Prices Easing For UK Countryside Homes But Demand Remains High

People have long been drawn to the peace and quiet of the UK countryside. But in recent years, a number of factors have led to an increase in demand for rural property. The rise in popularity of outdoor activities, the desire for a more sustainable lifestyle, and the post-Covid recession are all contributing to this trend.

As a result, prices for UK countryside homes have been on the rise. However, the rate of growth is slowing down, making this a more viable option for many households.

There are many brilliant reasons to move to the countryside

There are a number of reasons why people are drawn to the countryside. For some, it’s the opportunity to get away from the hustle and bustle of city life. Others are drawn to the lifestyle opportunities that come with living in a rural setting.

The UK countryside offers a wealth of outdoor activities, from hiking and cycling to fishing and horse riding. And with more people working from home, there’s the added bonus of being able to escape the confines of the office.

The rise of remote working has been one of the most significant changes in the workplace in recent years.

This all changed because of the pandemic lockdown, and the effects of that will be seen and felt for many years to come. However, in many sectors, there was already a movement to this style of working.

Technology is improving all the time

Thanks to advances in technology, it’s now possible for employees to work from anywhere in the world. This has led to a number of benefits for both employers and employees.

Employers can save money on office space and other related costs, while employees have the freedom to work from wherever they feel most productive. This allows them to balance work with other aspects of their lives, such as raising children or caring for elderly relatives.

The UK countryside is an attractive option for many people who are looking for a more balanced lifestyle. With its wide-open spaces and abundance of fresh air, it’s the perfect place to escape the stresses of city life.

And with prices easing, now is the perfect time to make the move to the countryside.

Colby Short, Co-founder and CEO of GetAgent.co.uk, commented: “The homebuyer exodus of urban areas in search of larger homes in greener surroundings has been well documented during the pandemic, with this huge influx of buyer demand in many smaller rural towns leading to some very strong rates of house price growth over the last three years. However, a return to normality over the last year, in particular, has caused this trend to subside and this is having an immediate impact on property values in market towns. Countryside house prices are starting to cool after a sustained period of heightened growth but, in the majority of cases, they remain some way above their pre-pandemic benchmark. This correction will no doubt be welcomed by homebuyers local to these areas, who are now benefiting from a slightly smaller financial barrier when it comes to the cost of climbing the ladder.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

UK House Prices Continuing To Increase

Information provided by Rightmove indicates this is the sixth month in a row that a price record was achieved. The increase was 0.4%, so it was a modest one, rising by £1,354. This took the average price to £369,968.

As you are probably aware, the demand for property far exceeds the supply of homes. Compared to demand for property at this time in 2019, there is currently 26% more demand for homes. However, if you compare this to this time last year, the current demand is 7% less.

It is amazing that demand remains so high

This isn’t a surprise, there have been a lot of property moves in the past year, and of course, there are many financial issues for households to contend with at this point. It is perfectly natural for property demand to waver in light of the cost-of-living crisis, so in that scheme of things, the market is holding up extremely well.

If you are looking for guidance or assistance in the housing market, we are more than happy to help. We are local housing market specialists in Petersfield, and we stay in touch with what the experts say. If you are keen to make an informed decision in the housing market, we have everything you need.

We listen to property market mainstays

Tim Bannister from Rightmove said; “Having more new sellers this month is a win-win for the market, as these sellers will likely achieve good prices for their homes given the sixth asking price record in a row that we’ve now seen, which may help to explain the increase in new stock coming to market over the last year. For those looking to buy, it means more choice, and a slight easing in competition against other buyers while the market is still moving very quickly. In the current fast-changing economic climate, those looking to buy who find a suitable home they can afford may choose to act now rather than wait. While more choice is welcome news, the number of homes available remains well below the more normal levels of 2019 and is unable to satisfy the continued high demand that we’re seeing.”

Tim Bannister concluded by saying; “Though a softening in demand is moving the market from a boil to a simmer, it remains 26% up on 2019. With such an imbalance remaining between supply and demand, prices look underpinned, and we would therefore only expect typical smaller seasonal month-on-month falls, rather than more significant price falls in the second half of the year. This has led to us revising our annual price growth prediction for the end of the year from 5% growth to 7%, although this would still mark a slowing from the 9.3% seen this month.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.