A Penrith estate agent says he is experiencing never-before-seen levels of demand for properties in the Lake District as he says buyers are beginning to shift their attention to the North Lakes.
Nick Elgey, sales manager for Hackney & Leigh in Penrith, says he is seeing higher demand than he has experienced in his 35 years in the industry.
“I have not seen anything like the demand in the last 12 months, it has been utterly remarkable,” he said.
“COVID has further hit supply and influenced buyers to invest in bricks and mortar as a safe haven for potential long-term capital appreciation.
“There are several reasons why investors are seeing the Lake District as an attractive place to buy property, including the chance for property price inflation, the income opportunities of renting out the property and the option to use it as a family holiday home location.
“Anything in the Lake District honeypot locations such as Keswick will always see national demand and sometimes international demand, especially where there is a lake view or water frontage,” said Nick.
“I would say in Keswick in the last 12 months, for example, we have seen a 20 per cent increase in prices.”
But for the first time for as long as Nick can remember, the demand for properties is changing.
“We are seeing more interest in North Lakes than South Lakes. Traditionally, South Lakes has always been the place with the highest level of interest.
“But with the North Lakes, people are considering its accessibility to the M6, proximity to Penrith railway station and its close links to Scotland and Newcastle.
“There is also a view that the North Lakes is less intense.
“People are realising there is more value for money with properties just outside of these honeypot locations and we are seeing significant interest in locations such as Greystoke, Pooley Bridge and in village locations that are close to Ullswater that are much more affordable than in those core honeypot locations.”
