Market insight from Hamptons

According to research carried out by Hamptons International, incomes have grown faster than inflation, the average salary was £542 per week in Britain in July this year, although once you deduct the effect of inflation, the average wage is down £23 less per week than 11 years ago. House prices have risen 115% since the 1970’s and in the last 10 years, areas such as Woking, Guildford and Tunbridge Wells that used to be more expensive than London are now cheaper and Cambridge, which used to be cheaper than the capital is now more expensive. Year to date property transactions are down 3.6% on the previous year. The number of cash house purchases has fallen to the lowest levels on record at 28% compared with 36% 10 years ago. This could be a sign of people tending to stay put and improve, rather than downsize and a lack of appetite by investors. The percentage of purchases by landlords has dropped to 12% year to date, compared with 16% in 2016. This year saw the lowest average number of days recorded to let a property in Britain dropping to less than 20 days compared with over 23 days last year. For the full report click here.