UK house prices: Country property prices are much higher than those in the city
Rural house prices are a fifth more expensive those in cities outside London, according to the Halifax.
The average country house price is £263,050, compared with the average urban price of £218,596.
The biggest difference is in the West Midlands, where prices are almost 50 per cent more.
“Homeowners looking to escape to the country can expect to pay an average premium of 20 per cent for a property,” said Halifax mortgages director Richard Washington.
Meanwhile, the ratio of wages to house prices is also worse in the countryside. Property prices are 7.6 average earnings, compared with 6.5 times in towns and cities outside of London.
Read more: London house prices have fallen for the first time in eight years
Britain’s top five least affordable countryside areas
Local Authority District
House Prices 2017 (£)
Average earnings 2017 (£)
Price to Earnings ratio
North Dorset
361,603
31,723
11.4x
Chichester
411,547
38,004
10.8x
West Oxfordshire
355,215
35,763
9.9x
Cotswold
368,454
37,643
9.8x
Horsham
395,022
40,732
9.7x
Washington said: “Housing affordability, particularly in the south of England, is putting a country home out of reach for many people, especially those looking to buy their first property.
“Those desperate to get onto the housing ladder are more likely to eye up a property in an urban area. First-time buyers account for 41 per cent of all mortgage financed purchases in rural areas, compared to 53 per cent in urban areas. Affordability is the main reason for the lower proportion of first-time buyers in the countryside, Halifax said.
“This is reflected in first-time buyers accounting for a smaller proportion of homebuyers in the countryside relative to urban areas.”
Read more: Mortgage approvals jump by almost eight per cent in August
Rural versus urban house prices
Average price 2017
Premium
Region
Rural (£)
Urban (£)
Difference (£)
%
North East
169,232
151,067
18,165
12%
North West
231,413
173,683
57,730
33%
Yorkshire and The Humber
216,401
164,365
52,036
32%
East Midlands
239,901
184,475
55,426
30%
West Midlands
280,776
191,504
89,272
47%
East of England
332,822
305,057
27,765
9%
South East
416,521
331,516
85,005
26%
South West
296,273
240,650
55,623
23%
Scotland
185,713
166,696
19,017
11%
Wales
183,067
162,986
20,082
12%
Great Britain excluding London
263,050
218,596
44,454
20%