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Rural homes more expensive

Rural homes more expensive

Category: Mortgages

Updated: 21/09/2012
First Published: 21/09/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Property prices in the country are outperforming those in urban areas, new research by Halifax has revealed.

At an average price of £201,191, properties in the countryside are now worth 17% more than their urban equivalent (£171,709).

The most expensive rural retreat can be found in Chiltern, Buckinghamshire, where the average property price is a whopping £427,647. This is over four times the price of the average property in the cheapest rural location – in East Ayrshire at an average £100,119.

"Country living is an aspiration for many Britons: the fresh air; the scenery; the slower pace; it all adds to the attraction - but this has its drawbacks," said Martin Ellis, housing economist at Halifax.

"For many of those tempted, the high prices put rural homes out of their reach. First time buyers in particular are affected by high rural property prices, and consequently they account for a far smaller proportion of home-buyers than they do in urban areas.

"The traditional British country pile has become less affordable, and it is proving more and more difficult to find fruitful results when foraging for houses in the country."

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