Housing news now, with the revelation that your house may be rising in value at a higher rate than your salary, depending on where (in the South) you live:
Ten places your home will make you more than your job: Homeowners ‘earn’ up to £91k more from their properties than from going to work
- The average rise in house prices outstrips the average rise in wages in a third of local authorities
- London boroughs dominate the top 10 list of locations
- The biggest gap between house prices and earnings is in London’s Haringey, where homeowners ‘earn’ £91k more from their home than by going to the office
Homeowners are ‘earning’ more from their properties than from turning up for work, new research suggests.
This is obviously great news, if you 1) live in one of those places, 2) are looking to sell your house, and 3) aren’t looking to then have to buy a place to live – because prices are apparently rising faster than wages, haven’t you heard?
Of course, this story is little more than a reminder that getting your foot on the property ladder is important, and for that you’ll need a bank or building society… like, perhaps, Halifax?
The average rise in house prices is outstripping the average rise in wages in a third of local authority districts, according to the report by Halifax…
Martin Ellis, housing economist at Halifax, said: ‘Buoyancy in the housing market over the past two to five years has resulted in homes increasing in value by more than total take-home earnings for the average homeowner in many areas, though mostly in southern England.
‘While it’s no longer unusual for houses to ‘earn’ more than the people living in them in some places, there are clearly local impacts.
“Homeowners in these areas can build up large levels of equity quickly, but for potential buyers whose wages have failed to keep pace, the cost of buying a home has become more unaffordable during that time.’