Another day, another piece of crap London housing news to make anyone dreaming of climbing the property ladder weep with despair. According to new research, London’s bricks and mortar have been gaining some serious value over the last five years. Estate agent Savills reckons house prices in London have risen by £105 a day on average, going from £292,284 – the cost of the average London home in 2011 – to £483,803 today.
What’s more, while property values have been rising at alarming rates, the average London salary has increased by a measly 54p a day since 2011, from £34,336 to £34,531. This means the majority of London home owners have probably earned less than their properties since 2011, which is pretty unfair as we're the ones who have to commute to work each morning.
Unsurprisingly, Westminster and Kensington & Chelsea have seen the highest house price rises over the last five years, with homes in these boroughs increasing by more than £200 a day. But, even in Barking & Dagenham, the borough with the lowest house price increases, the average price has still risen by £68 a day. Given that in the same period rents have risen by 23 percent, it all makes for pretty bleak reading for anyone attempting to save up for a deposit – maybe there's a reason London's most popular emoji is the 'crying with laughter' one.
On the plus side, London isn't the most unaffordable city in the UK.