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London house prices £300000 above rest of England and Wales – The Week UK

London house prices £300000 above rest of England and Wales – The Week UK

March 12, 2017 By Robert M Leave a Comment

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

Related posts:

  1. Microsoft to raise prices after post-Brexit pound slump – The Independent
  2. House prices in the East head north on demand from the South – Estate Agent Today
  3. Mortgage affordability unchanged despite rising house prices, report finds – AOL Money UK
  4. How the Bank of England’s interest freeze will affect first time buyers and mortgage holders – Mirror.co.uk

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