We can’t say we’re all that surprised…
We were just coming to terms with the fact that London has the most expensive public transport in the world and now this… Turns out, the Big Smoke is also home to the most expensive boroughs to buy a house. We can’t catch a break. Compare the Market’s latest research reveals the most and least affordable spots to purchase a property in the UK and the results are mildly unsettling. London took 9 of the top 10 spots for the priciest places to own a home, confirming what we already knew in our heart of hearts – that London is bloody expensive.
The study compared the average house price against the average salary in each local authority to determine affordability (or lackthereof). The Royal Borough of Kensington and Chelsea takes the number one spot for least affordable borough in the UK, where the average house price is a whopping 43 times the average salary! The City of Westminster and Camden, take second and third place respectively, with house prices over 20 times the average wage. As a resident of Camden, I’m not angry, I’m just disappointed.
The top 10 most expensive places to own a home in the UK:
- Kensington and Chelsea
- City of Westminster
- Hammersmith and Fulham
- Richmond Upon Thames
The only area in the top 10 that doesn’t reside in London is Chiltern, Buckinghamshire. This area is home to more National Trust properties than anywhere else in Britain and is ninth on the list. If you’re willing to leave London in search of affordability, Copeland in Cumbria is now the most budget-friendly place to buy a home. Their average house price is just over double the average salary in the area. Copeland is shortly followed by East Ayrshire in Scotland and Barrow-in-Furness, also in Cumbria.
Looks like us Londoners will be renting until it’s time to kick the bucket. At least we’re all in this together, right?