James Pegrum, head of Property Sales in our Stafford Office looks at most sectors of the autumn property market.
Whilst the last quarter of 2005 saw maintained activity in the residential property market during the run up to Christmas, this year we appear to have returned to the traditional pattern of reduced activity as vendors become less bullish about launching property at this time of year. However, not all sectors of the market are feeling this, as the ‘lifestyle buyer’ continues to uphold the market for substantial rural dwellings with land. This has been evident in the marketing of Lower Lynbrook Farm near Burton upon Trent - a spacious 4 bedroomed farmhouse (with planning permission to extend into the adjoining outbuildings), former dairy buildings and set in a total of 284 acres of rolling Staffordshire countryside. The farm generated a huge amount of interest, once again seeing serious agricultural interest from Ireland.
In Staffordshire, sales of land have also reflected the regional market by achieving excellent prices for smaller parcels of bare land. Three Lots of land were offered at the Public Auction held at the Staffordshire County Showground recently; 5.24 acres at Haughton, nr. Stafford achieving £13,836/acre, 5.71 acres at Cannock Wood, nr. Rugeley achieving £11,208/acre, whilst the largest Lot, 11.5 acres at Rosliston, nr. Burton upon Trent achieved £4,783/acre. Being on the edge of a village, the land at Haughton gained interest from investors, as well as farmers and the equine market. Results seen from this and other auctions are encouraging potential vendors to dispose of their assets and make the most of the market. Farmers will find it ever more difficult to acquire land with this keen interest from lifestyle buyers and investors, although a further interest rate rise could dampen the market considerably for the lifestyle buyer.
Where unconverted rural buildings are present, planning consents for residential conversion schemes are still being granted although this is becoming increasingly difficult to achieve in certain areas without the relevant Local Authority trying to impose a full or partial employment use. The market for purely residential development opportunities is therefore still fairly buoyant, although realistic pricing, as with most property, is still essential.
