The cost of a London property is 14 times average earnings
Hometrack, the property consultancy have recently published a survey that reveals that the average cost of a home in London is more than 14 times average earnings. In fact, the figures show that London house prices have risen 86% since 2009. The average house price in London is now £482,800 and the average annual wage in London is £33,720.
The study goes on to show that Oxford and Cambridge are not far behind London with house prices at 13.5 and 13.6 times average earnings respectively. In Oxford, house prices have increased by 72% to an average of £415,000, while in Cambridge the average has risen by 84% to £420,600.
The figures show in Hometrack’s latest index of city prices indicates shows how tough the housing market has become for buyers in the UK.
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