23/07/2009 - Recession halts the 'good life'
The recession has postponed many people's dreams of seeking the good life through a move to the countryside, research said.
Since the start of 2008 demand for houses with farmland has fallen, with 30% more surveyors reporting a drop than a rise, said the Royal Institution of Chartered Surveyors (RICS).
However, as many look to expand production, commercial farmers are edging back to the market, with 22% more surveyors noting a rise rather than a fall, the RICS Rural Market Survey found.
The price of arable land fell 1% to £13,085 per hectare, said RICS, adding that bare land fell 1% to £12,172 per hectare, and pasture land fell 2% to £11,260 per hectare. Also, a drop of 7.5% from £16,342 per hectare to £15,114 was felt by farmland, including residential land.
Julian Sayers, RICS spokesman, said: "While the economic climate remains so uncertain, it is improbable that we will see demand for rural retreats return to pre-recession levels.
"As a result, residential land prices look likely to remain depressed for some time to come."
Copyright © Press Association 2009
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