahead when it comes to moving out! Make sure all rooms are clean and tidy. The garden doesn’t have to be a gardener’s idyll but grass should be neat, with beds, paths, driveways and patios weed-free.

Moving house is often described as one of the most stressful experiences in life. But it doesn’t have to be. Marion Currie has been working in residential agency in Scotland for more than 15 years.

Prepare for viewings - It can be very useful to undertake some or all of the viewings yourself if you have time. You are the expert on your home, you know all the details and dates for any work done, and you can instantly answer a viewer’s question rather than having an agent say they will ﬁnd out and get back to them. It also gives you a better idea of who is looking at your property and how keen they seem. However, don’t be led into an on-the-spot negotiation on price – that should be left to your agent, that is their expertise and that is what you are paying them for.

It is useful to have a ballpark ﬁgure in mind from the outset, which can then be adjusted up or down depending on what items the buyer wishes to purchase from you.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:47 Page 19

| Property Matters | Summer 2022

What should you do if your buyer suddenly wants to renegotiate? - In Scotland your solicitor would handle this with your buyer’s solicitor, but may ask your agent to assist. It may simply be an excuse for your buyer to back out, but you can take steps to mitigate the chances of this happening by working closely with your agent during and after the initial negotiation to ensure that they are in regular touch with your buyer and that any potential issues are addressed sooner rather than later.

Once you have accepted an offer from a purchaser, make sure your solicitor has all the documentation they need from you such as your title deeds, building warrants and completion certiﬁcates for any building work - Be sure to respond quickly when they ask you for information or to sign documents. This will help keep the conveyancing process moving as smoothly as possible and help the purchaser feel conﬁdent that progress is being made.

Don’t be seduced by a very late, high offer after you have already agreed a sale It may be tempting but an offer that is made out of the blue may be too high-risk. Has the new bidder been to see the property? Do they have their ﬁnances in place? Your agent will advise you but offers should be evaluated based on the ability of the purchaser to proceed rather than just on the sum being offered. Additionally, if your solicitor has already commenced the formal conveyancing process on the original offer, you may have to change solicitors.

Don’t let a sale fall through because of a niggle on the finer points of moveable items such as curtains or garden furniture - The moveable items to be included or excluded from the sale can be made clear in the sales particulars. If they are to be available ‘by separate negotiation’ in addition to the asking price, your agent can negotiate on moveable items for you, or you may wish to deal directly with your buyer once the sale of the property has been agreed. It is useful to have a ballpark figure in mind from the outset, which can then be adjusted up or down depending on what items the buyer wishes to purchase from you. Often this can be a private cash sale direct between buyer and seller, but if the moveables are included in the asking price then the buyer’s solicitor can apportion a percentage of the purchase price to moveables. This does not affect the sum you ultimately receive but may have LBTT (Stamp Duty) benefits for the buyer. It’s not always about furniture - we have sold many interesting items including a flail, a harrow, wicker sculptures , 18th Century fire grates and half a dozen Herdwick sheep!

To clean or not to clean – how much to do on moving day? My advice would be to consider how you would wish to ﬁnd a property you have just bought, and leave your house clean with swept ﬂoors and vacuumed carpets. Also, don’t take every last light bulb: it’s not illegal, but it’s just not a nice thing to do to the person who has paid you hundreds of thousands of pounds for your property. Most important of all – make sure you have left full details of any alarm codes before heading off into the sunset! n

Marion Currie 07799 642 407 marion.currie@galbraithgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:47 Page 20

