The average asking price of properties for sale in urban areas in England is up 1.9% on this time last year, while asking prices for properties in the country are down 5.1% over the same period, according to the latest research from PrimeLocation.com.
Urban asking prices now stand at an average of £315,170, up from £309,280 one year ago while rural asking prices are now £272,180 on average, down from £286,890 this time last year. That makes the average rural retreat 14% cheaper to buy than the average urban pad. (Urban/rural areas as defined by Department for the Environment, Food and Rural Affairs).
Over the past 12 months, country property prices have fallen hardest in the North East (down 11.3%) and the South West (down 10.0%). The only real bright spot in the country property market over the last year has been in the South East where rural asking prices are up 2.2%. Asking prices in urban areas have gone up by the largest amount since this time last year in London (up 12.2%), followed by the West Midlands (up 7.9%).
Lawrence Hall of Primelocation.com, comments: “While country houses in the South East have seen their prices increase, fuelled by those looking to escape city life, on the whole the rural property market has been struggling with an overall decline in asking prices of over 5% from last year. Of course, for some this recent decline may create the perfect opportunity to make the leap from town to country.”