In the UK it’s no longer unusual for houses to ‘earn’ more than the people living in them in some places, there are clearly local impacts
The latest Halifax research has shown that during the last two years, 31% of UK local authority districts average house prices have increased by more than employees’ net earnings – edging up from 28% in 2015.
The most recent Halifax research has shown that in the past two years, 31% of UK local authority areas average house prices have increased by more than employees’ net earnings – edging up from 28% in 2015.
- Nine out of the 10 are in London, the South East, South West and the East of England with these four regions accounting for 111 of the 119 areas.
- The biggest gap between property values and earnings was in Haringey in London which increased by an average of £139,803 over the last two years, exceeding average take-home earnings in the area of £48,353 over the same period – a difference of £91,450, or £3,810 per month.
- Second was Harrow in north London with a price growth to earnings difference of £77,791, with St Albans (£72,995) third and Waltham Forest (£63,646) 4th.