London homeowners have taken £3500-per-year income hit since 2010Comments Off on London homeowners have taken £3500-per-year income hit since 2010
Wage inflation was outstripped by rising rents and mortgage payments last year, meaning there has been a 16% drop in London homeowners’ disposable income since 2010.
The Affordability Watch report by property agent Cushman & Wakefield showed homeowners with children are among the worst hit.
It said that rising childcare costs means they have dropped into negative territory and are overspending by £10,767.
Conversely, renters in London are in a financially better position, with disposable income of over £25,000; 43% higher than owner-occupiers.
However, Cushman said 2015 could be a better year for consumers’ wallets as falling oil prices should help trim energy costs to households.