Using the UK House Price Index figures from January to April 2017*, we can see where in London you could have earned more from your home than your salary so far this year.
ONS figures put the average national yearly wage at £28,038. Looking at the Land Registry numbers from January to April, we can see that in some boroughs, you could have already earned more than this from the rising value of your home. And where earnings on an average national wage in the same period total £9,346, in some boroughs house values have risen above this total too.
Hammersmith and Fulham
Avg. price £819,677*
Price rise £54,001**
The Royal Borough of Hammersmith and Fulham continues to attract London’s well-heeled residents, who will be happy to hear that so far this year, average property prices have already outstripped the national yearly wage. Here, property prices have risen by a whopping £54,001 from January to April – or £44,655 more than you could have earned in the same time period on the average national wage.
Properties to buy in Hammersmith and Fulham
Merton
Avg. price £519,170
Annual price rise £33,197
Looking at UK House Price Index figures, you could have earned more than £33,000 from January to April this year on your home in Merton. Of course, these are averages and you would need to get your property valued by a professional. But according to these numbers, your home could have earned you more than your salary, not only over the same time period, but more than the entire year!
Barnet
Avg. price £555,664
Annual price rise £22,750
The north London borough of Barnet comes next in the list, where property prices have risen, on average, £22,750 so far this year. That’s nearly two and a half times what you could have earned on the average national wage in the same time from January to April!
Brent
Avg. price £492,033
Annual price rise £22,310
Encompassing Wembley and Brent Park, the borough of Brent covers a large part of north-west London and has been the focus of many recent development projects. In the first four months of 2017, property prices in Brent have increased by an average of £22,310 – or £12,964 more than you would have earned from January to April on an average national wage.
Tower Hamlets
Avg. price £470,021
Annual price rise £13,077
The London Borough of Tower Hamlets encompasses a significant proportion of east London, including Canary Wharf and its residential neighbour Isle of Dogs. While annual salaries in London’s financial centre are probably above the national average, an average property price rise of £13,077 since January is more than you would have earned in the same period on the average national wage.
Properties to buy in Tower Hamlets
*Average price of entire borough
