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country properties fare better than city homes
September 12, 2009
House prices in rural areas have fallen by less than homes in cities over the past year, according to the latest Bank of Scotland Rural Housing Review. The average house price across rural Scotland fell by 11 per cent over the past 12 months compared to an average 13 per cent drop in house prices in urban areas.
The average rural home is now 17 per cent more expensive than the average urban house and housing in rural areas remains markedly less affordable than in urban areas. The average property price in rural areas is 5.7 times average annual earnings compared to a ratio of 4.9 in urban areas.
Not surprisingly, first time buyers are thinner on the ground than elsewhere. They make up just over a quarter (28 per cent) of buyers in rural areas but represent 41 per cent of all buyers in urban local authorities.