Diary of an agent: Harlan Pollitt and Tom Stewart-Moore

Harlan Pollitt (pictured left) is office head, town, at Knight Frank Harrogate. Tom Stewart-Moore (pictured right) heads Knight Frank’s rural business in Scotland.

Scotland’s affordability and seclusion has proved a draw since lockdown; while the Harrogate town market has benefitted from its ability to offer space and greenery alongside access to goods and services.

How has the pandemic affected the market this year?

Harlan Pollitt (HP) –We recently sold a two-bedroom terrace house for the asking price in two days, after the vendors, who were in their 50s, decided to move to the country. However, although a lot of the media narrative has been around an escape to the country since lockdown, towns have done very well, too. Harrogate, which is built around 200-acres of parkland called the Stray, offers has the space and greenery people are looking for but also the convenience of living in a town with access to services and entertainment.

Tom Stewart-Moore (TSM) – I’ve never seen a more buoyant market than the one we’ve had this year. This is the first week since the market reopened in Scotland at the end of June that I haven’t been out appraising properties.

What property types have done well, and where is demand coming from?

HP – Family homes, especially four-bedroom houses with outdoor space, are doing well. Although buyers remain price sensitive. We continue to see a lot of movement from the south, with some 50% of buyers in Harrogate coming from the region. For those that have thought about moving for years, perhaps to start a family, the pandemic has convinced them to make this happen. That’s only reinforced when they realise their £1m apartment in London can get a detached property with land in Harrogate.

TSM – Large cottages and farmhouses have been the standout performers, although waterfront properties on the West Coast are always sought after as there aren’t many available. This has been driven by families moving from the south, often with connections to Scotland, who have wanted to leave busy locations. With the widespread adoption of WFH, buyers are choosing the type of property they want to live in first rather than basing their decision on its location and whether it’s a 30-minute commute into work.

…and what hasn’t performed as well?

HP – The flat market in Harrogate has slowed significantly. Since the first lockdown prospective buyers have wanted outdoor space, or at least a roof terrace. If a flat, even new-build, doesn’t have this it is struggling at present.

Price growth in Scotland was at its strongest since December 2014 in Q3, has the pandemic changed people’s perceptions?

TSM - I think the rural market in Scotland is starting to realise its potential. There had been little change in values in Scotland for a while before Covid-19. However, with an increasing amount of people looking to change their lifestyles because of the pandemic, and the value the rural market offers, it is no longer simply about people wanting to move to a town as it had been previously. Lockdown has fast-forwarded the adoption of WFH, so if it’s a nice property and location with space to work and broadband, people are interested.

Did lockdown affect the seasonality of the Scottish market?

TSM - Very much so. It’s felt like there has been six weeks of trading added on. We normally see it begin to slow between September and October, but people have come to market much later this year. I have a closing date for bids for a Georgian farmhouse on Mull, near Oban, coming up, which is the latest in the year I’ve ever had something active on the island.

What comes next?

TSM – December through to February is when we build the book in the rural market, ready to launch properties in the spring. However, even with potential light at the end of the tunnel with vaccines on the way, I don’t believe people will forget this period of time. This, combined with the relative affordability of property in Scotland, will see the rural market continue to perform well next year.

HP – The stamp duty holiday will support the market through to the spring. The bigger issue we face is the time it is taking to get deals through, with solicitors, surveyors and local councils all struggling with the sheer volume of work. While we haven’t lost any yet, there is always a risk some deals will be lost the longer it takes to get them done. In Harrogate it is taking the local council around 14-weeks to respond to search requests, which is one of the longest response times in the country.