Rural properties outperform urban alternatives
21st Sep 2012
Ever since the financial crisis which saw housing prices drop dramatically in the UK property market since 2007, rural houses have been performing more resiliently in terms of value than their urban alternatives.
While London has been the area where there has been the most resilience against price drops, the latest report from Halifax show that on average, it is those homes in the countryside that have performed better.
It said that since 2007, the price of a rural house has fallen by 20 per cent. This is compared to the 22 per cent that has been seen across urban areas such as cities and large towns.
This has left the average urban home costing an average 17 per cent more than its counterparts.
Martin Ellis, housing economist at Halifax, said however, that while these prices were good for sellers, it makes it difficult for many others to move to rural areas, with first timers being particularly badly hit.
"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."
Posted by Staff Writer: Ewan Robertson
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