New Pressures on the Demand for Rural Homes
Demand For Rural Homes
For some years rural Suffolk has been seen as an attractive and affordable place for people wanting to move out from London but still be within reach of the capital.
This intensified during the Covid Pandemic when people were increasingly working from home during lockdowns.
This has pushed up house prices, especially in the rural locations.
But there is another, growing pressure on rural house prices, and this is coming from overseas buyers and foreign-owned companies, whose attention has reportedly been moving away from London.
According to research from King’s College London “foreign investment in the UK property market has bumped house prices up by more than 20% over the past 15 years”.
The research analysed Land Registry data recording house prices starting from 2014.
Another analysis published in December 2021 by the London Post also found that 10% of Brits have moved away from a city or urban area.
City and Overseas Interest Continues
While the forecasts from estate agents for 2022 suggest that a combination of increases in the cost of living may start to slow down the housing market, the demand from city dwellers for rural properties is likely to continue.
This all adds up to a mixed picture for those already resident in Suffolk’s towns and villages.
While it may increase the value of their properties, at the same time, it may also limit their ability to purchase another property.
Could local residents be priced out of the market altogether?