Housing boom sees St Albans homes earning more than their owners
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The average St Albans home earned more than its owner over the last year, new research has revealed.
According to GetAgent.co.uk, the Cathedral city is one of 92 areas of Britain where house prices climbed by more than the average net annual salary in the year to February.
GetAgent analysed the latest Land Registry data, and found that the average St Albans home increased in value by £44,935 to £554,595 during that period.
With the St Albans average net income being £37,880, a typical home made the equivalent of 119 per cent of the average salary.
Across Britain, house prices increased by £20,162 to £253,323. With £25,246 being the average wage, a typical property made the equivalent of 80 per cent of the average salary
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Bath and North East Somerset saw the most significant increase nationally, with house prices up £61,931 — 260 per cent of the average annual net earnings of £23,784.
Founder and CEO of GetAgent.co.uk, Colby Short, said: “We’re currently seeing some of the hottest market conditions in years, driven by a mass influx of buyers keen to secure a stamp duty saving.
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"As a result, house prices are soaring and in some areas, they’ve increased at a higher rate than the average income over the last year.
"This is quite astonishing and it isn’t a trend we’re seeing confined to markets in the south, it’s happening pretty much across the board.
"We’re a nation of aspirational homeowners and who can blame us, when there’s a chance our homes can earn the same, if not more than we do in a year.”