A recent forecast released by the Office for Budgetary Responsibility (OBR) predicts that house prices will begin to level out across the country as rural areas become more attractive to employees tied to commuter-friendly locations before the pandemic.
The rise of remote working, largely prompted by COVID-19, has led to permanent changes to the way the workforce operates. Many employers now offer a range of hybrid and fully remote roles that give people more flexibility regarding where they live.
” As more of us abandon expensive urban and suburban areas in search of a more affordable lifestyle , there’s been a corresponding boom in rural house prices “
As more of us abandon expensive urban and suburban areas in search of a more affordable lifestyle, there’s been a corresponding boom in rural house prices – a trend set to continue indefinitely. This is despite the OBR’s expectation that prices will initially fall from the dizzying heights of 2022 before returning to growth in 2024 and beyond.
Slower market growth and less pressure on city centres bode well for first-time buyers, particularly those trying to establish themselves in traditionally more expensive areas. A more level playing field will also help workers move to different regions without facing such a stark difference in the cost of living.
If you’re interested in how this trend may improve your property’s value, contact us to book a valuation today!