A recent survey of 1.25m homeowners by the Open Property Group revealed that 28% said they still ‘want to move’ and a further 20% stated they are ‘moving soon’. But as more workers are now returning to the workplace, are city dwellers still moving to the countryside?
Once again, the UK’s property market is undergoing another reset, says Alasdair Morrison. Despite a drop in demand for remote-working, properties based in the countryside historically offer better value for money, both in size and location. Combine this with the desire for affordability in the current cost-of-living crisis, compounded by added pressures from rising inflation and mortgage rate increases, means that buyers who need, or want to move are instead starting to moderate where they look and what they buy.
Semi-rural and rural locations like Southwell, Newark and the surrounding villages will continue to be relatively cheaper places to buy property than urban and inner-city locations.
So, we will still see motivated city dwellers who need to return to their offices, now choosing better value properties, which also offer more living and outdoor space, as well as palatable commuting times.
These well-placed rural and semi-rural properties are also made more affordable when borrowers are prepared to take out longer term mortgages, longer fixed-rate mortgages, or consider interest only mortgages, to negate the effects of higher repayments on their monthly income.
The experienced staff at our Southwell and Newark offices have a wealth of experience to share with buyers and sellers. Please call us on 01636 813971 or 01636 700888 to make an appointment.
