Homes located in rural areas have recorded a greater rise in values compared to properties in urban areas over the past decade, according to Halifax.
Countryside property prices are now on average £27,000 more expensive than homes in urban areas, representing a 35% increase since 2001.
On average, rural home prices have increased by £69,170 in the past 10 years ago, up 23%, compared to £62,223 for urban areas, which represents a slightly lower rise of 22%, the study shows.
Martin Ellis, head of housing economics at Halifax, comments: “These [urban] areas attract families or retirees, who have been a little less affected by the lending crisis than those further down the property ladder, and that’s helping to drive up demand and price.”
Unsurprisingly, rural homes in the South are generally more affordable than those in the North of the country.
Rural house prices in the South are now 52% higher than in the North, with the average price at £252,696 in the South and £166,167 in the North.
