Joint mortgages may help as rural house prices rise 8%

16-Jul-2010

Posted by Sam Franklin

Joint mortgages may provide a solution to individuals unable to join the rural housing market, as estate agents Knight Frank revealed country properties cost eight per cent more than last year.

Katy John, press officer of PricedOut.co.uk, said individuals growing up in the countryside were unable to buy homes in their area, as demand from urban buyers for a second property pushes prices up.

A joint mortgage may enable people wishing to purchase real estate in a more expensive area - such as a rural village or city centre - to reach the first rung of the property ladder.

The first-time buyer expert observed: "Many young people and families in rural areas are being directly displaced by second home owners and buy-to-let investors."

In a recent report, the National Housing Federation stated 65 per cent of people living in the countryside believe young locals are unable to afford property in their area because out-of-town purchasers are driving values higher.

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