A place in the country comes with a price
Buying a house in the country will cost you up to £86,218 more than it would for a similar property in the city, according to latest research from Halifax.
Despite urban house prices increasing 10 per cent in the past four years (6 per cent when excluding London) and rural houses just 2 per cent, a country dwelling continues to boast a significant price premium across all regions of the UK; the South East experiencing the biggest difference (£86,218) and the North East the smallest (£11,570).
A life in the country is pie in the sky
Typically the average house price in the countryside is equivalent to 6.3 times gross annual average earnings. The Cotswold, perhaps unsurprisingly, is the least affordable rural area with houses prices outweighing earnings by 9.4.
However for those desperate to leave the rat race behind and escape to the country, here are the only five rural areas where the ratio of prices to earnings is below the historical long-term average of 4.0.
- Copeland, Cumbria 2.7
- Stirling 3.4
- East Ayrshire 3.5
- Western Isles 3.7
- Pendle, Lancashire 3.9
You can ease the financial pressures of buying a house in the country by saving on your conveyancing. Our conveyancing fees start from just £399 while our combined sale and purchase deal allows you to save up to £198. Click here for a free online quote.
Content correct at time of publication