Hillingdon ‘the most affordable’
HILLINGDON has been found to be the most affordable borough in west London for homebuyers.
The average household income here is £33,682 and house prices are an average £200,000, according to research by the Gazette’s publishers, Trinity Mirror.
But the research also suggests that would-be homeowners would need to borrow 73 times the average income to buy a typical house in wellheeled Belgravia, with houses averaging at £3.2 million.
This makes the area the least affordable place in West London and the country’s priciest location,
Around Royal Hospital Chelsea it is no better, with average earners of £44,541 still needing to borrow 44 times that amount.
The borrowing amount for a mortgage is currently 4.5 times income, making the dream of ownership a prospect for some.
Overall, just 17 per cent of England and Wales would be affordable to the average household based on maximum borrowing of 4.5 times income.
Richard Donnell, director of research at Hometrack, predicted businesses and families will flee the high property home distant prices and regroup in the regions.
He said: “The gap between house prices in London and other major regional cities is at its widest level for 20 years.
“This highlights a seemingly overvalued London market on a price to earnings basis and the prospect of further price growth to come in the large regional UK cities.”