Back in May house prices in rural areas had risen at a significantly faster rate than those in urban regions over the past five years, according to the data in May 2022 from Nationwide Building Society.
Its figures showed that house prices in rural areas have risen by 29% over the last five years, compared to just an 18% increase in predominantly urban areas.
The post pandemic trend of ‘race for space’ continues as we find ourselves climbing out of the pandemic aftermath. Nationwide says it is rural detached properties that have seen the strongest rates of price growth, with the weakest growth for flats in urban areas. Average house prices in predominantly rural areas rose by more than 12% in 2021, double that seen in 2020. Of course this was back in May and since then we have seen prices rise for the daily cost of living accelerated by the invasion of Ukraine and the UK political landscape undergoing more change with a new Prime Minister just announced as this article is going to print.
Areas of outstanding natural beauty also continue to be at the top of the list for those seeking more space coupled with a relaxing post pandemic lifestyle and the North of England has this in abundance. We are certainly seeing that people are making lifestyle choices as another post pandemic legacy – working from home – looks very much here to stay, this of course means that for some their home can be anywhere in the world, literally.
We are also witnessing different search terms in online property searches such as ‘annexe’ – which was unheard of in 2019, ‘garage’ as more homeowners crave a gym, office or spare room followed by ‘rural’ and ‘land’ which are also in the top 5 searches according to Right Move.
Holly Stafford is a Director at Vickers & Barrass managing a boutique Land & Estate Agency specialising in rural properties with land across the North East.
To speak direct with Holly about a property or land you wish to market please call 01325 728084.