Royal Borough homes making £70k more than the average salary

Royal Borough homes making £70k more than the average salary

James Preston

Homes in the Royal Borough are making more than three times the average salary as house prices continue to increase, according to new research.

As study by Halifax, released this week, found the average change in house prices for the Royal Borough in 2014 was £100,606 compared to median earnings of £29,045.

The difference between price increases and earnings is the third highest in the country, standing at £71,561.

The gap is even higher in South Bucks, standing at £80,733 - second only to Mole Valley.

The average house price increase for the area is £107,496, compared to a median salary of £26,763.

London boroughs including Richmond, Ealing and Hackney all lagged behind South Bucks and the Royal Borough in the top ten.

Nationwide, house prices increased by more than the average take-home pay in 95 out of 384 local authority districts.

Martin Ellis, housing economist at Halifax, said: “This is good news for some homeowners.

"At the same time, it is challenging news for those looking to buy their first home in such areas, with prices being pushed out of range for many young people.”

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