3
Dec
The popularity of rural houses
Many people who are hoping to buy a luxury home will look to the
countryside for their dream property. After all, whether it's a
rural house in a coastal area or a renovated barn in the Yorkshire
Dales, the countryside offers great opportunities for outdoor
pursuits and that's without even considering the views, fresh air
and community feeling such areas often offer.
So, it's hardly surprising that the price of rural properties
increased substantially during the last decade. According to
figures from Halifax, the average value of a countryside property
rose by more than £100,000 since 2000 or about £198 each
week.
The Halifax Rural Housing Review, which covers local authority
areas in Britain that are defined as rural under Office for
National Statistics' classifications, found that country homes saw
a 96 per cent rise in value over the last decade. In contrast,
property prices in urban areas increased by 91 per cent.
According to the data, the average rural house price is now 20 per
cent more than the standard urban house price, up three per cent
since 2000.
Suren Thiru, housing economist at Halifax, said: "With the
lifestyle benefits associated with living in the countryside still
resonating with homebuyers, rural properties continue to trade at a
significant premium to homes in urban areas."
The commentator went on to say that an effect of this is that the
property market in rural areas may be more challenging for
first-time buyers.
"As a consequence of rising property prices and generally lower
average earnings, the housing market in rural areas has become more
challenging over the past decade, particularly for those looking to
get on the property ladder," he added.
Interestingly, individuals looking for homes with swimming pools or
other luxury properties in south Oxfordshire will end up paying
more than those looking in other areas, as this was found to be the
most expensive area to buy a rural house.
However, Craven in Yorkshire and the Humber saw the largest
percentage price rise over the last decade, increasing by 180 per
cent, with the abundance of attractions in North Yorkshire luring
people to the area.
Wales is also proving popular with five of the local authority
districts in the country rating among the top ten areas for price
increases.
If you do decide to invest in a luxury home complete with views
over the surrounding countryside, you may find that this is a good
decision.
Not only will you be able to enjoy the spectacular sights, your
home may also be worth more money when you go to sell it.
According to a recent study by the Post Office, British people
would pay around £20,000 more for homes with sea views and an
extra £16,340 for a house with a view of some green
space.
"Our new Homebuyers Report shows that when it comes to location
homeowners are certainly prepared to shell out for an ocean view.
The right location is particularly important to over 35s looking to
put down long-term roots and bring up families," said Marco Hughes,
Post Office director of personal lending.
This research is backed up by figures from Savills, which found
that house prices in areas such as Dartmouth are up by as much as
362 per cent over the past ten years.
So, whether you decide to go for the barn in the Dales, a regal
estate in the Chilterns or a house with sea views in Cornwall, you
can rest assured that the popularity of rural homes is unlikely to
diminish any time soon.
