Youthful Revival: How a New Generation is Energising Rural Living

Posted by Spaciable on 7th June 2023 -

Forget the cliché of quiet villages reminiscent of "Last of the Summer Wine" – villages will be competing to become First of the Summer Jaeger bombs! With the influx of the youngest homebuyers ever seen flocking to rural areas, it's time to examine the economic factors driving this significant transformation.

The Rise of Young Buyers in Countryside Homes

According to a report by Knight Frank, sales of homes outside London to buyers under 50 have surged from 48% in 2012 to 60% in 2022. Even more striking, in the Home Counties, this figure jumped from 43% to 68%, indicating a strong trend of homeowners trading in city life for the tranquillity and fresh air of the countryside.

Pandemic Impact: Remote Work Fuelling the Shift Towards Rural Living

As we've mentioned before, the COVID-19 pandemic has played a significant role in this shift. With remote working becoming the new norm, it has largely diminished the need for proximity to commercial centres, reducing the premium attached to city living. This trend has enabled homebuyers to consider a broader range of locations without compromising on job opportunities, thus making rural areas a more attractive option. 

But is this really an option for young homebuyers? Or is this just an accidental positive that has emerged from a much deeper, more complex problem?

Considering the pivotal role technology and the pandemic’s enduring impact play in the real estate landscape, it’s crucial to explore the hurdles encountered by young homebuyers, such as the staggering rise in property prices.

The London Market’s Property Price Surge

In 2023, the London housing market has experienced the most prolonged duration of sluggish sales. This sluggishness was intensified by skyrocketing prices during the pandemic, followed by a subsequent decline in property values, making the market increasingly unpredictable. Over the past decade, property prices have surged from £235,000 to £515,000, an astonishing increase of 119%.

Persistently high interest rates, combined with rental costs in most London areas outpacing mortgage payments, have led homebuyers to reach a breaking point.

The Build-to-Rent Market is Still Thriving

Despite these challenges, the build-to-rent (BtR) sector is flourishing, particularly in bustling cities like London. The thriving BtR market offers a viable alternative for young professionals and recent graduates, who often prioritise the urban lifestyle and opportunities that London provides. As they pursue their ambitions in a city that works hard and plays hard, BtR properties become increasingly attractive.

Given this trend, developers may find themselves considering whether to expand into the BtR sector or venture into the Home Counties. As the London housing market evolves, the BtR scene continues to thrive, offering both opportunities and challenges for developers and potential tenants alike.

How Developers Can Get Ahead of the Curve

This emerging trend is expected to spur competition among developers for premium, well-connected locations in rural and suburban areas. By catering to the preferences and requirements of young families seeking long-term residences away from the hustle and bustle of urban centres, developers can effectively capitalise on this growing demand for more tranquil and sustainable living environments.

Will Moving to the Countryside Increase Demand?

Now, it would be safe to presume that if rural areas located outside of London experienced an increase in populations, they would in turn become less rural. As demand increases, higher property prices will follow.  But, in the long run, wouldn’t this be a viable solution to contributing to a more evenly distributed population? Cramming people into an already densely populated city is problematic in its own right, leading to lower living standards and increased pollution.‍‍

How to Developers Can Embrace Rural Living Opportunities

Whilst there may be initial concerns around rural areas becoming more urbanised and expensive, this transition can be managed through thoughtful planning and sustainable development practices.  Ultimately, this could be a potential key to success for developers in this changing landscape by recognising and capitalising on these emerging trends, creating better and more balanced living environments for all.

Overall, the allure of rural living has become increasingly plausible for young buyers with the pandemic and skyrocketing London property prices serving as mere catalysts for a change that was already brewing.  It seems that city-dwellers have grown weary of the urban jungle and are now yearning for the sweet symphony of birdsong, the embrace of verdant landscapes, and the ease off arm-fresh produce.  The urban rat race is arguably less appealing than it was in previous decades, and many have decided it's high time to trade in their city trainers for countryside wellies.  For Developers, staying ahead of the curve means tapping into the challenges faced by young homebuyers and devising strategies to adapt to the ever-evolving real estate landscape.  After all, the grass just might be greener on the rural side.

Enhancing Property Marketing and Customer Experience with PropTech Solutions

Leveraging PropTech solutions like Spaciable, property developers can seamlessly broaden their marketing reach and enhance customer care standards while selling and promoting properties. For instance, a London resident contemplating a move to Devon can now avoid an eight-hour train journey to view a property. Instead, they can simply register their interest on Spaciable, access their portal, and embark on a virtual tour of their prospective home while waiting in line at Infernos.

Not only does Spaciable streamline communication and information delivery, but it also empowers developers to manage and monitor the customer journey remotely. While there are undeniable benefits to being located near their developments, PropTech platforms like Spaciable enable property professionals to optimize efficiency and customer satisfaction in today's digital age.

Read on Spaciable website

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