Prices per square foot are now, on average, 33% higher than in the previous peak in 2007. Greater London prices are 13% higher than in 2007.
Nearly two-thirds of London homes ‘earn’ more than a nurse in a year (average salary £35,316), according to the National Housing Federation, while in over half of London boroughs house price increases were higher than a police officer’s salary (£45,653) and in nearly a third of boroughs they were higher than a London solicitor’s salary (£70,840). House prices in Kensington & Chelsea and Westminster shot up by £156,016 and £145,578 respectively, more than the Prime Minister David Cameron’s annual salary of £142,000.
Residential Property prices in London exceed the prices in the rest of the UK according to the figures released by the office for national statistics. House prices went up by 11.2% in the year to March 2015 compared to the national average of 9.6%.
The number of first-time buyers in the UK housing market has fallen for the first time in four years, with the typical deposit required to buy a property now above £30,000. The estimated number of first-time buyers last year was 310,000, down 0.5% on 2014 and the first decline since 2011, according to Halifax.