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30 August 2007

Houses more expensive in country than city

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by Kay Mitchell

Houses more expensive in country than city

The Halifax’s Rural Housing Review has established that houses in the countryside are 14% more expensive than those in the city. The bank declared that the average price of a countryside retreat in Britain is £246,104. In urban areas, this falls to £214,998. The current price represents an increase of 72% in the last five years.

However, the study also identified that while house prices in the countryside have risen by 72% since 2002, towns and cities have seen price growth of 80% during the same period.

A spokesperson for the Halifax remarked that rural homeowners face a particularly tough marketplace. Lower earnings, together with unaffordable housing have resulted in housing being less affordable than in the city. Consequently, young people are finding it difficult to get a step onto the property ladder.
The study also established that first-time buyers account for 17% of purchases in the countryside, compared to 33% in towns.

In its House Price Index for the second quarter of 2007, Halifax recognised 8 Northern Irish towns as the fastest growing in terms of UK house prices.


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