Halifax: Houses 14% more expensive in country than city

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Halifax: Houses 14% more expensive in country than city

Rural housing is 14 per cent more expensive than that in urban areas, Halifax has revealed.

In its Rural Housing Review, the bank claimed that the average price if a house in rural Britain is £246,104. In cities, this falls to £214,998.

The current price represents an increase of 72 per cent in the last five years.

Halifax chief economist Martin Ellis said that rural homeowners face a "particularly tough" marketplace.

"In general, higher average property prices, together with lower earnings, mean that housing is less affordable than in urban areas," he said.

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

The study found that first-time buyers account for 17 per cent of home purchases in the countryside, compared to 33 per cent in cities.

In its House Price Index for the second quarter of 2007, Halifax identified eight Northern Irish towns as the fastest growing in terms of UK house prices.

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