Rural price rise for FTBs

15-Sep-2008

Scottish first-time buyers (FTBs) living in the countryside face even greater challenges than their urban counterparts, new research asserts.

A study conducted by the Bank of Scotland concludes the average cost of a home in rural areas of the country is 13 per cent more than those in the average urban areas.

Those living in the countryside face property values of 5.9 times the average annual salary, while in towns and cities FTBs are looking at an average of 5.2 times their average yearly earnings.

Suren Thiru, an economist at Bank of Scotland, says the problems are "particularly acute" for FTBs.

"Housing in rural areas is less affordable than in urban areas due to a combination of higher average prices and lower average earnings," he warns.

Research published this weekend by Halifax, which is also part of HBOS, shows this pattern is also replicated across England, where the average rural property costs 15 per cent more than the average urban home.

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