House price dip does little to curb exodus from capital

Property prices in the UK are on the rise once more – but that’s not the case in all areas of London, with some boroughs showing an annual decrease.

- KARL MATCHETT

Despite this, many Londoners are still struggling to get on the property ladder in the capital, forcing them to leave the city to buy elsewhere, or remain part of the forever-renters community.

Nationwide data on people who had moved house in the last five years also showed a marginally higher rate of people leaving cities for small towns or rural areas, compared to those coming into cities.

Toby Leek, NAEA Propertymark president, told The Independent:“London remains a highly attractive and aspirational place for many people to move to, and though house price growth is slowing, many aspiring homeowners are struggling to step onto the region’s housing market due to a myriad of factors.

“These include the growing disparity in house prices and wage growth, with the average home across the Greater London area costing around £680,000 and the average wage sitting at around £48,000, meaning buying a home costs over 14 times the average income.