The good life

By Andrea Watson
Posted: 2009/01/20

With attractive prices, there has never been a better time to move to the country

FAMILY homes in the countryside have been hard-hit by the recession, having enjoyed a decade of above-average growth, much to the delight of owners.

Now, despite a shortage of such properties, some agents are reporting deep cuts in asking prices by owners desperate to sell.

Looking on the bright side of the property slump, there has never been a better time than now to trade up to a larger home in the countryside, while there is still a window of opportunity. Robert Russell, of rural property consultants Fisher German, has been pleasantly surprised by the number of calls from prospective purchasers.

He said: "Homes in some of the best villages have been slow to sell. Although property prices may continue to slide, record low interest rates could mean that when the market bounces back, it might hopefully be much stronger and quicker than before."

Mark Milner, managing director of Primelocation. com, agreed that a spring bounce could happen, thanks to the number of available bargains and pent-up demand.

He said: "Agents report that country vendors are becoming more realistic with pricing, so the next few months may be the time for those seeking an investment in the country house market to consider making that move."

One West Sussex agent recently reported a three-bedroom village house, with garden, that had 36 per cent knocked off its price. Currently on the agent's books is Clint House, a substantial country house, with garden, in Storrington, which is down to £525,000 from £695,000.

Ross Giles, of Guy Leonard, said: "The market has been slow over the past 12 months, but since the start of 2009, we've seen the return of a significant number of investment buyers and, perhaps more surprisingly, first-time buyers.

"These are very strange times, but the best bargains won't hang around for too long.  West Sussex has an abundance of lovely country properties surrounded by acres of walks, and there are numerous houses and cottages with gardens and facilities to grow fruit and veg, keep chickens and generally enjoy the good life."

Steve Allen, of Greenslade Taylor Hunt, one of the largest West Country agents, said: "For cash buyers, it's a cracking time to trade up. The key is to find a willing seller prepared to negotiate."

He said the latest interest rate cut was making it more difficult for renters waiting to buy, and hopeful of further market falls to cover their costs.
Mr Allen added: "Just this week we've seen a lot of expressions of interest from people who are renting and no longer covering their costs from their savings, owing to the fall in rates."

In the last property recession 15 years ago, Alice Driscoll swapped a hectic London lifestyle for the rural idyll of Somerset, taking advantage of price differentials between town and country to buy a stone cottage near Langport.

She now runs a public relations business, and her IT consultant husband John also works locally. Ms Driscoll said: "I was living in Wallington, Surrey, and commuting, and I thought that prices were going to crash.

"It was very much a lifestyle decision that came to a head after a series of stressful events. I decided I couldn't bear city living any longer and wanted to get right away.

"Many friends have now moved here, and at the local school recently, I've been meeting lots of new mums who have arrived from the South-east."
Ms Driscoll has now extended her home, which boasts a garden that opens on to fields.
She said: "The differential between London and country prices was greater when I moved here, and country property has closed the gap quite a bit.

"But you can still get something really lovely around here with an orchard and other features for less than £500,000. You can get fantastic value for money in this area, and there are also great state schools. So we're incredibly lucky from both points of view.

"Another factor is that there are very good transport links with London for those who need to visit the capital. Somerset is a halfway point, and when you return home again, you know you're in a different world.

"My husband continued to commute to London until the birth of our first child, when he decided to set up a business here in Somerset."
The couple, both keen sailors, have also succumbed to the craze for growing their own vegetables.

Ms Driscoll added: "Everyone around here seems to be a keen gardener, and we've been doing it for a couple of years, too. I get my plants from friends who know how to grow from seed - I'm not very good with small things."

Somerset has an excellent infrastructure and the highest business start-up rate outside London. Its economy is supported by multinationals and niche entrepreneurs, such as Deborah Meaden of Dragons' Den fame, who has moved to the area.

Now an inward investment project has been set up (www.intosomerset.com) with the aim of attracting young families and professionals to the area, where property prices are still about a third cheaper than the South-east and Greater London.

ON THE MARKET: Five-bedroom Little Tredennick Farm near Liskeard, Cornwall, comes with all you need for the good life. Set in about nine acres with lovely gardens, it comes with a large stone barn, range of useful outbuildings and even a duck pond. It's on the market with Jackson-Stops & Staff, priced £775,000.

INFORMATION: www.jackson-stops.co.uk/01872 261 160

ON THE MARKET: Mouse Cottage in the West Sussex village of Thakeham is a characterful 18th-century home full of beams, with inglenook fireplace and a well-stocked garden. Guy Leonard is offering the property, priced at £295,000.

INFORMATION: www.guyleonard.co.uk/01798 874 033

ON THE MARKET:Gifford House in the attractive Somerset village of Brent Knoll is a detached five-bedroom house with huge attic space, garden and small paddock. The asking price is £500,000 through Greenslade Taylor Hunt.

INFORMATION: www.gth.net/ 01935 813 577