Average price of property in London about 14 of annual salary Londoner

The average price of a unit of property in the UK eight times the average annual income of a Briton. The most inaccessible prices of houses and apartments in London, about 14 of annual salary is a apartment in London, making the London real estate available for the least of people working in it.

The Royal borough of Kensington and Chelsea head the top of the most expensive areas of London. The average price of a property in the area is, despite the decline of 6% , approximately £1212375 that 46 more than the average salary, which is £26624. Next is the area of London in Westminster with an average price of £1028617, and earnings of £33020, which means that the average property in 31 times more than the annual salary.

In third place on the unavailability of housing was St Alban, where the property is worth £522716, and the salary is £18928, which is 28 times less.

In the whole of England the average cost of housing – £232885 9 times the average wage cost of £26884. In Wales to buy an apartment or a house, you will need 6 years of wages, and in Scotland the most affordable housing – a total of 5 annual salary will need to pay for an apartment or a house in Scotland. But there is in Scotland and not available to the city is East Renfrewshire, where the property is 13 salaries, and Edinburgh, where the average property 10 times more expensive than the salary.

On the other side of the ranking is the city of Copeland in Cumbria, where only 3 annual salary will need to buy a home and Burnley in Lancashire, where to buy gentle will be 4 annual salary.

As can be seen from these figures, the prices of flats and houses in England are much higher than in Wales, Scotland and Northern Ireland. The growth rate of wages in England are not keeping pace with growth in housing prices and therefore the availability of real estate decreases, and the gap in housing affordability between England and other UK regions is enhanced. Studying the data, we can conclude that it is not necessarily low cost of real estate can provide a good standard of living. The level of wages is an important indicator reflecting the state of the economy and local market.

® Helen Entree. 07.10.16.

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