At the start of July the Evening Standard released research they had compiled in partnership with Santander. It showed how much properties have earned in terms of increased values and compared them to wages. Not surprisingly four in five Londoners earn less than the average property in the city does in a year.
Across the whole of London the average home earned £127 per day over the course of 2015/2016 year. That means house prices exceeded wage growth in a single week with the average adult earning a wage increase of £858.
In 2015 the average house price in London was £425,134. A year later this had grown by 11% (or £46,370) to £471,504. At the same time wages grew at an average of just 2.4% to £37,114. The gap between the two is definitely widening.
The top three areas in terms of the difference between house price growth and wage rises are not surprisingly amongst the most favoured hotspots in the capital. Waltham Forest took top spot just ahead of Newham. Haringey came third with a huge gap back to Brent in fourth.
The figures show why properties in those three areas remain such great investments. This is why they continue to be a focus of numerous investors and also why first time buyers are still attracted to these locations.
At Finefair we understand that property owners want to get the most out of their investment. We can offer a helping hand with this, providing tailored services to suit their specific needs. It is easy to arrange a comprehensive service with us, whether you need management, portfolio services, or other letting options such as guaranteed rent or council leasing.
One area that makes us stand out is how we manage properties. The personal approach has made us the number one for property management Haringey has to offer. We will deliver a first rate service every time and ensure each home is kept in the best shape.
Contact us today to find out more about what we have to offer.