House prices and rent prices in London are outpacing wages. According to a recent report, house prices in London since 2011 have risen at twice the rate of the rest of the UK. But, wages have failed to keep pace. That means buying a house is not that affordable anymore for people. Rents have followed a similar path.
Key Takeaways:
- According to the report, house prices in London since 2011 have risen at twice the rate of the rest of the UK, standing at 68 per cent compared to 32 per cent. However, wages have failed to keep pace, meaning the cost of buying a home has become less affordable during that time.
- Rents have followed a less steep but similar path, rising 23 per cent in London and 14 per cent elsewhere, although “in Britain as a whole, median earnings had managed to keep pace with rent rises”, says City AM.
- The portal says the average home currently being listed on its website is worth £306,213, a figure that’s two per cent higher than in January and 2.3 per cent up on the average valuation last February.
“According to the report, house prices in London since 2011 have risen at twice the rate of the rest of the UK, standing at 68 per cent compared to 32 per cent.”
https://www.theweek.co.uk/house-prices/61987/uk-house-price-growth-at-its-slowest-rate-in-four-years
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