Countryside homes are 20% more expensive on average than in urban areas according to Halifax
Countryside homes are £44,454 (20%) more expensive on average than in urban areas, according to the latest annual Halifax Rural Housing Review.
In the review they highlight that Waverley in the South East is the most expensive rural area with an average house price of £487,824 and first-time buyers account for 12% fewer country homes than their urban counterparts.
It reveals: Property in rural areas is less affordable than in urban areas, with the property price in rural areas 7.6 times average annual earnings 2 compared with a ratio of 6.5 in urban areas.
Richard Washington, Mortgages Director at Halifax, said: “Homeowners looking to escape to the country can expect to pay an average premium of 20% for a property. Housing affordability, particularly in the south of England, is putting a country home out of reach for many people, especially those looking to buy their first property. This is reflected in first-time buyers accounting for a smaller proportion of homebuyers in the countryside relative tourban areas.”
Read the latest annual Halifax Rural Housing Review press release 29th September 2017 in full click here.
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