HOUSE prices are going up and up and it’s making it harder for many to get onto the property ladder.
But it’s good news for anyone selling up, especially if they living in one of the areas where house prices have soared.
But anyone in the market for a new home will be more interested in where to find the places you can still bag a bargain, despite the rocketing prices.
New data from building society Nationwide has revealed house prices in the countryside have shot up the most in recent years.
House prices have gone up 29% in rural locations over the past five years, while they’ve only gone up a fraction of that in more urban spots.
On average, house prices have only gone up 18% in busier towns and cities, according to the data.
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Londoners for example, can’t expect to spend much higher than 20% more than they would have last year for a new place.
North Devon topped the list overall with house prices rocketing by 24%.
And County Durham came in bottom in terms of house price growth – which means budding buyers are more likely to grab a bargain.
A separate study from housing giants Zoopla crowned the city as one of the most affordable places to live as well.
So if you’re looking for a steal for your new home, it may be high time to pack up your bags and head north.
Andrew Harvey, Senior Economist, said: “Our latest analysis suggests that average house price growth in local authorities classified as predominantly rural has outpaced that of other areas, particularly in the last couple of years.
“It is notable that the list features a number of areas closely associated with tourism, including parts of Devon, South Wales, the Cotswolds and the Broads.
“This suggests some of the demand may be being driven by those buying holiday or second homes.”
The property experts revealed that the “race for space” could also be to blame for more homeowners preferring the countryside.
During the pandemic there was an increased demand for properties in rural areas with more land to explore while everyone was stuck at home.
There are still bargains to be had out there though.
Nationwide’s data suggested that most of the city spots would save you a few pennies.
A property in Hyndburn in the North West for example might only set you back £120,000 on average.
And one in expansive Sunderland might only cost you £137,000.
Here’s the six areas that have seen house prices soar – and six places you can still bag a bargain.
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Despite the rising figures, we explain whether there will be a price crash any time soon.
While one property expert reveals the four questions ALL homebuyers are asking right now.
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