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Homeowners earn more per hour from rising house prices than they do from work

Shocking new research shows homeowners can earn more from rising house prices than they can from their salary, with prices rising by £10 an hour in some regions

a couple standing in front of a real estate agent's window
Home price increases mean real estate can earn more than you

Homeowners are increasingly making more per hour from rising house prices than from work.

A new analysis shows house prices in many regions have risen by nearly £10 an hour over the past year on the back of an explosion in the property market.

The rise in house price inflation is revealed in new research by analysts at House Buy Fast.

According to current data, many homeowners are now making more money per hour from the increase in the value of their property than at their desk.

People living in a property worth £289,099 – which is the current UK average – can expect their value to have increased by at least £19,842 in the last 12 months.

That’s £9.88 an hour, £79 a day and almost £400 a week.

Meanwhile, the millions of Britons now living in property worth £425,000 have seen their value appreciate by almost £30,000 a year.

That equates to £560 a week, which is higher than the current average weekly wage in the UK, according to the Office for National Statistics.

Many who own property valued at between £850,000 and £1million are likely to have seen an increase in value over the last 12 months, which has been more than double the national average weekly wage.

Jonathan Rolande, Founder of House Buy Fast, commented: “The rise in property prices over the past few years has been truly overwhelming.

“In very many cases, homeowners are now making far more per hour by increasing the value of their property than by working.

“To see house prices rise faster than wages in this way is bittersweet.

“On the one hand, this underscores once again the strong position homeowners are in.

“But on the other hand, it sheds light on the struggle many are trying to enter the market.”

House Buy Fast has also developed a free calculator that allows users to see how much their home’s value has increased over the past year.

Buyers and sellers can also track all changes and note the impact of changes by year, week, day and even work hour.

March figures showed that house price increases had outpaced wage growth in more than 90 percent of England and Wales.

Kensington and Chelsea remained the least affordable local authority areas in England and Wales, with average house prices estimated at 36.5 times the typical annual wage.

Last month it was reported that the average house price in the UK has hit a new high and has risen for the 11th straight month.

House prices rose by one per cent, or £2,857, between April and May, taking the median price of a home to a record £289,099.

While annual house price growth remains elevated at 10.5 percent, this is the slowest growth rate since the beginning of the year.

Northern Ireland topped the chart in annual house price inflation again in May after prices rose 15.2 per cent over the last 12 months to average over £185,000.

South West England followed where there was annual growth of 14.5 per cent with the average price exceeding £305,000.

Meanwhile, average house prices in Wales rose to a record high of over £216,000 after rising 13.7 per cent last year.

House hunters in London need £247,638 more than they did 10 years ago.

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https://www.mirror.co.uk/money/homeowners-pocketing-more-per-hour-27282275 Homeowners earn more per hour from rising house prices than they do from work

Fry Electronics Team

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