Buyers pay an average premium of £46,600 for homes in rural areas
Homes in the countryside are commanding a substantial price premium over urban homes according to research by Halifax.
On average, homes in rural areas are £46,575 (or 26%) higher in price than in urban areas.
Halifax says that there is a rural house price premium in all regions although it differs significantly across the country. The rural premium is greatest in the West Midlands at £88,781 (57%) compared to £17,570 in the North East (13%).
Mortgage affordability is a bigger issue in the countryside as the average house price is equivalent to 6.8 times gross annual average earnings. This significantly exceeds the comparable ratio for urban areas of 5.6 times income.
If you would like help to buy a property located in the country, call Trinity on 020 7016 0790.
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