UK house prices: Property prices increased by as much as the average salary – but in London it’s more than double that
The property market might be cooling, but last year still gave home-owners a solid boost to their wealth, with new research suggesting UK properties gained in value by as much as the average salary.
Throughout 2015, the average homeowner made £27,264 – or £16 for every working hour of the year.
Those who own property in London, meanwhile, saw their pile grow even greater: average house prices in the capital added to homeowners' incomes by around £58,000 across the 32 boroughs, a whopping £32 an hour.
The London Borough of Camden saw the biggest rise, along with Westminster, with an increase of over £125,000 a year, £75 for every working hour or £1.25 every working minute.
Homeowners in Islington, Kensington and Chelsea, Lambeth, Richmond and Southwark also enjoyed increases of over £70,000 for the year, between £40 and £55 for every working hour.
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Property in the commuter belt, meanwhile, grew by an average value of £29,000, with Watford, Reading, Oxford, Brentwood and Aylesbury ranking as the most lucrative commuter zones.
Excluding these two parts of the country, homeowners made less – but still an impressive £11,000 on average – equivalent to £7 an hour, which means it was still more than the minimum wage.
While this is great news for homeowners, it does of course raise the issue of first-time buyers getting onto the ladder. Earlier this month it was revealed that the average deposit for someone buying their first property has now risen to £91,000.