30
Apr
Property buyers 'want rural dream to become a reality'
Most people have thought about giving up their hectic city
lifestyle and moving to the country for an altogether calmer and
more serene existence at one point or another.
And now it seems that a growing number of individuals are ready to
make this dream a reality, with figures from Experian Hitwise
showing that not only are Brits back on the housing hunt, but that
a growing number are searching for rural properties.
This is backed up by figures from the latest Knight Frank Prime
Country House Index, which highlighted that prime country house
prices rose on average by two per cent in the first quarter of the
year and are now 4.3 per cent higher than they were 12 months
ago.
While house prices rose in every Knight Frank region except
Scotland, it was noted that the Home Counties proved most popular
with people seeking luxurious countryside retreats, with prices in
the area rising 2.9 per cent over the first quarter and 9.1 per
cent year-on-year.
House prices in the south-west rose 2.2 per cent in the first three
months of 2010, while values in central England and the north rose
1.8 per cent and 1.7 per cent respectively.
Andrew Shirley, Knight Frank's head of rural property research,
said property shortages in a number of popular rural areas are
behind the price increases, meaning people need to act fast if they
are hoping to get their hands on their dream countryside
property.
"A shortage of property for sale and a resurgence in demand is
helping to boost prices in most parts of the UK. Compared with this
time last year Knight Frank has seen instructions drop by 30 per
cent, while sales have increased by the same amount. This has led
to a dwindling pool of really good houses for buyers to choose
from," he added.
Rupert Sweeting, Knight Frank's head of country department, added
that British countryside property is also proving popular with
overseas and holiday home buyers, which is putting further pressure
on supply.
"Demand for the best country properties remains very strong and we
are seeing a lot of interest from overseas buyers whose spending
power has been boosted by the weakness of sterling. Most of them
are looking in the counties around London, but some are starting to
venture further afield into the west of England."
However, he added that it is anticipated more properties will come
to market following the General Election.
Judging by rising house prices, farmhouses are the most popular
types of countryside property, with such homes rising 2.5 per cent
in value over the first quarter of the year to reach an average
price of £1.5 million.
In comparison, average cottage prices jumped 1.9 per cent in the
first three months of 2010 to £0.46 million and manor houses
rose 1.7 per cent to £2.6 million over the same period.
When buying a property in the countryside, there are various
factors people must take into consideration. Firstly, it is
important to assess exactly how rural they would like their new
home to be. Some people prefer to be in the middle of nowhere
without another house in sight, however, others need to be near
good transport connections or want to be in a lively village or
small town so they can become part of a busy community.
Something which is becoming increasingly important to house buyers
working at rural properties is if they can access the
internet.
Recent research from County Home Search highlighted that being able
to get a broadband connection is now in the top five demands for
people looking at rural properties.
It is also important to consider whether the house will be used a
main home or if it will be let certain weeks of the year. If people
are hoping for the latter then it may be advisable to opt for a
property near or in a touristy area, for example the Lake District
or south-west Devon.
