Rural Britain faces affordability crisis
Rural Britain faces affordability crisis
Saturday 13th September 2008
House prices in rural Britain are 15 per cent higher than in urban areas, according to new research.The fourth annual Halifax Rural Housing Review shows the average level of house prices in rural areas is £235,324, compared to the average urban house price of £204,290.
As a result of higher house prices and lower average earnings, those living in rural areas also have greater affordability hurdles to jump.
The average property price in rural areas is 7.3 times average annual earnings compared with a ratio of 6.1 in urban areas.
On affordability terms, the south-west is the toughest place to buy, while the East Midlands is the easiest.
The most expensive rural local authority in Great Britain is Chiltern in Buckinghamshire, with an average house price of £448,635.
Pendle in the north-west is the least expensive rural area with an average house price of £129,887 followed by the Western Isles (£137,319) and Copeland (£138,111).
Suren Thiru, economist at Halifax, said: "Housing in rural areas is less affordable than in urban areas due to a combination of higher average prices and lower average earnings.
Related News
Lehman searches for firesale buyer - 12/09/08
Lehman Brothers is reportedly now looking for a buyer after funding deals fell through earlier this week
Lehman Brothers is reportedly now looking for a buyer after funding deals fell through earlier this week
1 in 3 renters' deposits not protected - 12/09/08
A third of renters are not being protected by the government's tenancy deposit protection (TDP) schemes, according to new research
A third of renters are not being protected by the government's tenancy deposit protection (TDP) schemes, according to new research
News Article Search
Quick Apply
News Archive