Secured loans in the countryside 'becoming an impossible dream'

Category: Loans
Date: 10/20/2008 9:38:23 AM

Those hoping to be granted a secured loan for a property in the countryside are set to find it difficult, a survey has found.

Nearly a quarter of those polled by NFU Mutual stated that young people will not be able to afford rural homes as a result of the rising cost of living, as well as lower wages and a lack of affordable housing.

The study of rural residents also revealed that 19 per cent expect young people to be attracted to the "perceived bright lights" of cities.

Spokesperson for the insurer Laura Wood stated: "The high number of respondents who believe that living in the countryside is becoming an impossible dream for young families is very worrying for the future of rural Britain."

Those hoping to be granted a secured loan will need to forego luxuries in order to raise the cash for a deposit, content editor for FindaProperty Michael O'Flynn said this month.