Written on 16 June 2014 by Alistair Boscawen in Property News, Sales Market
Figures show that property prices across the UK are overtaking salaries.
Booming property prices means that in some areas houses have earned more than those living in them.
Research by MailOnline showed that in 33 different areas annual salaries were outstripped by surges in the average house price. From Birmingham to Brighton to London, the market has meant thousands of pounds have been added to properties, often outstripping local wages.
And Prime London has benefitted the most – with prices in Kensington and Chelsea as well as Westminster soaring above salaries.
The figures come after Mark Carney, Bank of England governor, hinted that interest rates will rise before the end of this year. Meanwhile, Chancellor George Osborne has moved to restrict the amount buyers can borrow to prevent people overstretching themselves.
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