According to a recent survey from the Halifax, rural house prices have retained their value better in the economic downturn than houses in urban areas. Rural house prices however, have risen more slowly over the longer term in comparison to urban postcodes.
Countryside homes have seen their value drop by 20% since 2007 in comparison with a 22% drop in urban areas. The average price of properties in countryside areas is £201,191, that’s 17% more than the average in urban areas, which is now £171,709.
Over the last ten years there has been a slight increase in property values in rural areas which has been slower than the overall increase for it’s urban equivalent. The average rise for country homes was 36% in comparison with 40% for urban homes.
Buckinghamshire has been highlighted as having the most expensive housing, prices having risen in Chiltern by £1,107 per month in the last ten years which equates to an increase of around £13,000 per annum. The average house price for Chiltern was found to be at £427,647, the highest property price in rural Britain. That is a staggering four times higher than the lowest average property value of £100,119 in East Ayrshire.
According to the Halifax, first time buyers cover around a third of mortgage financed purchases in rural locations as opposed to nearly half in urban districts. Housing in rural areas continues to be prohibitively unaffordable for the first time buyer and consequently homeowners looking to sell property quickly are finding it hard to achieve the perceived value for their home on the market.
Owing to the condition of the housing market, many people in rural areas are turning to the services of a property buyers to help them achieve a quick house sale. The rapid increase in the cost of living is forcing many people to downsize their home to a more affordable size and location. Many living in rural areas are now feeling the economic downturn and are looking to relocate to more affordable parts of the UK.
Waiting for an estate agent can take many months and this means spending more money on energy bills, maintenance and the general running of a property that is no longer affordable. A national home buyers can guarantee a sale of a property in as little as 15 days from the initial quote. The money can then be used to purchase a more affordable home and the stress of struggling to keep an expensive property on, can be alleviated fairly quickly.