Property price growth in rural areas in England is only a small bit behind the increases in town and city home prices, new research from Zoopla shows.
Urban values grew by 5.7 per cent over the last year, compared to a 5.1 per cent increase in rural England, the residential property website has estimated.
The average value of a rural home in England now stands at £264,338, which is 24 per cent higher than the typical urban property outside of London.
The strongest growth (6.5 per cent in 2014) was recorded by rural properties in the East of England. The South East is a close second with an annual increase in rural values of 6 per cent.
The premium buyers pay to live in a rural location is highest in the West Midlands, with countryside properties costing £73,982 more than homes in a town or city.
The most expensive rural location in England currently is Gerrards Cross in Buckinghamshire where the average home price now stands at £817,376, compared to £773,726 a year ago.
The most expensive urban properties currently are found in London’s W8 Kensington and Chelsea, with average values of £2.65 million.
Lawrence Hall of Zoopla comments:
“Urban areas had a head start in the housing recovery with demand propped up predominantly by employment opportunities. This drove price growth in these economic hubs and left countryside markets by the wayside.
“Over the past year house price growth has spread and rural retreats which are commutable to the amenities and jobs of urban centres have become highly sought after. But they come with a significant premium to have the best of both worlds, with the extra outdoor space and seclusion that rural living gives you. Those looking for the good life in the country might want to escape the rat race sooner rather than later.”
Urban v rural property prices by region
| Region |
Avg. Urban Property Value (Mar 2015) |
1 yr change (%) |
Avg. Rural Property Value (Mar 2015) |
1 yr change (%) |
Rural Premium |
| West Midlands |
£170,137 |
4.3% |
£244,118 |
4.2% |
43.5% |
| North West England |
£154,479 |
3.4% |
£214,522 |
3.0% |
38.9% |
| North East England |
£150,631 |
3.6% |
£200,550 |
4.2% |
33.1% |
| South East England |
£325,306 |
6.7% |
£391,398 |
6.0% |
20.3% |
| East Midlands |
£170,354 |
3.6% |
£196,907 |
3.8% |
15.6% |
| Yorkshire & The Humber |
£145,831 |
2.8% |
£165,454 |
3.0% |
13.5% |
| South West England |
£239,192 |
5.0% |
£269,472 |
5.0% |
12.7% |
| East of England |
£282,679 |
7.5% |
£280,104 |
6.5% |
-0.9% |
| London |
£561,589 |
6.5% |
n/a |
n/a |
n/a |
Source: Zoopla, March 2015
