15 September 2009
Rural house price falls 'less marked'
The falls in property prices in rural areas have been less marked than those in urban locations, new figures suggest.
According to the latest annual Halifax Rural Housing Review, the average house price across rural Great Britain declined by 13 per cent over the course of the last year.
This compared with an 18 per cent drop in urban areas.
In addition, it was found that the average price of a home in a rural location is now £203,535, which is more than the typical urban value of £168,376.
"Homes in rural areas continue to command a marked premium over urban locations, partly reflecting the quality of life benefits that many people associate with living in the countryside," stated economist at Halifax Suren Thiru.
He added that house prices in such locations combined with generally lower earnings mean that homes in rural areas remain "significantly less affordable" than those in cities and towns.
Recently, Michael Aglony, marketing manager at Mortgages for Business, suggested that now is a good time for those with the available funds to invest in buy-to-let properties.