More people have to rent in the countryside
News Category: Industry News
Published: 29-Aug-2007
Housing in rural areas of the UK is becoming more expensive, forcing more people to rent, new research suggests.
The latest annual Halifax Rural Housing Review found that houses in the country are typically more expensive than those in urban areas.
Indeed, the average property price in rural locations is 7.1 times the average salary, compared to a ratio of 6.2 in cities and towns.
Overall, house prices in the countryside are 14 per cent higher than in cities and currently stand at £214,998.
These high prices mean that many country dwellers have little choice but to rent.
"Those living in rural areas face particularly tough housing market conditions," explained Martin Ellis, chief economist at Halifax.
"In general, higher average property prices, together with lower earnings, mean that housing is less affordable than in urban areas.
"Many young people, in particular, are therefore finding it tough to find a foot on the property ladder. This difficult situation is compounded by lower levels of provision of social housing in rural areas."
Recently, Paragon revealed that the average age of a first-time buyer in the UK is now 34, suggesting that people indeed have to rent for some time before they can afford to buy their own home.
