There continues to be a shortage of good quality equestrian properties available to both rent and buy in the Cotswolds and surrounding areas. The area remains hugely popular with those looking for equestrian property, and as such we have a seen a good level of competition when the right properties become available.
It is never easy to accurately gauge the rental market, as many equestrian properties do not reach the open market. The majority of the yards let by Butler Sherborn in the last 18 months have been snapped up by tenants registered with us, and therefore have never come to the market. This level of demand has resulted in some good rents being achieved. However, running genuinely profitable equestrian businesses remains extremely difficult, and therefore rents need to remain at a sensible level to ensure that tenancies are sustainable.
We have seen a shortage of equestrian properties coming to the market to buy. This has resulted in some good sales for the right properties. However, some of the larger and more specialist properties have been taking a long time to sell, despite the fact that they are beautifully presented with all the ‘bells and whistles’. This indicates that there is currently a shortage of buyers at the very top end of the equestrian market for properties that are often set up for a specific discipline.
The recent changes to the Business Rates legislation continues to be a concern for both vendors and landlords, with some properties seeing a significant increase in the proposed rates. The General election is very likely to have an impact on the market as whole, however we have seen surprisingly little impact in the run up to date.