First-time buyers won't be able afford homes in rural areas despite half price discounts

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First-time buyers won't be able afford homes in rural areas despite half price discounts
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  • 📰 The Yorkshire Post
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  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 66%

Average property prices in some parts of Yorkshire are creeping towards £300,000

A report said: “This paper has explored the likely cost of First Home products based on alternative discounts and tested these against local incomes. A key conclusion is that this initial evidence indicates that First Homes at a 50% discount are unlikely to be affordable to eligible households generally, but may be affordable to some.

The average Craven property price of £283,878 is according to the Land Registry which also said first-time buyers in the district spent an average of £244,000 this summer – £69,000 more than five years ago. There are also price caps which mean that after the discount has been applied, the buyer cannot be required to pay more than £250,000.

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The Yorkshire Post /  🏆 39. in UK

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