Yahoo Finance Homes in Bath earn almost three times as much as owners
There are 92 areas of Britain where house prices have climbed by more than the average net annual salary in the last year, with Bath home to “the hardest earning bricks and mortar”.
Estate agent comparison website GetAgent found that house prices are up £61,931 ($86,147) year-on-year in Bath and North East Somerset.
This equates to 2.6 times the average annual net earnings of those living in the area, which is about £23,784.
Get Agent analysed the latest house price data from the Land Registry and found that since last year, house prices are up by £20,162.
Overall in the country, where the average net annual income is about £25,246, this means the average property has made the equivalent of 80% of the average salary.
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In some parts of Britain, the average property has made far more in the last year when compared to the average salary of a person living there, Bath being one example.
South Hams also ranks high, with the £44,339 gained in house prices coming in at 219% of the average net earnings in the area of £20,203.
Wealden (194%) and Rother (191%) in the South East have also seen house prices climb to nearly 200% of the average wage in each area.
The high house price growth isn’t just in the South, with Richmondshire (189%) and Selby (186%) in Yorkshire and the Humber ranking as some of the biggest home earnings when compared to local wages.
In London, property in the London Borough of Merton has increased by £66,429 since this time last year, equating to 181% of the average net annual earnings of £36,715 in the borough.
Sutton (165%), Ealing (161%) and Newham (156%) also rank high.
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Pembrokeshire is the "hardest earning" housing market in Wales, with house prices earning the same as 137% of the average earnings in the area since this time last year.
“We’re currently seeing some of the hottest market conditions in years, driven by a mass influx of buyers keen to secure a stamp duty saving,” said founder and CEO of GetAgent, Colby Short.
"As a result, house prices are soaring and in some areas, they’ve increased at a higher rate than the average income over the last year."
"We’re a nation of aspirational homeowners and who can blame us, when there’s a chance our homes can earn the same, if not more than we do in a year," he added.
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