The values of mortgages relating to property in the UK’s countryside are on the increase, new figures have indicated.
Provided by the latest annual Halifax Rural Housing Review, the research revealed the price of homes in rural regions of the nation is currently an average of £27,000 – or 16 per cent – higher than in urban areas.
According to the study, the rural premium has jumped from 35 per cent over the last ten years, having stood at £20,000 in 2001.
It was demonstrated that the costs associated with purchasing a dwelling in these regions have typically risen by £69,170 over this time, leaping from £127,146 in 2001 to £196,316 in 2011.
Nitesh Patel, housing economist at Halifax – which is a division of Bank of Scotland – said: “The side effect of rising property values is that housing affordability has become an increasing concern in many rural areas, particularly in the south.”
