Estate agents have reported a decline in demand for rural houses, especially large properties. This means that many homes are available at reduced prices.
Average house prices in the UK have risen by 1.9% compared to last year, but large rural home prices have fallen by between 5% to 10%. In some areas, house prices are even lower. Jennie Hancock, director of Property Acquisitions in West Sussex, reports that in her area, large country home values have fallen by up to 20%,
The main reason for the lack of demand is that potential buyers are put off by the rising cost of upkeep. They also fear that more expensive properties will be charged higher property taxes.
Older large country houses often require a lot of maintenance and repairs. Labour and building material costs have risen sharply. This has caused some buyers to look for more modern homes that require little or no work doing,
Not all buyers are put off buying a large home, but estate agents have warned that buyers who want one at a reduced price should act quickly, as the market is expected to rise again within a few months.
Rural and semi-rural areas in Merseyside often appeal to home buyers who want a more peaceful location. There is a growing demand for coastal properties in Formby and Southport, although Merseyside values have recently risen by just over 2%.
For removals to Southport, Formby or any other rural area, ask our experts at Merseyside Movers & Storers for a moving quote.
