People with mortgages in ‘urban area’ issued £7,476 warning

VaselineJune 16, 2024

0 1 minute read

People with mortgages in ‘urban area’ issued £7,476 warning

Rural properties are outpacing urban homes as values rise. Rural areas have seen a one per cent increase in value over the past year and this puts the average price at £301,122, according to fresh housing statistics and analysis.

In predominantly urban areas, houses saw an average price drop of 2.1%, bringing the value to £293,646. It means mortgage holders in urban areas have been hit with a loss of £7,476 amid the ongoing up-and-down cost of living crisis in the UK.

Yopa National Franchise Director Steve Anderson said: “Rural living is not to everyone’s taste as you have to compromise with many of the modern amenities available in towns and cities. This includes everything from shops and restaurants to public transport and quality Wi-Fi.

READ MORE Britain braces for ‘first’ 30C heatwave of the year and it will last 72 hours

“But a remote lifestyle also comes with an abundance of benefits, from a more relaxed pace of life and better air quality to an abundance of natural beauty and a much lower crime rate. Now we can add property values to that list of country living benefits, rural prices are clearly more resilient to economic and market trends, holding their value as city prices fluctuate much more easily.

“This may be because the nature of cities means that people come and go, often in search of a particular job or opportunity, whereas country life is a lifestyle choice that, once made, is usually blocked. This means there is less turnover in the local housing market and therefore less available stock. This helps keep prices strong.”