London property 'least affordable in the UK'
London is proportionally the least affordable place to buy a home in the UK, it has been found.
Despite mean earnings being higher than in any other region, the GMB union has revealed that the average house price is 7.2 times the average salary.
The organisation defines long-term affordability as 4.5 times the earnings of the average full-time employee, making values in the capital more than £119,000 above this level.
According to the GMB, the London boroughs of Haringey and Hackney are the least affordable areas of the UK, with those buying a house having to pay more than nine times the average salary.
"It is now clear the extent to which the house price bubble and the speculation in the oil and commodities markets has done serious damage to the UK economy," said GMB general secretary Paul Kenny.
This week the British Bankers' Association noted that uncertainty in the property market had been putting buyers off, which may mean that a greater number of people choose to rent.
Published 27th January, 2009
© 2009 Estates IT Limited
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London is proportionally the least affordable place to buy a home in the UK, it has been found.