Higher house prices for rural Britain

Buyers have greater affordability hurdles to jump

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).

Housing in rural areas is less affordable than in urban areas 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.

 esmartmoney
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