Buying a property in rural England can be a highly appealing prospect for many, if you can combine the charm of country living with a more affordable price compared to urban counterparts. Recent research by estate agents Jackson Stops highlights key areas where this is particularly true, making them potentially lucrative for property investors or those dreaming of a countryside lifestyle.
The East of England: A Prime Example
The East of England, encompassing regions like Cambridgeshire, Bedfordshire, and Norfolk, stands out in the study. Here, a detached rural home costs on average £487,483, which is a significant 37% less than the £772,396 one would pay for a similar property in a nearby town or city. This gap has widened since the pandemic, driven by increased valuations in desirable urban areas like Cambridge. Interestingly, the demand for detached rural homes in this region has decreased slightly, potentially making it easier for buyers to negotiate better deals.
Top Rural Picks in the East of England
- Whittlesey
- Jaywick
- Holland-on-Sea
- Kirby Cross
- Stotfold
- Watton
- South Wootton
- Cottenham
- Dersingham
- Flitwick
Whittlesey and Dersingham are notable mentions, each with unique attractions like local festivals and nature reserves.
Other Regions with Affordable Rural Homes
The study also identifies the West Midlands, the North West, and Yorkshire and the Humber as regions where rural properties are more affordable than urban ones.
The South West: A Contrast in Pricing
Conversely, the South West demonstrates a different trend. Here, a rural detached home costs, on average, £563,786 – 11% more than an urban equivalent. Popular locations in this region include Bishop’s Cleeve, Amesbury, and Bovey Tracey, each with its distinct historical and natural appeal.
The Changing Face of Rural Property Prices
The data shows a consistent increase in the price premium for rural homes over the last decade. In 2013, the premium was around 15%, which escalated to 18% in 2023. This indicates a growing preference for rural living, with the typical rural home now priced at £347,278 compared to £295,526 for an urban home.
Regional Variations in Price Trends
- The North East offers the most affordable rural homes, with an average price of £182,014.
- The South East tops the list in terms of expense, with rural properties averaging at £500,271.
- Cornwall, in the South West, has seen a significant spike in popularity, driving up prices in the region.
The Impact of the Pandemic and Beyond
The pandemic era marked a notable shift towards rural properties, driven by the desire for outdoor space and a retreat from urban centers. This has led to increased prices in rural areas, though the trend is beginning to stabilize.
The Current State of Urban vs. Rural Property Prices
While rural property prices have seen a modest decrease recently, urban properties have experienced a nearly double rate of decline. However, rural homes continue to maintain a higher value compared to their urban counterparts.