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Rural homes retain value better

24th September 2012 | back to article listings BACK    print this article PRINT

The price of homes in the British countryside has dropped less steeply than in urban regions over the last five years, a new study has revealed.

UK property owners in rural areas have seen the average price of their homes fall by a fifth (20%) over the last half decade, compared to a 22% fall in built-up areas, according to research from Halifax.

The average price of countryside home now stands at 201,191, 17% higher than the 171,709 average in urban communities, researchers found.

Taking a longer-term view offers a slightly different picture - with house prices in towns and cities increasing by 40% over the last 10 years, compared to a 36% rise in rural regions.

Chiltern in Buckinghamshire was found to be the most pricey rural location, with prices rising on average more than 13,000 per year over the last decade.

The average house price in Chiltern is now 427,647, over four times higher than in East Ayrshire, the cheapest rural region in Britain with an average property price of 100,119.

Martin Ellis, housing economist at Halifax, said: "First-time buyers in particular are affected by high rural property prices, and consequently they account for a far smaller proportion of homebuyers than they do in urban areas."

Copyright Press Association 2012

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