UK homes earning more than annual salaries
More than a fifth (21%) of all UK homes (that’s 4.6 million properties) have risen in value by more than the average annual salary over the past 12 months.
New research just released from Zoopla shows that there are 4,635,000 private homes in the UK that rose in value by more than £30,500, the average UK salary in the past year.
In Yorkshire and the Humber 17% of homes have increased in value more than the average regional salary (£28,700) in the past 12 months, says the research. This equates to 321,000 homes.
Gráinne Gilmore, Head of Research at Zoopla, comments: “There has been strong demand from home buyers since the housing market reopened after the first lockdown in May last year. This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder. At the same time, the savings of up to £15,000 on offer as a result of the stamp duty holiday in the 12 months to July also encouraged people to make a move.
“Hundreds of thousands of households have made the move into their new home over the last year, but activity has been so high, it has eroded the stock of homes for sale, which has put upward pressure on house prices, with values rising by up to 9% in some parts of the country.
“When this price rise is translated into pounds and pence, it means one in five homes have risen in value by more than the equivalent of a year’s earnings over the space of 12 months.”
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