Demand Continues for Cumbrian Land
H&H Land & Estates sees unprecedented demand for land, with recent land sales reaching up to 40% over guide price.
The end of September 2020 saw the closing date for several parcels of land within the Penrith area. With multiple offers received on all properties, each sale achieved a price well in excess of its individual guide, ranging from 17% to 40% over.
Brought to market by the Carlisle office of H&H Land & Estates, these recent sales included 89-acres of land at Troutbeck, 14-acres of land to the west of Penrith, 27-acres of land Mungrisdale, and 8-acres of land at Greystoke. These sales demonstrate ongoing encouraging signs for the Cumbrian land market as we move into autumn.
Despite the headline news and challenges of Brexit and Covid-19, H&H Land & Estates are seeing an increasing amount of land coming forward for sale, and uncharted demand to match. Land offering agricultural potential has been highly sought-after over recent months and each of these parcels proved no exception. Buying interest varied from farming neighbours to farmers out-with the area, and from investors looking to roll over capital gains to forestry, lifestyle and amenity purchasers.
Thomas Armstrong, Director & Chartered Surveyor for H&H Land & Estates comments on these sales and current trading:
“Given the year we have all had and the turbulence Covid-19 has caused the industry, we are absolutely thrilled to have received so many offers on these recent land sales. It is certainly encouraging that the land market appears to still be so strong as we head into the final quarter of the year, with such buoyant prices being achieved.
“Unusually for this time of year we are still bringing further land opportunities to market and I believe that are a variety of reasons as to why people are keen to sell now. Some are wanting to release capital while others are looking to take advantage of the current taxation allowances, and of course people retire or have acreages which are surplus to their current farming requirements.”