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October 22, 2007

Property prices of 12 times income in London boroughs

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by Kay Mitchell

Property prices of 12 times income in London boroughs

Figures revealed in the CACI Housing Affordability Index, has discovered that the London Boroughs of Camden, Westminster, and Hammersmith & Fulham, together with South Buckinghamshire and Elmbridge in Surrey, all have average property prices of between 10 and 12.4 times the average earnings.

Furthermore, people in the London Borough of Kensington and Chelsea face an average house price of £753,088 against an average income of £46,543, resulting in property prices 16.2 times greater than earnings making it top in the table of the 20 least affordable local authority areas.

In comparison, the most affordable place to purchase a property in the UK is the Shetland Islands. The average property costs £108,051 against earnings of £34,243, 3.2 times the average income.

The most affordable in England is Kingston upon Hull with an average of 3.3 times the average income and the most affordable in Wales is Blaenau Gwent at 3.5 times income. Carrickfergus in Northern Ireland is the most affordable at 4.2 times income.

A spokesperson for CACI said that housing affordability is a challenge for the UK, but this information reveals substantial differences and the extent to which this is a problem in certain parts of the country.

The spokesperson concluded that in the short term, there are uncertainties about house price trends but longer term affordability is the main issue for the majority.


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