House price growth in rural areas outstrips towns in Great Britain

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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

House price growth in rural areas outstrips towns in Great Britain


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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CRN News Update - Latest Breaking News: House price growth in rural areas outstrips towns in Great Britain
House price growth in rural areas outstrips towns in Great Britain
Rural house price growth in Great Britain surpasses that of towns. Discover why countryside properties are booming compared to urban areas
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