Rural housing facing affordability issues

An analysis of house prices in 132 rural areas of the UK has found that prices in such regions are around 14 per cent higher than prices in urban areas, with fewer first-time buyers able to get onto the housing ladder as a result.

The research from Halifax noted that affordability problems were further exacerbated by the scarcity of social housing, which accounts for just 13 per cent of rural property as opposed to almost 20 per cent in urban areas.

But the number of second homes in the countryside is far higher than the number found in cities, the study added – 1.8 per cent of housing stocks compared with 0.4 per cent.

"In general, higher average property prices, together with lower earnings, mean that housing is less affordable than in urban areas," commented Martin Ellis, Halifax chief economist.

"Many young people, in particular, are therefore finding it tough to find a foot on the property ladder," Mr Ellis added.

Earlier this month Halifax also revealed that properties in seaside towns were also cost more than the national average, with a typical price coming in at £187,128 compared with a UK average of £181,830.


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