Countryside property outprices urban homes as values soar in last 12 months
Britons looking to buy in the countryside will need to pay more than those in the city as prices have crept up in the last 12 months.
The areas that have seen the biggest jump in prices have been shared in new research.
England’s predominantly rural areas have seen a value increase of one per cent in the last year. This puts the average price at £301,122.
While this is only a minor increase, it is much higher than house prices in predominantly urban areas, as these had an average price drop of 2.1 per cent, putting the value at £293,646.
Properties in the countryside have soared in value
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Property in East Cambridgeshire has increased the most where prices have shot up by 10.6 per cent, research by Yopa found.
Many areas in London decreased in value with the City of London, on the other hand, seeing a staggering average price drop of 22.2 per cent.
Rural areas with biggest price increases
Cambridgeshire – up 10.6%
Northumberland – up 7.5%
Malvern Hills – up 7.1%
Ribble Valley – up 7%
West Devon – up 6.3%
West Oxfordshire – up 6%
East Devon – up 5.6%
Stratford-on-Avon – up 5%
Rutland – up 4.6%
South Hams – up 4.4%
Urban areas with biggest price drop
City of London – down 22.2%
Hammersmith & Fulham – down 21%
Westminster – down 20.9%
Camden – down 20.8%
Kensington & Chelsea – down 13.6%
Canterbury – down 12.1%
Epsom & Ewell – down 10.5%
Gosport – down 10.1%
While there were some large value drops in urban areas, others saw growth in the last 12 months.
Blaby was up 9.3 per cent, North East Lincolnshire was up 8.3 per cent and Rugby saw value increase by 7.6 per cent.
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.
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Values have dropped in urban areas in the last 12 months
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“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.”
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