Average Twickenham home costs £400,000: twice the national average
January 23, 2007 4:13 PM
The latest Halifax survey of house prices for the Twickenham area (including Teddington, Whitton and the Hamptons) shows that there was 11% inflation during 2006, lower than the London (16%) or national (12%) rate. Over a five year period the increase has been 45% (58% in London; 75% nationally).
Vincent Cable said that: "what these figures tell us is, first, that house prices are now way out of reach of people on modest incomes. Even though average earnings are around £35,000 for those in full time work, this would typically command a mortgage of around £100,000 which is hopelessly inadequate."
"Second, the average family is now being sucked into the inheritance tax bracket on the house value alone, let alone if financial savings are considered. The thresholds for this tax have fallen well behind housing inflation."
