The cost of living in London as of now have skyrocketed to a new record, as statistics are showing that ever since 2009, homes across London have ascended by a rough 86 percent.
London, Oxford, and Cambridge are now officially the most difficult places to afford a home in, according to a recent data set out by Hometrack UK cities Index.
Referring again to Hometrack, their records reveal that the average price for a house in London is about £482,800, which is equivalent to more than 14 times the number of the usual wage one receives at £33,720.
A buyer of a home can now safely anticipate that he/she will devote approximately 6.5 times their salaries just in obtaining some household alone.
The insight director from Hometrack, Richard Donnell claims that the house prices in London had gradually taken its toll into reaching what it is as the affordability developed through strain.
“In cities where affordability levels are stretched, fewer households are able to participate in the market and this reduces levels of turnover and leads to lower levels of house price growth.” Remarked Donnel, adding that “this process is under way in London where the annual rate of growth is close to its lowest level for three years and where the top end of the market is already registering falling prices.”
The statistics reveal that the rate of the over inflating prices of houses can be expected to drop majorly in about the next half of the year to a simple short single-digit price, which would serve to be much smaller than nation’s average. Brexit has allegedly proven to be one of the driving forces of this increase.