Published:
1:43 PM May 13, 2022
House prices in rural areas have risen faster than in cities over the last five years, which experts have mainly contributed to workers looking for more space as they shift to remote working.
Figures released by Nationwide Building Society also found that during 2021 south Norfolk had a 19pc increase in property prices, one of the biggest rises of any regions in the UK.
The average house in the area now stands at £330,003 according to the building society.
The only regions of the country that have seen bigger house price growth over the last year are North Devon, South Hams, Rushcliffe, Camden in London and Hastings.
Oliver Dack business principal at Mortgage Advice Bureau Norfolk & Suffolk
– Credit: Mortgage Advice Bureau Norfolk & Suffolk
Oliver Dack, a mortgage advisor at Norwich-based Mortgage Advice Bureau, said that the rise in rural house prices is partly due to lockdown fuelling “the race for space”.
He said: “We all spent enforced time at home and realised that our gardens and outdoor spaces surrounding us were really important.
“Hybrid working and being able to avoid the daily commute meant being rural was an attractive proposition and allowed people to be further away from their offices/city centre.
“With everyone tip-toeing out of lockdown the work/life balance remains top of people’s requirements for both jobs and housing.”
While the pandemic saw an influx of people moving from cities to the countryside, as bosses start urging workers back to the office it could see a shift towards people returning to urban centres.
As well as this, rising cost of living could see more homeowners want to work from offices in an effort to cut down their gas and electricity costs.
Mr Dack added: “It will be interesting to see if the trend continues as people settle into a more flexible lifestyle. With heating costs on the increase, winter time might see a shift where we all want to be in the office to save our own utility bills.”
