The property market is in recovery and house prices are on the increase, but how affordable is property in the Uxbridge area? A simple trick of the trade to help you judge the affordability of an area is to work out the ratio of average property prices to average full-time salaries. The lower the ratio, the more affordable the property is.
Our research shows that Hillingdon currently has an average property value of around £355,000 and an average full-time salary of £31,000. This gives a ratio of 11, but take that pay to Hayes with it’s lower average property prices and the ratio drops to a more modest 8. Meanwhile in Ealing the average property costs £580,000 and the average wage is lower (according to official labour market statistics) at £30,000, this makes the ratio a high 19.
We also had a look at neighbouring Slough and found the average full-time salary there is £26,900 and with house prices averaging £285,000 the ratio is similar to Hillingdon, so for it’s residents Hillingdon is about as affordable as Slough. We found Harrow to be less affordable for residents there.
In a rising market these ratios get higher, property becomes harder to afford as prices increase faster than wages. Taking all this into account, now could be a good time to consider investing in the Hillingdon property market.
