London Homes Still Cost 12 Times Earnings Despite Fall in Prices

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Properties in London saw the biggest improvement in affordability in England over the last five years but still remain eye-wateringly expensive compared to earnings.

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Kensington and Chelsea in West London was the least affordable area, with the median price paid for a home over 34 times average annual earnings, followed by Westminster and the Richmond upon Thames. The data was based on earnings of people working in the area rather than those of residents. Nonetheless, London helped to drive another improvement in housing affordability in England, continuing to reverse the pandemic surge in house prices.

 

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