Islington house prices now eight times local average wage |
22 2008 |
| House prices in Islington have soared to such an extent that they are now eight times higher than local residents' average salaries, the Islington Gazette reveals today. New figures from trade union GMB suggest that the average price of a property in the borough is £440,000, while the average salary currently sits at £52,300. Such rises appear to indicate that being a first-time buyer at present is as tough as it has ever been in some parts of the capital, and that renting could represent a more prudent option. The latest statistics come despite fears over the housing market at large as people tighten their belts in an attempt to see off the credit crunch. GMB's research also uncovered the fact that the borough's ratio between house prices and wages puts it almost one-and-a-half times higher than in the rest of England and Wales - where prices have stood at around five times higher than salaries for the past 30 years. The GMB has around 600,000 members and has branches at around 34 of the country's 50 top companies.  |
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