Londoners are less and less likely to be able to afford to purchase their own home, whilst northerners prosper.
Mform.co.uk research highlights that 61% of Londoners own their home in contrast to the national average of 65%.
There is an ever growing divide between the north and south, with more than 70% of those from Lancashire and 71% of those from Yorkshire owning their house or paying off their mortgage, with 67% of those from Scotland doing likewise.
There is a north-south divide traditionally between the wealthy south and the not so well off north. Yet it is home ownership in the south, particularly London, that is affected adversely.
Rightmove.co.uk figures from 2006 show that the average asking price in London has gone up 23.6% to £355,097. On the other hand, over that same period asking prices in northern England have gone up 5.7% to £150,661.
With such high average asking prices for London homes, £350,000 plus, something is likely to give and it is likely to be people attempting to get on the housing ladder who will have to give up and cast their net outside the capital.
Even those of us who are fortunate enough to be on the housing ladder should not rest on our laurels. We need to think carefully about how we can afford our mortgages and ought to try to cut costs wherever possible.
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Londoners Less and Less Likely to Be Able to Afford Own Home
Thu, 11 Jan 2007
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