• Swindon & Wiltshire Economy
• Thursday May 30 2024
• Author Name: Staff reporter

Rural areas saw strongest house price growth over last five years – Nationwide

House prices in rural areas have seen the biggest increases over the past five years, according to new research from Swindon-headquartered building society Nationwide.

The lender said homes in the country had seen an average increase of 29 per cent, while in urban areas the increase was 18 per cent.

Rural detached properties have seen strongest rates of price growth, while urban flats had seen the weakest growth, said the company.

The society said the ‘race for space’ seen during the pandemic had led the trend.

Villages and market towns were proving most attractive to the over 55s, while the purchase of urban homes was predominately by buyers aged under 34.

The society also suggested that with the biggest house price rises being seen in tourist destinations like North Devon, West Wales, and the Cotswolds the purchase of second homes might be driving the trend.

Andrew Harvey, senior economist at Nationwide, said: “It is notable that the list features a number of areas closely associated with tourism

“This suggests some of the demand may be being driven by those buying holiday or second homes.

“Indeed, ONS data suggests that the rate of second home ownership is significantly above average in areas such as South Hams, Pembrokeshire and Ceredigion, areas which are amongst those seeing the fastest rates of growth.”