At present, the cost of housing in London exceeds in 14,2 times an average annual income of the city residents, according to the data provided by Hometrack.
Thus, availability of London housing has reached its record minimum. At the same time, it’s become twice as difficult for British citizens to save up money for purchase of an apartment in the capital city, than in other regions of the country.
Londoners earn an average of 33,720 pounds sterling per year, while at present, the item of residential property cost 482,800 pounds sterling.
Hometrack reports that prices for London housing have grown by 9,1% in October on a year-to-year basis, the growth rates are close to a three-year minimum.