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August 28, 2007    

Rural property premium revealed

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by Gill Montia

Halifax and Royal Bank of Scotland have been taking a look at the premium paid by those who want to live in a rural location.

Recent house price inflation has increased the average cost of a rural property to £246,104, which is £30,000 higher than would be paid in an urban environment.

According to the survey, Chiltern in Buckinghamshire is the most expensive rural location to aim for; the average price of a home is £474,850.

The least affordable rural area is Carrick in Cornwall, where the average house price in the district is over 10 times the average local salary, at £269,241.

Carrick illustrates a particular point for those with roots in the countryside. In general average property prices are higher than in urban areas, whilst earnings are lower than the national average.

As a result, first-time buyers make up just 17% of home buyers in rural areas, compared to 33% in towns and cities.

In addition, social housing is scarcer, with the survey finding that only 13% of property designated as such in the countryside, compared with one-fifth of in urban areas.

The report takes a particular look at Scotland and finds that rural house prices have risen by 112% since 2002.

This compares with a 107% increase in urban areas and puts the price of an average Scottish rural home at £177,007.

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