A Quarter of Properties Earn More Than Their Owners

House prices in the UK are increasing so quickly that a quarter of properties ‘earned’ more than their owners over the past two years in appreciation.

According to Halifax, the indisputable majoirity of these neighbourhoods – 90% – are in London, the south east and the east of England.

The number of local areas where house prices have outpaced average take-home pay has soared significantly over the past year, from 19% to 28%.

The housing market is plagued by a chronic shortage of homes, with the number for sale falling to a new record low last November, according to RICS. However, buyer demand remains strong and so this combination has pushed up house prices, leading to substantial increases.