LONDON — The average London house price is now 12 times greater than that of the average London wage, and in some boroughs up to 17 times higher, according to data from the Land Registry and ONS.
The data, compiled by online estate agent eMoov, found that the average London house price is £474,704, which is 12.05 times the average house price of £39,400.
The east London borough of Hackney has the widest gap between wages and house prices of any area in the country. The average house price there is £575,511, which is 17.03 times greater than the average wage of £33,800.
Here is how the figures break down by London borough:
Russell Quirk, chief executive of eMoov, said: “When London is thrown into the spotlight in terms of the unaffordability of its property market, many are quick to highlight that the wages on offer are higher in the capital.
“The gap between what hopeful London buyers are earning and what they are having to pay for a property is still way out of kilter and climbing,” he said.
House price growth in the capital has stalled this year after decades of runaway growth, with mortgage affordability, political uncertainty, and tax changes all weighing on buyer sentiment.
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