Market update from James Presly, Director of Aberdeen & Northern Estates

“What we’re seeing now is a temporary pause in the market because of the restrictions which have been put in place, effectively shutting down the Registers of Scotland, which means solicitors cannot complete transactions. This affects all property types, from residential through to the farms and farmland that we deal with. Registers of Scotland are currently working on digital solutions to get things up and running again, but there will obviously be a backlog going back to 24th March to get through.

 

“We anticipate, however, that this pause is just a short-term situation until restrictions are eased. We don’t foresee any long-term concerns in the land market. There might be some people who have held back coming to market, but the reality is that farming and owning land is a long-term business. The chance to buy some neighbouring land, for example, is often a once-in-a-lifetime opportunity so the buyers will still be there for the right property. For many reasons - including the importance of food security - land ownership is seen as a strong and stable investment so there will always be demand. Once restrictions are eased, that will undoubtedly be helped by the historically low interest rates we’re seeing as well, making an investment more attractive.

 

“While solicitors are unable to complete property transactions and agents conduct viewings because of the restrictions in place, we can still get new properties to market and the team here at Aberdeen & Northern Estates are doing all they can to help clients with preparatory work to ensure they’re in the best possible position when the pause button and restrictions are lifted.”

 

Aberdeen and Northern Estates - Coronavirus update

The health and wellbeing of our employees and customers remains our priority throughout the Coronavirus (COVID-19) situation. Given the Government’s latest guidelines our main office within the Thainstone Centre, Inverurie has been temporarily closed for the time being however, our team are equipped to work from home. We aim to help where we can although we hope you understand that this will involve restrictions.

We will continue to monitor the latest Government guidance and update everyone should our position change.