SALES NEWS: Research show rural house prices in Devon are 29 per cent higher than in cities – but the gap is closing.
House prices in rural Devon cost an average of 29 per cent more than in cities such as Exeter according to research from the Halifax building society.
The trend is the same in every region of the UK and the west country’s 29 per cent ‘rural premium’ is actually lower than in south east England, the Midlands and the north west, where the premium is over 30 per cent.
The research says the rural-urban price split is down to the fact that older, more affluent buyers tend to choose rural or semi-rural locations which they regard as offering a better quality of life.
But the split is set to narrow because the Halifax says between 2009 and 2014 the cost of the average countryside home rose 12 per cent while urban properties rose in value by 18 per cent.