Town beats country for price increases
Asking prices are increasing once more but those in urban areas are doing better than properties in the country.
PrimeLocation.com has revealed that the average asking price of homes currently on the market for sale in towns and cities across England has gone up by 12.9% over the last 12 months compared to an increase of only 8.3% for properties in the countryside over the same period.
The average price currently being sought for a rural retreat is £304,620, which is £36,470 (11%) less than the average urban pad which is currently on the market for £341,090.
Country properties have seen the biggest rise in value over the past year in the North West with asking prices up 17.5%, However, not all country homes have fared so well with asking prices for properties outside of urban areas in the South East having risen only a modest 2.7% since January 2013. Urban property asking prices in the South East, however, have risen sharply up 10.8% compared to last year.
Lawrence Hall of PrimeLocation.com said: “Urban areas have been boosted by the strengthening economic recovery and growing jobs numbers. And this boost is driving up demand and pricing for properties in towns and cities across England.
“We’re seeing similar, albeit slightly slower, growth in property prices in rural areas thanks to increased demand as buyers seek out more affordable options. However, anyone looking for a country retreat at a good price might be wise to act now before prices rise even further.”