We know the tale of ‘City-folk buying second homes in the countryside and prices rising as a result and youngsters being forced out because they can’t afford to stay’ is an old one. But when you look into this issue, it does reveal some scary numbers, such as the average house price in some rural areas being 12 times the average income and a typical countryside property mortgage requiring the appliant to earn at least £66,000 per annum.
With the average income of people in rural areas at just over £20,000, it’s clear to see why this is a problem. Add to it the surge in property values over the last decade, as mentioned in a HFC post last week, and it becomes even tougher for young wannabe home owners to get a foot on the ladder in their back yard. BBC’s Newsbeat have done a nice little piece on this, if you fancy reading more you can check it out here…
Tags: conveyancing, quick house sale, repossession, Sell And Rent Back