Rural idyll or too remote? The full story from those in the know

Perhaps you have always dreamed of living in an isolated location with no near neighbours and no busy roads. To many it sounds idyllic but the practicalities need careful thought prior to a move to a remote location.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:47 Page 21

| Property Matters | Summer 2022

Generally, properties in rural locations can be purchased for a lower cost than a similar sized urban property. Purchasing a home in these locations offers the opportunity to become part of a close-knit community. Those who live in rural areas often cite the community feel, even if your nearest neighbour is two miles away, as being a reason why they prefer country living. Privacy – when potential buyers ask to be added to our applicant’s database one of the most frequent and important factors of their search criteria is privacy. There may be many reasons for this but barking dogs are often an issue with many clients telling us that ‘man’s best friend’ is proving to be an anti-social neighbour! Privacy comes in many forms and each buyer has a different take on the meaning of the word. Space – the chances are that the further into the wilds you go the more ground you can get for your money. The advantages are numerous but top of the list has got to be more space to grow your own food, closely followed by having more space for children and animals. And this applies to animals. A frequent request is for space for hens and the desire to produce free range eggs. Next on the list is space for a goat, sheep or pigs and of course horses. Less frequent but not uncommon is land for llamas and alpacas which seem to be growing in popularity. Getting closer to nature is also a driving force. In these times of climate change and threats to wildlife and habitats the opportunity to do your bit in your own rural space is a

huge draw. Added to this is the chance to enjoy the natural beauty of the surrounding countryside and all it offers (without driving to ﬁnd it) is also a huge advantage. Health – Living and working in urban areas can cause stress. One vein of thought is that urban dwellers may suffer higher levels of stress than those who commute to work from rural areas or those who work from home. Rural areas are full of fresh, clean air and the peace and quiet is conducive to a more relaxed frame of mind. The absence of any toxic pollutants, traffic or smog is considered extremely beneﬁcial for our health. It can be a big decision and the disadvantages need to be carefully considered. If there are children involved they will probably be faced with a longer journey to school. And as for extra curricular clubs – it may just not be practical to go to hockey on a Monday, cubs on a Tuesday, football on a Wednesday, athletics on Thursday and swimming on a Friday. Shopping can become an inconvenience if your nearest pint of milk is 30 minutes away. Television and internet connectivity can become weaker or patchy. In winter months, country roads can move down the priority list for gritters and snow ploughs. A contingency plan needs to be thought through if school or work cannot be reached. A higher degree of planning is required for entertainment and eating out. A snap decision to go to the cinema may no longer be possible.

In winter months, country roads can move down the priority list for gritters and snow ploughs. A contingency plan needs to be thought through if school or work cannot be reached... Polly Cregan.

In early 2022 Galbraith marketed Ropelawshiel, a cottage with annexe used as a holiday letting business plus 3.2 acres of garden and grounds. The property is the only house in the middle of a working forest located 3.5 miles from the public road and has no near neighbours. The current owners bought the property in 2006 having previously lived in Windsor. They went in with their eyes open but it was still a learning curve. With a degree of planning they got round the disadvantages and very much enjoyed the rural lifestyle. With regard to shopping, much to their joy, they soon discovered that all the major local supermarkets delivered to their door. That said, they always have a stock of non-perishable and tinned goods in the larder and milk and bread in the freezer in case of emergencies. With fibre connectivity promised but not yet delivered they rigged up their own broadband. Commercial grade aerials, a commercial receiver, ethernet and powerline connectors and a SIM card provide sufficient internet to download films and stream live TV. It also paid to be on good terms with the timber contractors. The roads are kept clear to allow timber operations to continue during spells of wintery weather. A little diversion from time to time meant they were always able to get out if required. Other changes were also well thought out. The property was thoroughly modernised and the windows and insulation significantly upgraded. With a ready supply of timber they decided to install a biomass central heating boiler and several wood burning stoves in both properties. A generator was also brought in to provide electricity (mainly for the water pump) in times of power outages. Once this was all in place the vendors were able to enjoy the property. They observed salmon travelling upstream to spawn as well as a plethora of wildlife coming into their garden and grounds. Sadly, the only thing they couldn’t plan for was ill health. Having created a rural idyll it was time to move closer to comprehensive medical facilities. At the time of writing the property was under offer, having generated a huge amount of interest. We wish the family every happiness in their next home. n

Polly Cregan 07867 977 633 polly.cregan@galbralthgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:47 Page 22

Downsizing - A novel approach What does it mean to downsize, and what are the practicalities needed to negotiate this next chapter smoothly? Polly Cregan has the whole story.

