Latest research from Halifax has shown that nearly 18% of UK local areas have seen average house prices increase by more than total average pay over the last two years.
- House prices in Barnet in London exceeded average take-home earnings in the area by £52,256, the highest in the country and equating to £2,177 per month.
- North Hertfordshire in the East of England (£40,903), the only place outside London and the South East out of the top ten area
Russell Galley, Managing Director at Halifax, said: “Over the past two years, we have seen house price growth and earnings converge at a national level, leading to a drop in the total number of areas where the average house price rise is greater than owners’ take-home earnings.
Despite the slowdown in house price growth in southern England, it has still outpaced wages across most of the region. This means that middle earners are also facing a challenge getting on to the property ladder.”