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Rural buyers priced out in South West

Tuesday, 4 October 2011 1:53 PM

The South West dominates a list of the least affordable rural areas in Britain, according to a new housing review by the Halifax.

Eight of the ten least affordable districts are in the region, says the bank, with only South Lakeland in the North West and Ceredigion in Wales bucking the trend.

West Dorset is the least affordable, with home buyers facing house prices that are eight times local average earnings.

But it's closely followed by Torridge, Mid Devon, North Dorset, Cotswold and Cornwall which all have house prices that are seven times local earnings or more.

East Dorset tops the list of areas that have the lowest proportion of first-time buyers in relation to all buyers with just 15 per cent. Mid Devon and South Buckinghamshire are next worst.

The most affordable rural area is Copeland in the North West, with prices 3.3 times earnings, followed by East Ayrshire in Scotland and North Lincolnshire.

Nitesh Patel, housing economist at Halifax, said: "Housing affordability has become an increasing concern in many rural areas, particularly in the south where in all areas those on average incomes will find it difficult to enter the market. This, in turn, is having an adverse impact on the numbers of first-time buyers."

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