Perhaps now is the time to move on to the next chapter in your life. Moving into a smaller home is not a decision most people take lightly. We may want to ask ourselves some questions before making the ﬁnal decision to sell and move on. Our experience of helping thousands of homeowners to move has led us to create a checklist to provide some clarity. We often talk about downsizing as the next chapter, so let’s think of it like writing a novel… The Plot

you love to have in your new home now the practicalities have changed? Picturing your next home - and your life in it - will keep you motivated. The Beginning So now we have the plot, it's time to begin… Go through your home and make a list of any outstanding jobs. It’s time to get them done. If your home has a rather dated décor, it may be prudent to make some changes to avoid those low offers that are based on your home being too dated for some buyers.

Sometimes, when we least expect it, or maybe when we most expect it, the way we feel about our home starts to change. We can embrace the opportunity in front of us and make some positive changes, moving forward and making thoughts and dreams a reality. This is where the research comes in. It is really important to have a plan.

Declutter, declutter, declutter (and not into cupboards). Remove clutter that doesn’t belong in the space, either because it’s out of place or because it won’t appeal to the purchaser. Clutter may include items that you want to keep but which won’t help you sell your home (and you don’t need them until after the sale).

Assess your ﬁnances to determine the price you need from your sale and decide on a timescale for putting your home on the market. Planning out the implications of your move in detail is vital to seeing the full picture. Downsizing often releases equity, and having a plan for your pennies will give you an achievable goal.

•

Kitchen – clear worktops and remove appliances, hide cleaning materials, move bins out of sight, remove pet food bowls.

Make a wish list and a deal-breaker list for your next home, and start to look around. See what’s out there, and ﬁnd out what you really like – what would

•

Sitting room – remove exercise equipment, endless cushions, stacks of paperwork, anything related to laundry, toys and numerous ornaments/dust collectors.

Exterior – move vehicles, keep the front of the house clear, remove bins, hoses and garden tools, get rid of dead plants and clean the windows.

•

Bedrooms – remove stuff from under the bed, place shoes and clothes out of sight.

•

Bathroom – remove cleaning brushes and bins, move all bottles out of view, clean thoroughly.

Having decluttered it is also important to dress your home for photography. For your home to capture a buyer’s attention online it needs to stand out from the rest. From croissants and flowers in the kitchen to fluffy towels in the bathroom – it all adds to the ‘wow’ factor for prospective buyers. Act Two Once your home is on the market, it’s time to get the story moving. Keep your home looking its best for every viewing. Buyers like to see things clean and clear. Clear surfaces and floor spaces and clean everything until it sparkles. Light and reflected shine are the best ways to show off the size of your rooms to their full advantage. Contact removal companies for quotes. It can be really worthwhile getting your ducks in a row for moving. There will be a lot to sort, many years of memories (and junk!) to go through and lots to take on your journey with you. Decide on a company and what services you need – a good removal firm will advise you and help you decide what is right for your move.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:47 Page 23

| Property Matters | Summer 2022

Are you starting to feel like you’re rattling around in a house that’s too big for you? Are you ready to put less time, effort and money into maintaining your current home? Is your heart set on being closer to family (or further away!)? Have you always dreamed of that coastal hideaway or a chocolate box cottage in the countryside?

