How much did the average homeowner make per week in 2015?

How much did the average homeowner make per week in 2015?

The latest research by online estate agent, eMoov.co.uk, has highlighted how much UK homeowners made over the course of last year, through the increase in the value of their property.

On average homeowners across the UK made £27,264 in 2015, equating to £524 a week each for every full week and £16 for every working hour of the year. Around the same as the average salary in the UK.

London

With the inflated state of the property market in the capital, it’s almost a given that homeowners across the length and breadth of London have enjoyed some of the tidiest profits.  On average they bolstered their yearly income by £58,000 across the 32 boroughs, that’s £35 an hour, considerably higher than the minimum wage paid in the UK.

The London Borough of Camden saw the biggest rise, along with Westminster, with an increase of over £125,000 a year, £75 for every working hour, that’s an incredible £1.25 every working minute.

Homeowners in Islington, Kensington and Chelsea, Lambeth, Richmond and Southwark also enjoyed increases of over £70,000 for the year, between £40 and £55 for every working hour.

Barking and Dagenham saw the smallest increaseso across the capital at £27,000, however at a working rate of £16, homeowners in the borough have still picked up an additional income equivalent to the average UK salary.


Commuter Belt

The growing demand for affordable property in London’s commuter belt has seen property demand increase around the outskirts of the capital. Homeowners in the London commuter belt enjoyed an increase of £29,000 over the year, less than half that of the capital, but notable none the less. This still translates to just under £50 a week and £17 for every hour worked, a comforting figure to off-set those additional hours spent commuting each day.

Watford, Reading, Oxford, Brentwood and Aylesbury all ranked highest, as the most lucrative commuter zones for property value increase. Homeowners in these commuter spots made £60 a week thanks to the increasing value of their property, more than £20 an hour.

Outside of the South East

Outside of the London South East property bubble, the average increase drops, but homeowners still made £11,000 on average during 2015. At £7 for every working hour in the year, that’s still more than the minimum wage in the UK.

There were healthy increases for homeowners across the rest of the UK with Sefton, Solihull, Trafford, Southampton, Northampton, Bristol and Wiltshire all making between £10 and £16 an hour, whilst at work. That’s an additional £30 to £43 pocketed for every full week of 2015, simply through the increasing value of their property.

Unfortunately for homeowners in Durham, the city saw the smallest increase in property values, over the course of 2015. With an increase of just £607, it was the only location to see a return of less than £1, both weekly (97p), and for every hour its homeowners were at work (36p). Potential repercussions of the recent flooding in the area.

Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “Homeownership is not only one of the biggest decisions in life but also one of, if not the most expensive asset us Brits will ever own. However getting over the hump of homeownership and the costs that come with it can certainly pay dividends in the long run, as this research shows.

London is always going to dominate in terms of property value increase, but even outside of the South East, UK homeowners across the board have enjoyed an increase in property value equivalent to a second salary.”

London

Location Name

Av House Price 2015

Av House Price 2016

Increase By Year

Increase By Full Week

Increase By Average Working Hour

Westminster

£1,258,255

£1,383,680

£125,425

£201

£75

Camden

£983,162

£1,108,489

£125,327

£201

£75

Islington

£719,152

£810,827

£91,675

£147

£55

Kensington and Chelsea

£2,106,135

£2,196,866

£90,731

£145

£54

Lambeth

£597,929

£675,758

£77,829

£125

£46

Richmond upon Thames

£828,443

£902,282

£73,839

£118

£44

Southwark

£562,806

£636,062

£73,256

£117

£44

Ealing

£521,379

£588,741

£67,362

£108

£40

Merton

£579,567

£646,126

£66,559

£107

£40

Hackney

£536,749

£602,463

£65,714

£105

£39

Barnet

£594,648

£653,516

£58,868

£94

£35

Hounslow

£490,275

£548,120

£57,845

£93

£34

Tower Hamlets

£490,371

£547,861

£57,490

£92

£34

Brent

£463,924

£521,305

£57,381

£92

£34

Haringey

£590,992

£648,139

£57,147

£92

£34

Harrow

£474,802

£530,680

£55,878

£90

£33

Hillingdon

£406,013

£459,174

£53,161

£85

£32

Hammersmith and Fulham

£987,006

£1,039,270

£52,264

£84

£31

Waltham Forest

£375,961

£424,289

£48,328

£77

£29

Kingston Upon Thames

£537,191

£585,075

£47,884

£77

£29

Enfield

£407,444

£453,970

£46,526

£75

£28

Greenwich

£392,683

£439,120

£46,437

£74

£28

Redbridge

£378,920

£421,365

£42,445

£68

£25

Newham

£313,537

£355,127

£41,590

£67

£25

Wandsworth

£750,989

£790,929

£39,940

£64

£24

Croydon

£361,861

£401,015

£39,154

£63

£23

Bromley

£450,291

£488,535

£38,244

£61

£23

Lewisham

£425,114

£461,219

£36,105

£58

£22

Havering

£315,640

£350,031

£34,391

£55

£21

Bexley

£303,887

£334,957

£31,070

£50

£19

Sutton

£389,243

£419,188

£29,945

£48

£18

Barking and Dagenham

£234,447

£261,587

£27,140

£43

£16

Average

£58,030

£93

£35

Join our mailing list:

Leave a comment



Latest Comments

milessgabriel
milessgabriel 05 Dec 2016

Useful article

view article
Spencer Fortag
Spencer Fortag 30 Nov 2016

I am glad that someone listened to me!

view article
Tony Gimple
Tony Gimple 27 Nov 2016

It's not just the lack of estate agency advice that's costing landlords money; most are getting seriously bad advice from their accountants resulting in tax bills far higher than they need to be. Likewise,...

view article
Sally Walmsley
Sally Walmsley 18 Nov 2016

The RLA stands by its sell-off statistics. While we welcome the feedback from Mr Jagota and are delighted to hear how well things are going for landlords in the north east, we would like to make it clear...

view article
Sheryl87
Sheryl87 18 Nov 2016

The high employment levels and the vibrant economy has led to ever-increasing demand for rental properties, especially from professionals relocations from other cities. This has led to more experts teaming...

view article
Sheryl87
Sheryl87 18 Nov 2016

Renting out your house can be risky business. It's good to think about residential landlords insurance. Standard cover includes buildings cover and cover for loss of rent following damage to a property...

view article
AmberMorris
AmberMorris 09 Nov 2016

Fear of ghosts, really?? Ok, I get the fear of bats in the attic and mice and rats running under your nose - those are easy to deal with pest issues which are really unpleasant and can turn you off. But...

view article
AmberMorris
AmberMorris 08 Nov 2016

In my experience, It has always been a matter of discussion between the landlord and the tenant. There are cases when it's clear who's responsible for the pest control costs. I see a lot of people in forums...

view article
warren
warren 08 Nov 2016

There you go buddy :)

view article
Agent_PeeBee
Agent_PeeBee 07 Nov 2016

Any reason why my comment to this 'article' has not been published?

view article
Sean Lees
Sean Lees 04 Nov 2016

I don't think anyone can say dogs or cats are better or worse; depends on the animal, its age, how long it's left inside, etc. How bad the mess is depends somewhat on whether you are renting furniture...

view article
daniel black
daniel black 25 Oct 2016

I've been keeping a close eye on what the effect of Brexit has been on the rental market and it's a very mixed bag. Whilst the majority of the news focuses on London's market. I think this time next year...

view article

Related stories

More articles from Property

Specialist Lending Roadshow 2017

24th-27th November

4 days
7 specialists
4 locations
Free to attend

Click here to register now