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UK's 'Race for Space' drives rural house prices higher than urban

UK's 'Race for Space' drives rural house prices higher than urban

Posted on June 3, 2024   |  

Over the last 5 years, rural house prices have risen faster than urban ones, with property values in rural areas increasing by 22% since 2018, compared to a 17% increase in urban areas.

Between December 2018 and December 2023, rural property prices grew by 22%, while urban property prices rose by 17%.

Areas labeled as 'urban with significant rural' saw a 19% rise during the same period.

Overall, house prices in both urban and rural areas dipped slightly in 2023 due to higher borrowing costs impacting affordability.

In areas classified as 'urban with significant rural,' where 26% to 49% of the population live in rural villages or market towns, price growth was notable.

Predominantly urban areas, where 75% or more of the population reside in towns or cities, experienced less price growth compared to rural areas.

Semi-detached properties in rural areas saw the highest price increase, with a 24% rise from December 2018 to December 2023.

Higher mortgage rates have reversed pandemic-era trends, with significant drops in off-plan sales for larger homes.

Sales of detached and semi-detached homes before construction completion fell sharply, while off-plan sales for flats fell by 5 percentage points.



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