The Finale The time has arrived! The height of the drama – if there’s going to be a plot twist, it will be now. But let’s keep focused and think about those moving days. Pack as much as you can the night before, and have a survival box full of essentials for your last night and morning, to keep things as simple and easy as possible. Make arrangements for child and pet care as necessary. Moving day is not the time or place for animals or small children, so keep them all safe and happy whilst you get things set for them in their new home. Make plans for that ﬁrst night – will you go out, get a takeaway or have ready meals in for dinner? Make the beds as soon as you can so you can relax later, and have that special bottle of wine ready to celebrate in your new home! So, there you have it. Our top tips to help your move to the next chapter. Downsizing means having the opportunity to enjoy more of what makes you feel happy, comfortable and fulﬁlled. Downsizing is a step forward, a positive move full of options and opportunity. It’s the start of the next adventure. n

Polly Cregan 07867 977 633 polly.cregan@galbralthgroup.com

Houses that work hard... Moving for a better lifestyle We have witnessed over the last couple of years many buyers and sellers making significant and often monumental decisions to move in order to seek a new and different lifestyle. Often the decision to move house is taken because of the need for more space, access to schools or closer proximity to work or family. Other motivations for moving have become more prevalent recently and one of the key ones has been moving for a different type of lifestyle and one specifically that can be found within a rural environment. Moving to a countryside environment has many benefits, most notably health advantages both physically and mentally. Having easy and immediate access to the countryside, a larger garden or more land has been a key driver for the heightened demand for rural property witnessed since the first lockdown. It isn’t surprising that people see the attraction of a rural life as one which can give them an active outdoor lifestyle. Seeking more space is always a popular reason for why families look to move and the impact of covid and subsequent lockdowns have particularly emphasised the importance of having space for a family to live and work together harmoniously. We have also seen more inter-generations of families come together recently and this family set up requires flexible and adaptable accommodation. With people now adjusted to having come through the major disruption of covid, entertaining and meeting friends and family once again requires sufficient reception space to accommodate the sociable aspect of life. Health and well-being are factors which are influencing buyer’s decisions to move. We have found that buyers often look for space to accommodate a games room, gym or workshop and that a house has to offer more and work harder for this new type of buyer who has new expectations and requirements compared with 3 or 4 years ago. The move for a change in lifestyle has been popular but there may still be a need to access a place of work so

accessibility and transport infrastructure still remains an important factor in a buying decision. The ability for many to work from home full time or on a hybrid basis has opened up many locations that otherwise wouldn’t have been considered. This new work model still requires a dedicated space to work from home so having a study within the house or within converted outbuildings is for many a critical requirement which cannot be sacrificed. This also means that strong and reliable mobile signals and internet is now one of the first things that buyers will ask about before making any decision to offer. We have seen buyers make the decision to purchase a house much further away from their place of work because of the ability to spend less time in the office and this has allowed them to change their lifestyle to a much greater degree than they could have before, allowing them to devote more time to family life and personal interests. Not everyone we have seen buy has wanted to be too remote and therefore having relatively easy access to a city still remains important for the social and cultural element that the urban environment can offer. Moving house involves a physical change but also a mental adjustment where every sense that we have will alter and adjust to our new surroundings. The desire to find a new home which offers a change of lifestyle allows for positive changes to take place. Moving house is more than taking belongings from one place to another, it is an emotional and psychological adjustment together with the excitement and anticipation of a major change in lifestyle. n

Scott Holley 01738 456 061 scott.holley@galbraithgroup.com 23

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:49 Page 24

Quick-Fire Questions with

Hamish Watson & Chris Dean Callum Kerr catches up with two of Edinburgh rugby’s fan-favourites to chat all things rugby.

My ﬁrst ever game for Edinburgh was against Manu Tuilagi. I don’t need to explain why!

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:50 Page 25

| |Property PropertyMatters Matters| |Summer Summer2021 2022

What age did you start playing Rugby? CD: Four.

HW: City when I was younger. I’m getting a bit older, pushing 27 now and I’m more prone to moving out to the country side.

HW: Five or Six Did you have a rugby idol growing up? CD: Dan Carter. HW: We’ve always been lucky in Scotland with the back row, so I’d say Simon Taylor, Jason White, those guys.

Favourite spot for food and your go-to order? CD: Wee Buddah – Salt and Chili Chips, Salt and Chili Calamari and the Singapore noodles.

Was there any player who inﬂuenced your style of play?

