22nd January 2016
Rising house prices means the average home made as much as the average worker in 2015.
Research by online estate agent eMoov.co.uk shows the average UK home made £27,264 in 2015, equating to £524 for every full week and £16 for every working hour of the year – the equivalent of an average salary.
Property in the capital outstripped this average by miles and London homeowners enjoyed a boost of £58,000 on average across the 32 borough – equal to £35 an hour.
The borough of Camden saw the biggest rise, with property increasing on average £125,000 – or £75 for every working hour, or £1.25 a working minute.
Homeowners in Islington, Kensington and Chelsea, Lambeth, Richmond and Southwark also enjoyed increases of over £70,000 for the year, racking up between £40 and £55 for every working hour.
London properties with the smallest increases were found in Barking and Dagenham at £27,000, although the homeowners have still picked up additional income equivalent to the average UK salary.
In the London commuter belt, where demand for property has been increases, the average increase in house price was £29,000. This translates to just under £50 a week and £17 for every hour worked.
Watford, Reading, Oxford, Brentwood and Aylesbury all ranked highest as the most lucrative commuter zones for property value increase, with homeowners making £60 a week on average.
Outside of the south east, homeowners still made £11,000 on average during 2015, or £7 for every working hour of the year. This is still more than the average minimum wage.
Russell Quirk, chief executive of eMoov, said: ‘Homeownership is not only one of the biggest decisions in life but also one of, if not the most, expensive asset us Brits will ever own.
‘However, getting over the hump of homeownership and the costs that come with it can certainly pay dividends in the long run, as this research shows.’