Homes earn almost twice as much as people in Islington
- Credit: Archant
Borough has seen highest house price rise compared to average wages in the country over last half-decade
Homes in Islington have earned almost twice as much as people living in the borough over the last five years, new figures show.
The average person in the borough earned £135,457 between 2010-2014 while the average home increased in value by a whopping £258,498 – more than the average house price in Britain of 187,362.
No other local authority area in the UK has a greater disparity between the two figures, which were compiled by Halifax.
The figures will increase concerns held by many in Islington that their children will never be able to afford to live in the borough, with the average house price now at £660,000.
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MP for Islington South Emily Thornberry said the figures were worrying for everyone in the borough.
“It doesn’t matter which part of the divide you’re on, whether rich or poor, we’re all wondering ‘how are our children going to be able to live in Islington’,” said Ms Thornberry, who has lived in the borough for 23 years.
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“There’s a saying in Islington that if you move your car in the morning you might come back and find a flat there.
“People in their early 20s have no chance of buying a home. That’s how distorted our housing market is becoming when people hear that new flats are being built in Islington and advertised in Singapore just to remain empty.
“It’s like these blocks are laughing at us when we go past and all the lights are off. This is a very welcoming borough, you can come from anywhere as long as you actually live here.
Hammersmith and Fulham was second to Islington over the last five years, with a difference of £86,489 between wages and house price rises, but was still dwarfed by Islington’s gap of £123,041.
Camden was third with £75,725 and eight of the top 10 were in London.
Ms Thornberry said that “foreign investment is continuing to push house prices up” and that London was well behind other capitals like Paris and New York in protecting the market.
Speaking in Parliament earlier today she also attacked the Conservative government’s latest budget proposals for failing to help young people trying to get on the housing market.
“If you wanted to save for a deposit,” she said, “the Chancellor’s offer would top up your savings until you had £15,000 in the bank.
“But in Islington, you’d need more than four times that much.
“It’s often said that politics in Islington begins and ends with housing, and it’s not hard to see why.
“Every week I’m overwhelmed by the number of people who tell me how much of a struggle making their monthly rent payments can be.
“And that’s before we even get to other essentials like food, fuel and child care.”