HW: Nando’s – ten chicken wings, hot, welldone, double-chicken wrap, with halloumi. Or maybe halloumi sticks on the side with the chili jam. Peri-peri fries and some hummus to start.

CD: No. I was a back row then a centre so I’ve had to change.

What’s your order from Damo’s coffee?

HW: When I ﬁrst joined Edinburgh I played a lot with Ross Rennie and I really liked his style of play. Great player!

CD: It would be a ﬂat white but when he’s at the market it’s an espresso martini!

You’ve played against some of the best in the world. Who’s been your toughest opponent and why?

Is there anywhere else in the world you would like to live?

CD: My first ever game for Edinburgh was against Manu Tuilagi. I don’t need to explain why! HW: As a team South Africa are always tough to play they’re a big physical bunch. From the home nations I used to like playing against Sean O'Briain. Big abrasive player. I liked the way he played. Justin Tipuric as well he’s a good player. These are supposed to be quick fire questions I’m really sorry I keep running on. CD: Yeah you always drone on anyway! What’s been your career high? CD: Becoming a club centurion. HW: 100 for Edinburgh. First cap for Scotland. Beating England for the first time and then the Lions tour and getting a Lion’s Test cap. CD: Stop showing off mate. Any lows? CD: Injuries. HW: Yes. A few injuries here and there, losing some big games for Edinburgh and then after my first cap not playing for about a year and a half was tough. Favourite thing about playing at Edinburgh Rugby? CD: It’s my hometown club so I have always wanted to play here. HW: The boys. We’ve not always had the results we wanted but the thing is no matter what type of year it has been we’ve always been so lucky there’s a great bunch of lads. Favourite thing about living in Edinburgh?

HW: All garbage.

CD: I’d love to live in Australia. When I went there with the sevens I thought it was pretty cool. Will I ever get there I don’t know. HW: Maybe Spain or somewhere hot but I don’t really see myself living outside the U.K. Best and worst roommate in the squad? CD: Best, Mark Bennett, I was most recently rooming with him and we just got each other. Very chilled roommate. Worst roommate would be back in the day Damien Hoyland. He was the polar opposite – far too much energy. HW: Worst, John Barclay… Dreadful roommate, never bought anything. Best, I’m gonna say Blair. When we had that good Champions Cup run we had weird midnight feasts and watched movies. We ate lots of garbage and we won a few games – it worked! Where do you see yourself in ﬁve years’ time? CD: Probably still in Edinburgh. I’d be 33. Maybe still playing maybe in the transitioning period out of rugby having to wear a suit and all that. HW: Hopefully still just trucking on for the Gunners! What advice would you give to youngsters keen to make their way in the sport? CD: Enjoy it! That’s the main thing. It’s the biggest part of the game. Just enjoy it at whatever level you play. HW: Similar, just enjoyment. Don’t let anyone tell you you’re not good enough. When you’re younger work on the simple things.

CD: Friends and family are very close by. HW: The scenery is amazing and everything is on your doorstep. Everyone who plays here quickly realise that and never wants to leave. Would you rather live in the city or the country? CD: I grew up in a small town – North Berwick – but really enjoying the city at the moment.

Callum Kerr 07920 496 824 callum.kerr@galbraithgroup.com 25

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:50 Page 26

Scottish estate market

Demand significantly outstripping supply Scotland is world famous for its outstanding beauty, open spaces, quiet corners and highly varied countryside, offering a bounty of outdoor activity opportunities, not to mention the numerous commercial activities of farming, forestry, leisure, tourism and traditional field sports which are generated from this rural environment and contribute significantly to the economy.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:50 Page 27

| Property Matters | Summer 2022

They are also some of the principal reasons why there continues to be huge demand to buy a Scottish estate. Over the last three years we have seen a notable change, not only in the increasing number of buyers but also the type of buyers for these iconic properties. We continue to see the traditional estate buyer with such interests as grouse shooting, stalking and ﬁshing being some of their principal reasons for buying an estate. However the ever-increasing desire by many to offset carbon usage and the very tangible need by businesses and corporations to meet “green” goals has meant the estate buyer now includes corporations, institutions, investment houses and business owners, as well as private individuals, all with their own personal environmental motivations and interests.

