Price-to-income ratios for every London area revealed

Despite cooling prices, London homes still cost several times the average salary. A dampened market and rising wages have made the majority of London boroughs slightly more affordable for buyers, according to fresh analysis.

Almost all areas across the capital have lower house price to income ratios than they did this time last year, when the UK’s housing affordability was the worst it had ever been, according to the latest Halifax House Price Index.

Chiswick W4, is governed by two local authorities. The average property in LB Ealing is now just over nine times the average earnings and in LB Hounslow, the multiple is ten.

The biggest change in London was seen in Richmond upon Thames, where the average house now costs 10.9 times average earnings, compared to a ratio of 12.3 this time last year.

Most London boroughs remain above national figures, with a UK home now costing 6.7 times average earnings. This is down from a peak of 7.3 last summer, a shift that Halifax experts put down to a fall in house prices coupled with strong wage growth.