People who have a mortgage in ‘urban area’ issued £7,476 warning

June 16, 2024

2 minutes read

Countryside properties are outpricing urban homes as values soar. Rural areas have seen a value increase of one per cent in the last year and this puts the average price at £301,122, according to fresh housing statistics and analysis.

In predominantly urban areas, houses had an average price drop of 2.1 per cent, putting the value at £293,646. It means mortgage holders in urban areas have been hit by a £7,476 loss amid the ongoing Cost of Living crisis up and down the UK.

Yopa’s national franchise director Steve Anderson said: “Rural living isn’t to everyone’s taste because you have to compromise on many of the modern day conveniences available in towns and cities. This includes everything from shops and restaurants to public transport and quality Wi-Fi.

“But a remote lifestyle does come with an abundance of benefits as well, from a more relaxed pace of life and better air quality to an abundance of natural beauty and a much lower rate of crime. We can now add property values to that list of country-living benefits. Rural prices are clearly more resilient in the face of economic and market trends, holding their value more soundly as prices in towns and cities fluctuate much more readily.

“This may be because the nature of cities means people come and go, often in pursuit of a particular job or opportunity, whereas country living is a lifestyle choice that, once made, is usually stuck with. This means there is less turnover on the local housing market and therefore less available stock. This helps prices hold strong.”