The rise in value of estates with potential to embrace delivery of ecosystem services has been fascinating to observe. Emma Chalmers.

As a firm, this changing market has been particularly marked over the last three years. For example, in 2019 we brought to the market Auchavan Estate, an idyllic estate, lying within the iconic Angus Glens and offering the usual field sporting interests together with a number of houses, hill farming opportunities and forestry. Those interested in buying were principally traditionally-based with one or two conservation/re-wilding orientated buyers. Ultimately, it was a ‘traditional’ buyer who acquired the property. However, a year later Kinrara Estate in Inverness-shire was brought to the market and there was a much greater range of buyers looking to invest in woodland creation potential and associated natural capital outputs. We also arranged the sale of an extensive stock hill farm and without exception, all the interest was in the potential to manage the natural capital. This increased demand from a deeper pool of purchasers has meant values have gone up. This market intel is interestingly reflected by the recent report from the Scottish Land Commission “Land Market Insights Report - April 2022” which demonstrated increased demand and investor interest. However, it must not be thought that the more traditional buyer has disappeared, that is very much not the case. Buyers, not only based in Scotland and the wider UK, but also internationally remain keen to purchase an estate in Scotland, driven by their appreciation of the notable scenery, the great amenity and history, together with the traditional sporting interests of stalking, fishing and shooting. Also, it is important to note that communities also aspire to acquire land and where they have registered an interest, by law, they have the first option to buy. Continued investment in the Scottish Land Fund enables these transactions to continue.

The diverse range of buyers with a broader base of interests/ outcomes from the land, has led to significantly greater demand, particularly when the estates for sale offer green potential such as woodland creation, peatland restoration, conservation/biodiversity and natural capital opportunities. Of course not all land is suitable for tree planting, or offers degraded peat but equally not all buyers are looking to singularly follow a green agenda or a sporting focus. There are equally buyers keen to knit in all such elements and perhaps take a more balanced approach; retain farming interests, continue with the sporting interests currently enjoyed whilst introducing some native or even productive woodlands for a future income, potentially installing a hydro scheme, turbines or maybe generating further income from holiday letting units or even a degree of development such as the more bespoke ideas of a distillery, holiday tree houses or wedding venue. Thus such an acquisition can be seen as a “win/win” investment as it can allow Environmental and Social Governance requirements to be met whilst providing a financial return from other parts of the estate. Indeed we have just successfully acted for a client purchasing a traditional sporting estate which is continuing to be managed as such but with investment into the properties, expanding conservation elements including hedgerow establishment and the intention to install a hydro scheme. Demand for estates and upland farms is very much outstripping supply resulting in the much talked about increase in their capital values. Consequently the way in which we value and market estates is also now changing. As a firm specialising in the sale, valuation and management of estates for many years we consider this changing and evolving market in the Scottish estate is at a pivotal point The rise in value of estates with potential to embrace the delivery of ecosystem services has been fascinating to observe. The clear conclusion is that those looking to buy an estate have increased in number, they come with a much wider variety of interests than previously seen but the supply remains extremely tight and limited. So for those considering the sale of either a traditional estate or stock farm, this appears to be an optimum time. The one element that is not in short supply are potential buyers. n

Emma Chalmers 07899 877 732 emma.chalmers@galbraithgroup.com

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:50 Page 28

The International Question? As agents we are very regularly asked “but how do you tap into the south of England and international buyers when you don’t have any offices in the south or abroad”

