Property News · November 25, 2016

London tops cost-of-housing survey at 14 times average earnings


Cambridge and Oxford follow the capital at over 13 times earnings while Glasgow and Liverpool have lowest income-to-price ratioThe average cost of a home in London is more than 14 times average earnings – the highest level on record, according to figures from property consultancy Hometrack. Oxford and Cambridge are not far behind, the company’s latest index of city prices indicates, with house prices at 13.5 and 13.6 times local earnings respectively.A lack of homes for sale combined with demand fuelled by low mortgage rates has pushed up average prices in London by 86% since 2009, according to Hometrack, to an average of £482,000. The increase is far in excess of wage growth and means prices are 14.2 times the average London wage packet of £33,720 a year – the highest multiple since 2002. Continue reading…

Source : theguardian.com
Read more…London tops cost-of-housing survey at 14 times average earnings

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