Rural real estate is becoming more popular with the British: the reasons
The pandemic has dramatically changed trends in the real estate market, not only in commercial properties but also in housing. Having survived the pandemic with its self-isolation, panic and rethinking of professional approaches, people began to think differently about the concept of home and its comfort. Remote work made it possible to be anywhere in the world without being tied to the city where the office is located. This allowed people to reconsider their location and reduce housing costs by changing location. This has happened in the UK, where rural real estate has become more in demand than ever. According to an analysis of the segment, over 5 years, the cost of facilities located outside the city limits, increased by 20.8%. This figure is 3.3% higher than the price increases in urban areas.
The biggest jump was from 2019 to 2021, when the value of homes in the communities jumped up to 6.22%, due to the impact of the pandemic. During this period, people became actively interested in out-of-town homes to be able to experience self-isolation in comfort.
Experts note that in the past two years, many Britons are choosing to live in the countryside, leaving the cities, where the cost of living is much higher. Not tied to a particular region due to remote work, people have become more appreciative of fresh air, the measured pace of the province, and their own green space in front of the house.
The greatest dynamics of growth in rural real estate prices shows the district of Harborough, which is located in the county of Leicestershire. Here, over the 5 years the price of housing rose by 33.6%, the average house can be bought for 380,715 euros. The highest prices in Waverly, that in Surrey, the house will cost 549,350 euros. The cheapest house can be found in County Durham, the average cost is 127,590 euros.
It should be noted that not only those who move to rural areas began to appreciate the green space. Buyers who want to buy a home in London, one of the criteria for choosing the facility is the presence of green spaces. Such trends have led to an increase in property prices in some remote areas of the capital of Great Britain. Have increased the price of luxury properties in picturesque locations isolated from the noisy life of the metropolis. In this segment last year, there was a 1.1% increase in the number of transactions. At the same time the volume of sold apartments and houses in the city center has fallen by about 20%. The average price in prestigious areas of London such as Wimbledon and Belsize Park during 2021 rose by 4%.