Houses in rural areas of the UK have increased in price by an average of £200 per week over the past 10 years, a greater climb than their urban counterparts, according to research by Halifax.
Homes in towns and cities have increased by 91 percent over the same period.
Buyers looking to purchase a property in the countryside can expect to pay a 20 percent premium, compared to one bought in an urban area. This difference has increased over the past decade with buyers in the countryside paid a 17 percent premium ten years ago.
The number of first time buyers in the countryside is much less than in urban areas with 27 percent of sales in rural areas being to first home owners, compared to 45 percent in towns.
The lifestyle benefits associated with living in the countryside still resonates with homebuyers, so rural properties continue to trade at a significantly higher premium to homes in urban areas, Halifax said.
However, as a consequence of rising property prices and generally lower average earnings, the housing market in rural areas has become more challenging over the past decade, particularly for those looking to get on the property ladder, it added.
0 comments:
Post a Comment