Homeowners 'earning' more from their properties than their jobs

It brings a whole new meaning to ‘working from home’. New research has revealed that homeowners in one in three UK local authorities ‘earn’ more from their properties than going to work.

I don’t know whether to be thrilled or depressed by this news. Although given I live north of Manchester and (not surprisingly) more than nine out of ten areas where house prices are outpacing earnings are in London, the South East, South West and the East of England, I’m veering towards the ‘crying on the inside’ option.

A closer look at the data from Halifax also shows that London boroughs dominate the top ten list of locations. The biggest gap between rising property values and earnings was in Haringey. According to the bank, house prices here soared by an average of £139,803 over the last two years, exceeding average take-home earnings in the area of £48,353 over the same period – a difference of £91,450, equivalent to £3,810 per month.