New study shows than countryside homes cost a quarter more than urban areas
Research by Halifax bank has found that house prices in country areas are up to a quarter more than those in urban areas, further squeezing out first time buyers. On average, houses in the countryside cost 25% more than urban properties affecting first time buyers in some areas the mortgage lender has found.
The research found that the most expensive rural area was the Chiltern district, between London and Oxford, which had an average house price of £477,526, 9.5 times the local average wage. Cotswold district came in second on the list, with an average house price of £339,052, 9.4 times the local salary.
Although average house prices in rural Britain had a premium of £46,475 attracted to them, selling for £225,217 compared to the average urban house price of £178,641, Halifax stated that the gap had narrowed over the past 5 years.
The biggest difference in house prices was found in the West Midlands, where a home in a rural area cost an average of £243,717, nearly £89,000 more than those in nearby urban areas.
Talking about the research, housing economist at Halifax Martin Eliis said, “It typically costs significantly more to buy in rural areas with a substantial premium existing in all the regions of Great Britain. This reflects the aspiration of many to own a property in the countryside.
“The relatively high prices, however, put rural homes out of reach for many, particularly the young.”