Sam Gibson, a partner with Galbraith, commented: “We welcome this move by the Bank of England, which is likely to boost the confidence of buyers and sellers of rural, residential and agricultural properties. 

“A reduction in interest rates is favourable to borrowers and is equally impactful for savers, providing confidence and a favourable outlook for the immediate future and longer term plans.

“As we have seen in the past, a rate reduction can energise markets where the rate of return is a paramount consideration for investors. Amongst other assets, we see additional homes and holiday lets in this category.”

Galbraith reports strong demand for rural and residential property, along with an improving picture in terms of the number of properties now being brought to the market.

Sam Gibson concluded: “The summer holiday season can be used to great effect by those wishing to start marketing their property in September. Time spent now to declutter and tidy up, in preparation for professional photographs will put the seller in the best position for a successful launch in the autumn.”

Galbraith is the largest rural consultancy in Scotland and the North of England, managing farm, forestry, land and estate interests on over 4.5 million acres.