Countryside living comes with rural premium & private island bargain!

Posted: 21/09/2012

If you’re dreaming of living in a quaint cottage in a beautiful little village in the heart of the countryside, you may have to continue dreaming. Only 17 out of 111 rural local authority districts in Britain are classes as ‘affordable’ and the average country home comes with a £30,000 ‘rural premium’ according to Halifax.

Halifax state the average house price in rural areas is £202,000 compared with the average house price of £172,000 in urban areas. This means you have to pay a £30,000 premium to live in the countryside which is more than the average full time worker earns in 12 months. The soaring cost of living in the countryside has been named the ‘Rover Cottage effect’ after the Channel 4 series which features a chef that grows and cooks his own food in his rural home.

The most expensive rural location is in the Chilterns which is close enough for residents to commute to London but live outside of the busy capital city. Over the past 10 years, average house prices have increased by £1,107 every month in this area! In 2002 a home in the area cost an average of £295,000 but if you wanted to buy a similar property today, it will set you back £428,000. Fantastic news if you bought a house a decade ago and wanted to sell you’re home now as you would gain almost double the amount back you paid in 2002.

For a home to be classed as being located in a rural town or village it must have a population of less than 10,000 people and for a district to be classes as affordable the ratio of house prices to local earnings must be below four. Halifax based its report on 111 of Britain’s rural local authorities and found that a mere 17 are ‘affordable’.

However, if you want something a little more, shall we say 'quiet' than a rural village, how about your own private island? Well, now is your chance to grab a bargain in the form of an island off the coast of Ireland! Yes, you can purchase the 65 acre Inish Turk Beg island along with the luxury homes, swimming pool, stables, astroturf pitch for sports and state of the art technology all for a mere £2.85 million! Where’s my cheque book?!

An Egyptian-Irish businessman called Nadim Sadek bought the island a decade ago and spent a rumoured double what he is selling it for whilst transforming it into his own a 21st century paradise. The main residence includes a dance hall, gymnasium, games room and cinema as well as an outside croquet lawn and impressive helicopter pad. The mansion has seven bedrooms including various other properties which can accommodate 30 people. There are other outbuildings along with stables and a large boat house with the added delight of a pier and a floating jetty all included in the £2.85 million price tag!

The island even had 2,888 of its own Irish single malt whiskey brand called the Maiden Voyage shipped off it earlier this year. The property receives its water and electricity direct from mainland Ireland and it even has broadband internet connection. You may expect this piece of haven to be battered by gale force winds most of the year however it is sheltered from the worst of the westerly winds by the other islands. If you started to feel a bit isolated on your own private island, you could take a short boat journey to Westport on the mainland which was voted the best place to live in Ireland this year.

Are you susprised an the high premium you would have to pay to live in most countryside districts and how many of you have imagined yourself living on the private ireland? I can raise my hand to the last question thats for sure!

Amanda McGovern, Pali Ltd

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(0) Comments rural, countryside, house, prices, island, ireland

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