WOULD-BE lairds have bought more than £45 million worth of Scottish estates this year – with the prospect of a delayed independence referendum boosting interest from south of the Border and exchange rates favouring foreign buyers, according to estate agents.
New figures from international firm Savills suggest confidence in the sector is continuing to build on its most active sales period in a decade last year.
But that has led to renewed calls for land reform from campaigners.
Terms are thought to have been agreed on seven estates comprising 37,000 acres, including three sporting estates to date in 2017. Last year there were 26 sales for a total asking price of £90 million.
Ten estates have so far been launched on the open market this year, amounting to more than 40,000 acres with a combined asking price of £40m One is Barvas in the north west of Lewis. The 44,000 acre estate was bought by the local community last year. But Savills are now marketing those assets not in the sale - the eight bedroom traditional sporting lodge and two further cottages together with the fishing rights over three complete river system. In addition there is a 25 year lease in place for the shooting and stalking rights over approximately 34,200 acres. Offers over £850,000 are being sought Another is Ashiestiel above the south bank of the River Tweed near Galashiels in the Borders. It was once home to Sir Walter Scott.
The historic Grade A-listed house is billed as offering “elegant and well proportioned accommodation” and there are six further estate dwellings, all standing in a total of 863 acres of land. Offers over £5.5m are invited.
Savills rural agency Director Evelyn Channing said: “We are seeing foreign interest being spurred on by favourable interest rates, following the Brexit vote, making Scottish estates stand out as exceptionally good value. We are continuing to see an upturn in interest from English buyers [in 2016 62 per cent of buyers were from the UK], most likely due to the fact that talk of a second Scottish independence referendum has been put on the back burner.” for the time being.
“Compared to other opportunities across the globe, a Scottish estate is considered to be a secure investment and represent outstanding value for money. Buyers continue to be attracted by Scotland’s scenic landscape and the excellent sport on offer.
She said there was a growing appetite for properties that can pay for themselves. “The debate which has been ongoing around Scottish independence is no longer at the forefront in the decision- making process and Scotland is now firmly back on the shortlist of wealthy buyers,” she said But veteran land reform campaigner, former SNP MSP Rob Gibson, said “For most people in Scotland seeing large estates changing hands for large amounts of money, is only a signal that there is a need for much more radical land reform.”
He said the transactions do not help make the land more sustainable for local people.
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