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Job recovery sees urban asking prices race away from country

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Job recovery is pushing the price of urban properties up faster than their rural counterparts, research from property website Prime Location has shown.
Job recovery sees urban asking prices race away from country

The average asking price of homes on the market in towns and cities across England rose by 12.9% over the last twelve months compared to an 8.3% rise for rural properties.

This took the average asking price for a rural retreat to £304,620 – £36,470 (11%) less than the average urban pad which is currently on the market for £341,090.

Lawrence Hall, spokesman for Prime Location, said: “Urban areas have been boosted by the strengthening economic recovery and growing jobs numbers.

“And this boost is driving up demand and pricing for properties in towns and cities across England.”

Hall said he is seeing similar but slower growth in property prices in rural areas due to increased demand from buyers looking for more affordable options.

Country properties have seen the biggest rise in value over the past year in the North West with asking prices up 17.5%.

But rural homes in the South East have struggled with a rise of 2.7% since January 2013 compared to a 10.8% jump in asking prices for homes in towns and cities.

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