Rural Hotspots Are Getting Younger!
Forget Last of the Summer Wine – villages are competing to become First of the Summer Jäegerbombs, as homebuyers moving to rural areas are younger than a decade ago.
Does that mean we’re going to see Vodka Revs and Turtle Bays open up on the village greens?
Knight Frank has reported that the number of sales outside of London to buyers under 50 has increased from 48% in 2012 to 60% in 2022.
In the Home Counties, this figure rose from 43% to 68%, as more homeowners left cities for the fresh air of the countryside.
As we have previously suggested, this has been largely driven by the pandemic, as a combination of remote working and a desire for large living spaces and gardens made rural markets particularly appealing, not to mention more affordable than cities.
Charles Davenport, head of Knight Frank’s Elmbridge offices, noted that families leaving London for North Surrey are getting younger, as people’s ‘five-year plans’ have been pulled forward by the pandemic, clearly looking to beat the rush, as “housing equity becomes more evenly distributed across the UK.”
Developers will therefore continue to vie for space in rural, well-connected areas, as young families look outside cities to put their roots down for years to come.