Borrowers pay 13.9 times their salary to buy in Lambeth

Michael Lloyd

October 23, 2019

In Lambeth a house buyer could expect to pay around 13.9 times their average earnings to own a home, ONS statistics on personal well-being have found.

This compares to a ratio of 8.0 for England overall.

Andy Scott, founder and chief executive of the business turnaround specialists REL Capital, said: “Fixing Britain’s broken housing market isn’t just about building more homes, it’s about the overall health of our nation, and the provision of these homes is just the first step in helping to cultivate public well-being.”

ONS also revealed there has been a slight improvement in average happiness ratings from 7.52 to 7.56 in the year ending March 2019.

Michael Stone, founder and chief executive of Stone Real Estate, added: “Despite the UK being put through the political wringer since the EU referendum, the overall well-being of the nation remains resolute and has even seen a slight uplift.

“A coincidence, perhaps, that this uplift should come at a time when the drastic levels of house price growth seen in previous years have eased and we’ve seen a slight uplift in wages?

“While this top-line view is positive, there are still many areas of the UK property market that continue to contribute negatively to the well-being of those residing within it.

“These are for the large part, the least affordable, and It’s no coincidence that while large swathes of London are improving, the capital is home to some of the lowest rates of well-being and some of the highest house prices.”

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