First-time buyers priced out of rural areas, figures show

Homes in rural areas are 15 per cent more expensive that properties in urban areas, new data has shown.

According to the annual Halifax Rural Housing Review, the average level of house prices in rural areas is £235,324, which is over £31,000 higher than the average urban house price of £204,290.

Added to this, the research shows that first-time buyers account for just 21 per cent of all rural buyers, whereas those hopping on to the property ladder for the first time account for 37 per cent of buyers in urban areas

Suren Thiru, economist at Halifax, said housing in rural areas is less affordable due to a "combination of higher average prices and lower average earnings".

"The difficulties for home buyers in rural locations are particularly acute among first time buyers and are exacerbated by relatively low levels of social housing provision," he added.

In related news, new figures from Moneysupermarket.com have revealed that more than half of first-time buyers received financial aid from their parents to purchase their property, the Telegraph reported.