Property expert Jonathan Rolande, founder of House Buy Fast, commented: “We’ve definitely noticed a move back towards city living which dropped off during the pandemic.
“Between 2020 and 2022 many people were looking to snap up more rural and remote homes due to the fact employers were really relaxed about working from home.
“Now, with the move back to the office, city properties are firmly back. The challenge of course is being able to afford one.
“But one consequence of this is that we could see prices of homes outside the city areas dropping.”
According to the property pro, there are five factors which “impact” most on price and could “send your house price plunging”.
1. Location
The return to work policy many people are facing means being close to transport links and offices is important.
This means properties in more remote spots are likely to be hit the hardest by any price drops, according to the expert.
Many people may also choose to move from the countryside due to connectivity issues which can be poor.
2. Nearby amenities
High streets and pubs in rural areas have suffered post-pandemic and many people feel the place just isn’t the same.
The pro noted: “Banks and Post Offices leaving won’t worry many city workers, happy to do business online, but the charm of many villages is without doubt being diminished in some areas. This is having a knock-on impact on prices.”
3. Energy efficiency
The property expert continued: “Rural areas tend to be colder and communities there are hit harder by rises in prices, especially if not using mains gas.
“Older, country homes can be cold and draughty and costly to insulate, especially without spoiling character. Homes which aren’t energy efficient may find their value dip sharply.”
4. Transport
Access to a good, efficient and reliable train service will always help a home’s value, especially if there are buses too.
Jonathan noted: “Properties which can’t offer either of those things and require a homeowner to need a car, and a parking space, will be less appealing to many looking to buy, and this could impact price.”
5. Crime
There is no doubt people looking to buy a home will analyse local crime rates first, according to the expert.
Jonathan added: “Areas where the police take a proactive approach to policing, especially around the low-level anti-social behaviour and street crime which blights communities, will attract property buyers.
“Towns and cities where the local Chief Constable has admitted they’re not able to deal with the war on crime are likely to be less appealing and the housing market in those areas will suffer.”