Rural homes retain more value than urban ones since credit crunch
Average house prices fall further in towns than countryside
September 21, 2012
In the five years since the financial crash homes in rural areas have fallen by 20% whereas urban homes have lost 22% of their value. Homes in the countryside are also worth more on average than those in cities – £201,191 compared with £171,709. The research by mortgage lender Halifax suggested that while homes in rural areas have held onto more of their value, they have increased in price slightly less compared to those in cities when viewed over the last ten years. Properties in the countryside have increased by 36% and in towns this figure has been 40%.
This has raised concerns that the less well-off, especially firs time buyers will be excluded from buying in the countryside.
Martin Ellis, housing economist at Halifax, said:
“Country living is an aspiration for many Britons: the fresh air; the scenery; the slower pace; it all adds to the attraction – but this has its drawbacks. For many of those tempted, the high prices put rural homes out of their reach. First time buyers in particular are affected by high rural property prices, and consequently they account for a far smaller proportion of homebuyers than they do in urban areas.”