Over the past 12 months, London hasn’t been the only place where house price growth has been more profitable than wages themselves.
Throughout England and Wales, there were 33 areas where wages couldn’t keep pace with the rising property values. House prices in England and Wales increased by 7 per cent over the year to the end of April, with places like London seeing house prices increase by as much as 17%.
According to the Land Registry, the increasing house prices added an average of £10,809 to property values. In highly sought after areas such as Westminster, property gains reached as much as £160, 810. This is compared to average earnings for people living in the borough of Westminster, which were less than a quarter of this amount at £34,092 a year.
Property prices rose by more than average earnings in 27 out of the 32 London Boroughs over the past year. Areas outside of London, such as Windsor, Brighton and the Vale of Glamorgan all experienced gains of more than £20,000.
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