Rural area properties getting more expensive
October 12, 2011 1 Comment
Halifax Rural Housing Review annual report indicates that houses in countryside are more expensive than urban houses. The prices of rural area properties are on average 16 per cent higher (about £27,000 more expensive than urban properties), and have increased by 35 per cent since 2001.
The difference in rural and urban property prices has been reduced by the property market fall, which started in 2007. The urban property prices have decreased by a total of 23 per cent and in countryside areas by 22 per cent. For the past 10 years the average country house prices have increased more than in cities in monetary terms. They boosted from £127,146 in 2001 to £196,316 in 2011, whereas when it comes to the urban areas, the increase was of £62,223 from £107,130 to £169,353. However, the house prices in urban areas have risen by 58 per cent, while in rural areas just by 54 per cent.
The most expensive rural local authority district in the UK is Uttelsford in Essex, with the local new houses for sale valued 57 per cent over the national rural property price average (the average price of a house in £307,507). The least expensive rural region to live is East Ayrshire in Scotland.
Countryside properties are now less affordable for the local rural buyers on average and below standard earning. Housing economist at Halifax Nitesh Patel said: “Living in the countryside is an aspiration for many homeowners, attracted by the prospect of a better quality of life, open space and a cleaner environment. The side effect of rising property values is that housing affordability has become an increasing concern in many rural areas, particularly in the south where in all areas those on average incomes will find it difficult to enter the market. This, in turn, is having an adverse impact on the numbers of first-time buyers in these areas.”