Buyers are prepared to pay a premium of nearly £50,000 to purchase a home in a rural part of the UK according to research which shows that at £225,217 the average price of a country property is 26 per cent more than a city location.
Research by the Halifax shows the rural premium is highest in the West Midlands where buyers pay an average of £88,781 or 57 per cent more for a home surrounded by countryside compared with one in a town. North east England has the smallest premium at 13 per cent.
Between 2009 and 2014, the cost of the average countryside home rose by 12 per cent, while urban properties saw increases totalling 18 per cent.
It costs significantly more to buy in rural areas with a substantial premium existing in all the regions of Great Britain. The relatively high prices, however, put rural homes out of the reach for many, particularly the young says Halifax chief economist Martin Ellis.
There are only three rural areas in which the average house price is below the long-term historical average of four times average earnings - Copeland in Cumbria, East Ayrshire and North Lincolnshire.
Chiltern is the least affordable rural area, with house prices averaging 9.5 times local pay. The region also has the highest house prices for a rural area at an average of £477,526.
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