Thursday 19th March 2015

Countryside price growth almost matching city rises

According to the latest research from Zoopla, property price growth in the English countryside is nearly neck and neck with price rises in cities. 

House prices in towns and cities throughout the UK have risen by 5.7% over the last twelve months. However, rural England is in hot pursuit, with a 5.1% annual property price increase in countryside locations over the same period. Currently, the average price of a rural home in England stands at £264,338. This is 24% (£51,737) higher than the typical urban property outside of the capital.

The largest uplift in value over the past year was seen in rural homes in the East of England, with prices leaping up 6.5% (£17,098). Following closely behind was country escapes in the South East, which have gone up in value by 6% (£22,157) in the last year. This means that buyers in the region can expect to pay £66,100 more to live in a rural part of the South East, as opposed to a busy town or city. Meanwhile, countryside properties in the West Midlands cost £73,982 more than homes in nearby towns and cities. 

The most expensive rural location in England is Gerrards Cross in Buckinghamshire. Average homes there are currently worth £817,376, up from £773,726 twelve months ago. 

On the other hand, city dwellings in the East of England and the South East witnessed the strongest yearly growth of 7.5% and 6.7% respectively, even outperforming rises in London. However, the most expensive urban location is still situated in the capital, with the average small house or apartment in Kensington and Chelsea coming in at £2,654,512.

“Urban areas had a head start in the housing recovery with demand propped up predominantly by employment opportunities,” Lawrence Hall, Head of Communications at Zoopla, said. “This drove price growth in these economic hubs and left countryside markets by the wayside.”

He added: “Over the past year house price growth has spread and rural retreats which are commutable to the amenities and jobs of urban centres have become highly sought after. But they come with a significant premium to have the best of both worlds, with the extra outdoor space and seclusion that rural living gives you. Those looking for the good life in the country might want to escape the rat race sooner rather than later.”