May
11

London living- A nice little earner

London homes have earned owners almost £200 a day on average already this year as prices have continued their remarkable surge. Local property markets across most of the city have risen strongly — despite the slowdown in some central areas — further widening the yawning wealth gap between the property haves and have-nots.
The average daily increase in a London home’s value between January and March was £197, equivalent to £71,905 a year, analysis of Land Registry data reveals. That is almost twice the average London salary of £36,258.
The most dramatic gains have been in once unfashionable areas in east London and the outer suburbs, as first-time buyers seek more affordable neighbourhoods. The biggest rises were in Lewisham, where prices went up £385 a day, equal to more than £140,000 a year. It was closely followed by Hackney, with prices up by £343 every 24 hours, and Barking & Dagenham, London’s cheapest local authority area, with £293 a day.
Homes in Kensington & Chelsea, the city’s wealthiest borough, have risen by “only” £169 a day. Central London’s property market has been hit by stamp duty rises on £1 million-plus homes. Uncertainty over the EU referendum in June has also deterred foreign buyers.