The average family property for sale in London costs £513,000, 13.9 times the city’s average salary, according to a Guardian report today on the most unaffordable places to live in the UK.
But it’s not just London affected by the increase in property prices; other cities such as Brighton, Oxford and Cambridge are seeing property price hikes several times above the average wage earned. Surprisingly Crawley, Bournemouth, Reading and Aldershot have also joined the list of the most expensive places to live.
The average property for sale in Reading, a town just half an hour from London by train, is 9 times the town’s average salary and according to the report, prices increased by a substantial 18% last year. This looks set to continue with the arrival of the Crossrail in 2019 which means residents will have better and faster access to the city of London.
But where should those of us who don’t earn triple figures look once we have managed to scrape together enough for the massive 25% deposit (if you want a decent interest-rated mortgage, this is what you’ll need)?
If you are thinking about moving out of London or once London finally prices you out, (because that day is coming!) check out the two towns below. Bear in mind that many places with lower housing prices also have a limited range of employment opportunities and amenities. Research jobs in your field, transport links and nightlife before you consider making a move.
The average three-bedroomed property for sale in Chatham, the ‘garden of England’ historic town costs around £110,000. Chatham is famous for it’s dockyards and it’s on a good train route to central London so it’s ideal for commuters. Check out this article for other property for sale elsewhere in Kent.