First time buyers stay out of the country

02-Aug-2005

It has been discovered that many aspiring homeowners looking to purchase property in the countryside are being priced out of the market.

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As such, many first time buyers are being advised to look to urban areas to get onto the first rung of the property ladder, as improvements in transport links in modern times mean there is no longer a necessity to live close to your work.

Therefore, more and more homeowners are able to buy property in the countryside, causing prices in those regions to jump, while inner-city prices have faltered.

This trend means that an increasing number of first time buyers need to look at buying in towns or cities if they are to bag a bargain.

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In the first survey of its kind, Halifax found a higher proportion of detached houses, lower proportion of social housing, and a high number of second homes for city dwellers in the countryside.

The report is likely to bring more pressure on the government to increase the development of affordable housing in rural areas, as much of its plans so far have looked at alleviating the problems in inner city areas, rather than in the countryside.

Click here for advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley

Click here for our first time buyers guide

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