Homes in the countryside are commanding a substantial premium over their urban counterparts.
Buyers pay average premium of £46,000 – or 26 per cent – for homes in rural areas, according figures released today by Halifax, one of the UK’s top mortgage providers.
However, prices in urban areas are catching up after rising faster over the past five years.
Part of the reason is due to larger home sizes. Properties in the country are typically more than a fifth larger than in towns and cities. The average rural home is 127 square metres in size compared with 104 square metres in urban areas. “It typically costs significantly more to buy in rural areas with a substantial premium existing in all the regions of Great Britain. This reflects the aspiration of many to own a property in the countryside,” said Martin Ellis, housing economist at Halifax.