Hilling­don ‘the most af­ford­able’

Harefield Gazette - - NEWS -

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.”

n OUT OF REACH: Bel­gravia is the least af­ford­able area of Lon­don

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