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Rural housing significantly less affordable

House prices in rural areas are significantly less affordable than in urban areas according to the latest Halifax English Rural Housing Index.
Research found that the average property price in rural areas is 6.7 times average earnings compared with a ratio of 5.6 in urban areas. First time buyers account for only 24 per cent of the market in rural areas compared with 41 per cent in urban areas.
The least affordable rural local authority in England is North Cornwall where the average house price of £212, 960. This is 10 times the local annual average earnings of £21, 367. North Lincolnshire is the most affordable rural local authority with an average house price of £121, 539, 3.8 times local annual average earnings of £31, 720.
Halifax chief economist Martin Ellis says: “Housing market conditions are particularly tough for those living in rural areas. Higher house prices combined with lower average earnings means that property is less affordable than in urban areas.
“This is making it especially difficult for first-time buyers to get a foot on the property ladder whilst, at the same time, there is less provision of social housing to cater for the needs of those living in rural areas.”

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