Halifax: Housing is less affordable in rural areas

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Halifax: Housing is less affordable in rural areas

Mon 15th Sep 2008

Rural areas are the most difficult places in which to find affordable housing, lenders have said.

Both Halifax and the Bank of Scotland made the assertions.

Halifax Estate Agents findings showed that the average house prove in urban areas was £204,290, while the figure in the countryside was £235,324.

While the average property price in rural areas was 7.3 times the average annual earnings, the ratio in cities was six to one.

Halifax said the picture in Wales was the same, with the average rural house price being £186,105, which is 22 per cent higher than the urban average of £152,698.

Suren Thiru, economist at Halifax, said that buyers in rural locations were also suffering from "relatively low levels of social housing provision".

The Bank of Scotland found the same patterns in the country.

In rural areas, the average house price is £186,446, which is 13 per cent more than in the cities, where it is £164,517.

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