The UK's independent property help portal
30 August 2007

Houses more expensive in country than city

Permalink: Houses more expensive in country than city
by Kay Mitchell

Houses more expensive in country than city

The Halifax’s Rural Housing Review has established that houses in the countryside are 14% more expensive than those in the city. The bank declared that the average price of a countryside retreat in Britain is £246,104. In urban areas, this falls to £214,998. The current price represents an increase of 72% in the last five years.

However, the study also identified that while house prices in the countryside have risen by 72% since 2002, towns and cities have seen price growth of 80% during the same period.

A spokesperson for the Halifax remarked that rural homeowners face a particularly tough marketplace. Lower earnings, together with unaffordable housing have resulted in housing being less affordable than in the city. Consequently, young people are finding it difficult to get a step onto the property ladder.
The study also established that first-time buyers account for 17% of purchases in the countryside, compared to 33% in towns.

In its House Price Index for the second quarter of 2007, Halifax recognised 8 Northern Irish towns as the fastest growing in terms of UK house prices.

Click here to discuss this: Home Move property forums

Related stories to: Houses more expensive in country than city

Previous: «
Next: »

Visited 2030 times, 1 so far today