A glass more than half full – and here's to the future
In this final month on this year’s calendar I am inclined to reflect on a glass more than half full.
Yes, the Brexit word has given some the jitters, but do you know we have enjoyed a very positive year in land and property sales.
Anything which is remotely unique, particularly with a few acres and including bare land has been hugely resilient with many such properties responding very well.
In the last six months we have agreed a number of sales including 200 acres of productive arable land, pasture land and amenity woodland in five lots.
We marketed as a whole Summer Court, a six bedroom farmhouse in need of total restoration, along with traditional outbuildings sitting in more than 55 acres. The hare was set running with considerable competition from outside the area. It was however a local buyer who took the selling price significantly above guide with a bid of £1.53m.
It was encouraging to see permitted development rights that allow conversion of agricultural buildings to residential homes amended earlier this year. Now, up to 865 square metres of floor space can be converted into a maximum of five homes. There is also further flexibility, once permission has been granted under the permitted development rights, to submit a full application to create a bigger house.
The unconverted barn is not yet on the endangered species list, but there are less coming to the market and planning is a more positive experience now than in the past; both green lights play into the hands of supply and demand.
So there may be some uncertainty and yes we would all like Europe wrapped up. But if two and a half years seems a long time, in the light of the recent commemorations of the Armistice which brought an end to World War One, consider the time that conflict endured – more than four years, not to mention the human cost.
It puts people fed up with Brexit into perspective and despite it our 2018 track record has delivered some very good deals over the line. The future is now – we simply have to embrace it!
Scott Kemsley is an associate partner based at Balfours' Ludlow office.
