Jobs mean 'people are tied to the south'
Higher wages in the south of England tethers people to the area, it has been claimed.
Andy Smith, managing director of property investment specialist 1st Asset, said that the relative wages in the north and south means that many people are staying in properties in around London.
Noting that wages are higher in the south, Mr Smith said this means people who work there cannot move north unless they are self employed or somehow able to relocate.
In addition, Mr Smith said, an influx of Russians, Polish and Indians to London has had "a large imprint" on house prices in the south-east.
Commenting on relative salaries in the north and south, he said that the average wage across the UK is between £18,000 and £22,000, but in the south-east it is £44,000 and in the City it is £71,000.
According to figures from Halifax, the average house price in rural areas is now £235,324.
This is 15 per cent higher than the average price in a city area, which is £204,290.
Published 22nd September, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Higher wages in the south of England tethers people to the area, it has been claimed.