I and my fellow agent colleagues always find this a very interesting question, particularly today and post Covid, when we now more than ever live in a highly digitally orientated world where information is sourced via the internet. We discuss this question regularly and with a number of my colleagues having had careers based in the south, they know first-hand that when they were sitting behind that southern based desk, they were not fielding calls or engaging in office meetings with individuals looking to move to the north. Instead, as is the case with us, they were conversing with buyers from multiple locations looking to buy in that area. About 45 % of our enquiries from potential buyers are from parties looking to move to Scotland or the north of England and who are 28

currently based out with the area, including London and the south of the UK, Wales, Ireland, Europe, America and Australia… and many places in between! I suppose thinking about the question myself, if I were to move from Scotland to say Cornwall, my first thought would be to interrogate the main property portals online, namely OnTheMarket and Rightmove and from there do a bit of research to find out who the active agents are specialising in the southwest and for me more specifically who is regularly handling the sales of rural Cornish properties. In an age of the internet, I would not think to telephone an agent based in Edinburgh who may have an office in another part of the country. Galbraith has a long and established history of handling the sale and management of properties of all

shapes and sizes and this very much remains at the heart of our core business. We are therefore a firm who understands, specialises and to put it plainly, lives and breathes the agency market in our many locations. We are a multi-disciplinary firm with specialisms in forestry, energy, land management, agricultural consultancy, natural capital, building surveying and commercial property, which gives us great depth of knowledge in all aspects of land and property. The internet is a worldwide “shop window” for an estate agent today. Photographs, video tours, floor plans and drone photography are all available for every property and photographs must be professionally taken as strong images attract potential buyers to click on a property and investigate further. Social media,

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:50 Page 29

| Property Matters | Summer 2022

a global phenomenon, allows ‘coming to the market soon’ teasers and eye catching snapshots to be posted giving another wonderful opportunity to connect with global buyers. We have London and international buyers on our ‘active mailing list’ so they can be amongst the first to hear of our latest instructions before they go live online, especially in today’s market when properties are selling extremely quickly. It is not uncommon for pent up interest to build following a “coming soon” post on social media to be followed by a flurry of viewings when the property goes live with many sales now agreed within days of launch. However, whilst the digital world gives us a global platform, it does not detract from our most important tool; conversation with potential buyers. The purchase of a house is significant.

It will become a home, a focus of life and therefore there is a deeper connection to this type of purchase. Being able to speak to one of our experienced team about that special house, smallholding, cottage, farm or estate in detail is of the greatest importance to any buyer, particularly when they are perhaps moving to a new area. Galbraith is a ﬁrm with a network of regional offices, specialising in the property market with a truly global reach. We are without doubt well placed to speak to buyers based in the south or abroad who want to know more about our respective areas. Personal and local knowledge is crucial when moving to a new area and with our 13 offices we have an unrivalled ability to provide this service. Indeed a sale has just been agreed for a former manse to buyers based in

the USA and who viewed via a virtual viewing with one of our team members. The ability to locally connect to this international buyer will have been key to the transaction being agreed. So, going back to my initial question, the property market has moved on from old fashioned estate agency where buyers limit their search to one ﬁrm, asking someone in London about a house in another part of the UK. Like it or loathe it, we operate in a digital world, connecting regularly with potential buyers from around the globe. Together with our extremely strong local networks and national brand, we are able to offer the best of both worlds. n

Emma Chalmers 07899 877 732 emma.chalmers@galbraithgroup.com 29

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:50 Page 30

Five decades of property highs & lows... Although reluctant to admit it, I have worked in the Borders property market since 1974! I started with a ﬁrm of solicitors in Galashiels straight after leaving school and immediately enjoyed the job.

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:51 Page 31

| Property Matters | Summer 2022

Property prices were in the thousands of pounds then, with some properties in Galashiels selling for less than £2,000. Long before computers, and before electric typewriters even, all particulars for properties were typed on a manual typewriter and the photographs were stuck on with a Pritt stick! The title deeds were also typed and absolutely no mistakes allowed or you had to start again with a new sheet of paper. Once completed, the title deed was bound with red ribbon. I remember the huge convenience of the electric typewriter and my ﬁrst computer seemed positively miraculous, with the ﬁrst printed brochures providing a wealth of information about each and every property.

