The gap between average earnings and the price of a house is reaching record levels and stretching affordability, analysis by Hometrack shows.
The average price for a house in London has risen by 86% since 2009 to £482,000, 14.2 times average earnings and the highest number since 2002. For Cambridge and Oxford the multiples are 13.8 and 13.4, respectively.
The impetus for house-price growth is moving from the affordability-constrained cities of the south to the Midlands and the north, Hometrack insight director Richard Donnell said.
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