Figures from Royal Institute of Chartered Surveyors (RICS) point out that demand residential farmland has fallen from -3 per cent to -64 per cent.According to the Western Morning News, a year ago, the figure was a positive 50 per cent. On average, prices of farmland rose by 100 per cent between 2006 and the early part of 2008.
Sue Steer, of RICS, said: “The downturn in the economy has made many from the financial services sector rethink their lifestyle priorities, putting an end to city expansion into rural areas.”
Newton Abbot Estate Agent, Richard Copus, Devon spokesman of the National Association of Estate Agents and chairman of its rural patches forum, said: “You could say it will bring a bit of realism into that sector of the market.”
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