|Ealing Homes 2nd Least Affordable in UK|
First-time buyers mortgage payments nearly half of income
A new study has shown that Ealing is one of the least affordable places for first time buyers in the UK. The report by Woolwich Mortgages which looked at the ratio of household income to mortgage payments shows that the average first time buyer already living in the area would have to pay 46.7%.
Only Brent was higher at 48% and the top 5 areas where all in London..
The average property in the Ealing W5 area now costs £427,863 (or around £406,000 excluding the sale of Kenton House). This is the first time that the W5 property market has broken the £400,000 for an average price in a quarter.
The average price of a property in the W13 area is now £355,624. This has increased by 9.5% in the last quarter and 9.7% over the last year.
Nationally properties were up by 8.3% over the last year to an average price of £178,423. London saw the highest rise for England and Wales in this period with the average property now costing £323,511 up by 11.6%
July 13, 2007