Both residential and commercial property markets performed positively in 2015, with Land prices continuing to strengthen across the year despite the downturn in the dairy sector according to Best Property Services annual review.
The residential property market saw price increases of 5-7% across 2015 while demand continues to grow for larger family properties. Strong rental demand is also reported in all sectors of residential property and due to continue into 2016.
Agricultural Land prices, during 2015 have continued to strengthen in spite of the downturn in most farming enterprises, especially the dairy sector.
Managing Director Garry Best said: “There has been an increased level of interest from the non-farming sector during the past year, both from an inheritance tax perspective and from successful business people seeking farmland as an alternative investment.
“The outlook for 2016 is likely to be more of the same with modest increases in farm land prices set to continue.
“Development Land, on the other hand is currently in strong demand with very little supply, particularly land for Residential housing. We would envisage strong growth and prices increases for this sector in 2016.
“Rural Building Site transaction levels improved significantly during 2015, with competitive bidding apparent in most sales and in some areas prices edging above the £50,000 barrier, not apparent in 2014,” Garry concluded.