Whilst properties all over the country are losing value fast, with many expected to drop by a further 5-10 percent in price over the course of the year, farmhouses in the country are managing to weather the property value crisis and hold their value, according to a recent report from the estate agency firm Knight Frank. The estate agency stated that farmhouses have become increasingly desirable amongst those looking for space and seclusion, and have been hunted by popular celebrities including Liz Hurley and Kate Moss.
The two stars have each invested in a farmhouse in the beautiful Cotswolds, and industry officials state that the space, privacy, and surrounding beauty of these properties makes them a hit amongst the wealthy who want to stay out of the way of the public and need plenty of room for personal possessions. One official from Knight Frank stated: ‘People moving out of cities who want the freedom to enhance and improve outbuildings, with scope for a granny flat or study, are keen on farmhouses.’
He added: ‘Cottages are suffering because they are nearer to the first-time buyer market, which is hardest hit by tightening mortgages, and the top end is volatile with manor houses falling by 0.4%. Farmhouses are accessible to more people and a good bet for the medium term.’ One house finder said that there is a high demand for farmhouses these days, stating: ‘They are typical of what many of our country buyers are looking for - something ringed by land and away from road noise, with an element of seclusion and they are ideal for the purpose of a remortgage‘
One woman who bought a farmhouse a few years ago explained: ‘All I could think of was the outdoor space, so it was a bonus to discover the inside of the restored farmhouse with its oak-beamed kitchen, York flagstone floors and views over the golf course and countryside.’
Popularity: 11% [?]