The latest data from Zoopla has revealed the top ten areas in the UK where homes have ‘earned’ more than their owners in the past two years.
Richmond-upon-Thames has taken the number one spot, with house prices rising by £55,483 more than local people earned during the period.
Six of the top 10 areas are in London and the south east. Outside of these regions, West Devon, in the south west, was the area with the biggest difference between house price growth and earnings.
Bromsgrove was the only place in the West Midlands to make it into the top 10, with house prices outstripping earnings by £25,303, with Harborough being the only local authority in the East Midlands on the list.
Russell Galley, managing director at Halifax, added: “While the slowdown in house price growth may not be welcomed by homeowners, the narrowing gap between prices and wages should improve mortgage affordability for all, meaning that a larger house, home extension or even a first property are all more attainable.
“However, it is welcome news for homeowners in one of the lucrative areas, who have the potential to crystallise their housing equity when they sell up.”
Top 10 local authority districts over the last two years
|Local Authority District||Region||2 year change in house prices £||2 year net median earnings||2 year difference in house prices v earnings|
|Richmond upon Thames||London||119,075||63,592||55,483|
|South Bucks||South East||97,806||56,430||41,376|
|Windsor and Maidenhead||South East||88,437||60,153||28,284|
|Chichester||South East||73,679||48,778|| |
|North Dorset||South West||58,289||43,158||15,131|