It’s not all doom and gloom in the property market, according to Halifax rural house prices have nearly doubled during the past decade.
Countryside homes are now so desirable they have been rising by a rate of around £200 a week and are now 96% more valuable than in 2000.
As a result, buyers can expect to pay a 20% premium for a property in a rural location, compared with one in a town, up from a 17% difference at the start of the decade.
The recent difficulties experienced by the housing market have also had less of an impact on homes in the countryside, with these losing an average of 20% of their value between 2007 and 2009, compared with a 25% price drop in towns and cities.
The increase in TV programmes such as ‘Escape to the Country’ and ‘Location, Location, Location’, which sell a contended rural lifestyle, can only have had an added impact.
Suren Thiru, Housing Economist at Halifax, said: “With the lifestyle benefits associated with living in the countryside still resonating with homebuyers, rural properties continue to trade at a significant premium to homes in urban areas.”
The biggest increase in rural prices during the past year has been seen in the South East, with the cost of a home in the countryside jumping by 8.9%.
Yorkshire and the Humber and Wales had the biggest price gains for rural homes over the past decade at 123% and 122% respectively.
South Oxfordshire is the most expensive rural local authority to purchase in, with the average property costing £388,326, 85% above the national average.
For assistance in the sale or purchase of countryside or equestrian properties in Essex call Mark Sadler at kenneth elliott + rowe solicitors on 01708 757575 or email: firstname.lastname@example.org for further information and a free quote.