It has been a pleasure seeing the ups and downs of the property market during all these years. I could not think of another job I would rather do. Kathleen McIntee.

Through the 70’s, 80’s and 90’s average prices rose from around £3,600 to £35,600 and in the 1980’s I bought my ﬁrst twobedroom semi-detached house in Kelso for around £15,000 and subsequently sold it in the 1990’s for around £28,000. In the mid-1990’s I moved to a new home priced at about £78,000, which I then sold a few years later for a nominal increase. About a year later the market took off and similar properties were now selling for around £20,000 to £30,000 more, which goes to show that even agents can’t always predict signiﬁcant upswings.

The new millennium After enjoying the New Year of 2000 (and my computer not having spontaneously combusted on the stroke of midnight as the doomsayers predicted), the property market continued to grow. The market in Scotland has faced a series of ‘events’ interspersed with periods of calm and steady growth over the past decade or more. The ﬁnancial crisis triggered by the collapse of the Northern Rock at the end of 2007 ended the mortgage boom across the UK. Then followed the economic recession which inevitably caused the housing market to collapse. In Scotland, sales of residential property fell by 76% from the last quarter of 2007 to the beginning of 2009.

This is when sellers appreciate the experience of their selling agent. It is experience that makes all the difference in a shrinking market. Good communication skills and straightforward interactions enable both buyer and seller to avoid disappointment. Conditions remained a challenge for a few years until the market began to recover around 2013. Then of course in 2020 - Covid. I had been through a number of different scenarios over the years but this was a different thing altogether. Suddenly there really was no market for a few months as the country went into lockdown. It was hard to imagine how we could properly function when we started to come out of lock down but everyone soon adapted to a totally new way of marketing property, making use of virtual viewings, property visualisation software and any actual viewings being carried out under strict Covid regulations. Much to everyone’s surprise from the beginning of July 2020, interest in rural property grew at an exceptional pace. It seemed that many people, liberated from the daily commute were keen to improve their lifestyle and increase their living space. Closing dates became the norm and some properties sold for 40% over the asking price. This trend has carried through the pandemic and continues on into 2022. It has been a pleasure seeing the ups and downs of the property market during all these years. I could not think of another job I would rather do. Here’s to the next 48 years in the property sector. It would be interesting to know how things will have changed again by 2070 but perhaps I really should pass the baton to the next generation! n

Kathleen McIntee 01573 224 244 kathleen.mcIntee@galbraithgroup.com Would you like to hear about other exciting careers with Galbraith? Scan the QR Code below

Property Matters 15-5-22.qxp_Layout 1 31/05/2022 06:51 Page 32

Aberdeen 01224 860 710 aberdeen@galbraithgroup.com Ayr 01292 268 181 ayr@galbraithgroup.com Blagdon 01670 789 621 blagdon@galbraithgroup.com

Hexham 01434 693 693 hexham@galbraithgroup.com Inverness 01463 224 343 inverness@galbraithgroup.com Kelso 01573 224 244 kelso@galbraithgroup.com

Castle Douglas 01556 505 346 castledouglas@galbraithgroup.com Penrith 01768 800 830 Cupar penrith@galbraithgroup.com 01334 659 980 cupar@galbraithgroup.com Edinburgh 0131 240 6960 edinburgh@galbraithgroup.com Elgin 01343 546 362 elgin@galbraithgroup.com

Perth 01738 451 111 perth@galbraithgroup.com Stirling 01786 434 600 stirling@galbraithgroup.com

Expertise Galbraith operates from 13 offices across Scotland and Northern England, bringing our clients a wealth of experience in: • • • • • • • • •

Building consultancy Commercial forestry & woodland management Commercial property sales & management Estate, farm & forestry sales & acquisitions Estates, farming & land management Natural capital & carbon Property lettings Renewables and utilities Residential estate agency