House prices are reported to have increase by over 7% on the 12 months up until November 2015.
The average house price in the UK is now around £288,000 up 7.7% in one year but wages have only grown 2.4%. This strong momentum in the property market could be down to a shortage of properties available and supply and demand creating this surge in prices.
The losers are those trying to get a foot on the property ladder and often now referred to as generation rent, the 20 to 39 age group finding it increasingly tough to get on the housing ladder especially in London and the south east seeing the highest property prices that requires the largest deposit and income to try and arrange a mortgage.
Most Expensive Road to Buy a House
Victoria Road in Kensington, London is reported to be the most expensive street in England and Wales, with the average property costing over 8 million.
Close to Kensington Palace and the Albert Hall the average property in Victoria Road costs £8,006,000 according to research from leading high street bank.
Kensington and Chelsea offers a glamorous lifestyle attracting many overseas buyers, and is home to twelve of the twenty most expensive streets.