The London Factor
Although London has the most expensive homes in the UK and the house price to average earning ratio is third highest, Londoners still have more spending money than anyone else in the UK, according to research from Halifax.
Their report ‘The London Factor’ concludes that the average house costs 70% more in London, that Londoners live longer, and they have more disposable income than any other region in the UK, with more than £20,000 per head to spend every year.
Some key findings:
* Since 2007, the average house price in the capital has fallen by 15%, holding value better than the UK average (a 20% drop).
* The house price to average earnings ratio, at 4.7 times the average wage, is the third highest in the UK, behind the South West (5.1) and the South East (4.8)
* At £11,843 per year, London is the most expensive place to own and run a house (UK average £9,393)
* London homeowners typically pay 14% (£177) a month less than the average London renter, which makes London the most affordable area to buy versus rent in relative terms although actual rental costs in the capital are the highest in the UK.
* Around half (49.9%) of London’s homes are occupied by their owner; the lowest owner occupation rate in the UK.
The report also shows that life expectancy at birth in London in the three-year period 2008 to 2010 was 79.0 years for males and 83.3 years for females, above the England average (78.2 and 82.3 years respectively).london, real estate
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