Forced land sales are helping to buck the downward trend in the property market locally with agricultural land proving the exception. That’s according to Newry based estate agent Garry Best who said agricultural land remains highly sought after despite the overall down turn in the property market last year. “Land continues to be in short supply as historically landowners are reluctant to part with acreage, however so called forced sales and changing economic circumstances have resulted in a relatively small number of land holdings changing hands throughout 2011,” the Best Property Services Director said. “As a result buyers have had to be savvy to compete with other interested parties as successfully add to their land portfolio. This year we have seen a small number of forced land sales often originating from lending institutions taking security of land in the boom years and having to realise this security when insolvency arises. In this case the variance below market value has tended to be from 20 – 50 per cent as a result of the lender and the individual looking for a satisfactory resolution in difficult financial circumstances. These kind of sales can provide opportunities for buyers and in most cases family members or related parties have been able to provide solutions to keeping the land within the family.
29th November 2011