Escaping to the country incurs 20% house price premium
Moving from urban areas to the country incurs a 20% house price premium in Britain (London excluded), the Halifax Rural Housing Review has revealed.
Homes in the country typically cost £43,000 more than their urban counterparts, with the biggest difference being in the West Midlands where it costs £78,314 (42%) more to live in the country.
The smallest difference is in the East of England where the average premium is £29,291, or 10%.
Martin Ellis, housing economist at Halifax, said: “The countryside continues to attract homeowners inspired by open spaces, a cleaner environment and the prospect of a potentially greater quality of life.
“However, turning such dreams into reality typically comes at a cost with the average rural property 20% higher than in urban areas.
“Housing affordability is a significant issue across a number of rural areas, making it difficult for first-time buyers in particular to buy a countryside home, particularly in southern England.
“These affordability obstacles are reflected in the typically lower proportion of first-time buyers in the country compared with their urban counterparts.”
Despite the gap property values in urban areas have risen by 40% in the past five years compared to 30% in the countryside.
Indeed, five years ago the gap between urban and country properties was £44,588, or 30%.