Rural house price growth in Great Britain surpasses that of towns. Discover why countryside properties are booming compared to urban areas
Countryside Semis Lead UK Property
Market with 22% Price Increase Over Five Years
London, UK — New data from Nationwide
reveals that rural areas in Great Britain have outperformed towns and cities in
house price growth over the past five years, with countryside semi-detached homes
emerging as the top-performing property type.
According to the mortgage lender,
average house prices in predominantly rural areas have surged by 22% since
2018, compared to a 17% rise in predominantly urban areas. This trend
highlights the significant impact of the pandemic-induced "race for
space," which saw many people relocating from cities to rural locales,
smaller towns, or coastal areas in search of larger gardens, open spaces, and
more room for home working.
Nationwide's analysis indicates that
urban flats have been the weakest performers in the property market over the
same period. The desire for more space and the lifestyle changes prompted by
the pandemic drove many urban dwellers to seek properties in the countryside,
contributing to the robust price growth in these areas.
The data shows that rural semi-detached
homes have experienced the strongest price growth, with average values
increasing by 24% over five years. Rural terraced homes and urban semis also
performed well, each seeing a 23% rise in average prices. Rural detached
properties followed closely with a 22% increase.
Andrew Harvey, senior economist at
Nationwide, commented on the findings, stating that house price growth in
predominantly rural local authority areas "has continued to outpace those
of other areas." This trend is particularly evident in popular tourist
destinations like parts of Devon and the Lake District, suggesting that demand
from buyers seeking holiday or second homes may be contributing to the price
hikes.
Of the 349 local authorities in Great
Britain, the majority (61%) are classified as predominantly urban, while just
over a quarter (26%) are predominantly rural. The data underscores a
significant shift in buyer preferences, as more people value the benefits of
rural living.
However, research also indicates that
some of those who moved to rural areas during the pandemic have since returned
to suburban or urban settings, reflecting the fluid nature of housing
preferences as circumstances evolve.
In contrast to the strong performance of
rural properties, urban flats have seen considerably weaker growth, with prices
in predominantly urban areas typically increasing by just 5% over the past five
years. This disparity highlights the varying impacts of the pandemic on
different segments of the property market.
As the property market continues to
evolve post-pandemic, the trend towards rural living and the sustained demand
for countryside homes suggest that the appeal of spacious, open environments
remains strong among buyers in Great Britain.
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