With the curse of dutch elm disease it is very difficult to obtain elm wood these days, but if you do find some it is well worthwhile working with. It is quite hard wood to carve but has a beautiful, even figure.
Traditionally elm wood has been used in wet environments such as waterwheels or village water pumps, because of its ability to resist rot. Elm trees sucker from the roots and so can still be found in hedgerows as small trees. However, when the bole becomes big enough to allow bark beetles to burrow into the wood, dutch elm disease can return and kill the sapling.
Elm wood dries to a very hard material and it is very challenging to sand out imperfections of carving in the final material.
Elm spoon with nettle cordage
Elm water pipe, circa 1700