Mortgage borrowers may be interested to learn that homes are less affordable in rural areas of Britain, a study by Halifax has found.
Chief economist at Halifax Martin Ellis comments that those with mortgages in rural areas suffer from tough market conditions.
"In general, higher average property prices, together with lower earnings, mean that housing is less affordable than in urban areas," he notes.
Many young people are finding it hard to get a mortgage and get onto the property ladder, which could be compounded by a lack of social housing available in these areas, he adds.
According to the study, average property prices in the countryside are 14 per cent higher than those in urban regions, with values increasing by 72 per cent in the past five years.
Furthermore, country home owners are more likely to apply for planning permission, with an increase of 52 per cent in applications compared to urban homeowners.
In related news, another study by Halifax has found mortgage borrowers desire a detached property in the country over any other type of house.
Market conditions tough in rural areas, expert says
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Market conditions tough in rural areas, expert says
Tue, 28 Aug 2007
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