London prices 14.5x average earnings

1st December 2017

Figures fromHometrack show that house prices in London are 14.5 times the earnings of an average Londoner – up from 14 times last year. The figure is 42% higher than the long-term average over the past 15 years. The average house price in the capital is now £496,000, while earnings are £34,200 a year. While London saw the biggest gap, Cambridge is close behind with the average property 14.3 times the earnings. This was followed by Oxford (12.6) and Bournemouth (10.1). The Hometrack data also shows that house price growth in regional cities was up 6.1% in the year to October – an increase on the 2.8% reported in May and the highest level since September 2016. The highest growth was seen in Manchester, at 7.9%, followed by Birmingham (7..4%).

The Daily Telegraph (27/11/2017)   The Guardian (27/11/2017)