Increase in house prices means that property in Prime London earns more than owners

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.

For more information click on the source below:

The Daily Mail

 

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

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