The average cost of a home in London is more than 14
times average earnings – the highest level on record, according to figures from
property consultancy Hometrack. Oxford and Cambridge are not far behind, the
company’s latest index of city prices indicates, with house prices at 13.5 and
13.6 times local earnings respectively. A lack of homes for sale combined with
demand fuelled by low mortgage rates has pushed up average prices in London by
86% since 2009, according to Hometrack, to an average of £482,000. The increase
is far in excess of wage growth and means prices are 14.2 times the average
London wage packet of £33,720 a year – the highest multiple since 2002. Prices
in London did falter during the credit crisis but it was not long before they
resumed their upwards march. Read more on the Guardian website.
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