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Kevin Clarke MSc MRICS FAAV, Partner and Head of Stags Equestrian department, takes a look at the current market and what the rest of the season is likely to bring.
The year feels like it is galloping by and, with the first half beyond us, there is still much to look forward to.
At Stags, this is the time of the year when our presence at numerous country shows is a highlight for our offices, with the next few weeks taking us from Mid Devon to Yealmpton Show before rounding off the end of the month at Launceston. The shows provide an opportunity for us to catch up with old and new clients giving them an update on what has been happening and changing in the market.
In the Equestrian property market, the action has been a little slower than in recent years. However, with more properties available, the pent-up demand is easing, allowing more people to find their dream home. Much has been discussed about mortgage rates increasing; however, we find that, so far this year, only 19% of equestrian buyers need a mortgage to fund the purchase. Several buyers are moving from outside the area; yet, of those buying through Stags this year, 69% were already living in the West County, it seems equestrian buyers are often already in the region before buying their long-term home for themselves and their horses.
Examples of this include 6 acres with stables at Stokeinteignhead, on the South Devon coast, selling from a guide price of £160,000 and a farmhouse with stables and land near Bodmin which sold over the asking price, having been initially marketed at a guide price of £600,000. Both of which sold to buyers from the region.
On Exmoor, one of this year's best equestrian sales was that of Blacklake, a superb stone barn conversion in 27 acres selling to a buyer from Sussex. In all three examples, the successful buyers were those with cash, and in each case, there were multiple offers showing the strength in demand that exists across the West Country.
If you are considering a sale of your equestrian home, contact your local branch and speak with one of our knowledgeable members of staff.
https://www.stags.co.uk/branches
In the meantime, we look forward to greeting you at one of the many summer shows.
