High house prices do not correspond to high savings in London, finds study
www.moneynews.co.uk > Mortgages > High house prices do not correspond to high savings in London, finds study
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High house prices do not correspond to high savings in London, finds study
Wed 27th Jul 2011
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Perhaps unsurprisingly, four London boroughs measured savings balances of below the national average amount, yet their typical property valuation was above that of the national and the London borough average by 74 and three per cent respectively.
A high interest savings account could serve to reverse the findings for residents in Lewisham, Hackney, Newham and Southwark - the boroughs that bucked the national trend, with the average saving amount for Hackney residents totalling less than £4,000.
Nitesh Patel, economist at Halifax, said: "Savings play an increasingly important part in the housing market, helping to provide the necessary funds to put down as a deposit when buying a home."
"It is important to establish good savings as early as possible," Mr Patel added.
The survey confirms the intense pressure on the housing market in central London, as average house prices have risen nationally by 2.6 per cent since January - a jump of £5,478 - according to property website Zoopla.co.uk.
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Related News : Halifax |
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