Average real estate prices in Britain are rising faster than the average wage in the quarter of the municipal districts of great Britain. The number of municipal districts, where housing prices have outpaced wage growth increased from 73 to 108 of 384 of the total number of districts. Data of the study presented by the Halifax Bank shows that the most quickly growing areas in London, South-East and East of England, 97 of the 108 municipal districts located in three British regions.
The largest gap between housing prices and income has been achieved in Three Rivers in the County of Hertfordshire where housing prices reached an average value of £147990 and £97992 exceed the average income of residents of this municipality.
Seven regions out of 10 , ranked in top areas of London at the same time, outside the southern part of England lead South Northamtonshire environment and the Midlands where housing prices £24723 and £14837 respectively ahead of wages during 2014 and 2015.
On the one hand, it’s not a bad phenomenon – the growth of housing prices, because those who have their own homes, unable to sell it more expensive. On the other hand, those who buy your own house for the first time, it is very difficult to take the first step in buying because they have no chance even to accumulate funds on Deposit.
The fastest growth in property prices in London over the past five years was in the prestigious area “Hammersmith and Fulham” – £248971, exceeding the average wage in the area at £108653 .
Real estate prices in the regions southern England, London, South-East and East for the past 10 years have outpaced wage growth in these regions, making conditions for the purchase of their first home for young families more and more rigid.
®Maxim Savitsky G. 16.02.2016
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