Halifax Rural Housing Index presents findings

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Halifax Rural Housing Index presents findings

The Halifax Rural Housing Index has today claimed that housing in rural areas is "significantly less affordable" than in urban areas.

According to the report, the average property price in rural areas is 6.7 times people's average earnings, compared to a multiple of 5.6 in urban locations.

First-time buyers are less common in rural areas, as they account for 24 per cent of all purchasers, compared to 41 per cent in more urban regions.

The least affordable rural region of all, the Halifax Rural Housing Index has claimed is Cornwall, where the average house price is £212,960 – ten times the average local earnings rate of £21,367.

Conversely, the most affordable rural area is North Lincolnshire, where the average cost of a property is £121,539 and average earnings are £31,720.

"Housing market conditions are particularly tough for those living in rural areas," said Martin Ellis, chief economist at Halifax.

"Higher house prices combined with lower average earnings mean that property is less affordable than in urban areas."

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