Halifax estate agents have said that the cost of homes in rural areas are £30,000 GBP more than in urban areas. Carrick in Cornwall was stated as the most expensive rural area.
Average rural property values have reached £246,104, due to house price inflation. This is often more than 10 times the salary of workers in the area. Many incur a great deal of debt to afford a mortgage of such amounts.
The reason for the difference in prices has been pin pointed to earnings being generally lower outside cities, exasperaring the problem, Halifax said.
Less first-time buyers live in the countryside - only 17% of property owners are first time buyers, whereas first time buyers comprise up to 33% in more urban locations.
In Scotland, rural house prices have risen over 112% in the last 5 years, compared to 107% in urban areas.
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Halifax estate agent - property 30k more in rural areas
Wed, 29 Aug 2007
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