Household income in relation to house price growth is an issue every UK house owner gives attention to for financial sense of well-being. For years, house price growth has been on a robust pace. House prices have been increasing whilst wage growth has stayed behind in the distance. Home owners are actually benefitting more from selling their home than working. The latest research from Halifax once again has identified the same trend.

In almost 20% of areas across the country, house price growth has outpaced wage growth. This is truer in London where house price growth has continued to remain higher than income growth.

Barnet, in particular, has outpaced income growth and shown the widest margin of difference. The period of research covered the more than two years. The difference in house price growth versus income growth equaled more than £2,100 per month. The total combined is more than £50,000.

House price growth is an indication of house market viability, but is also is a marker for how much balance exists overall within the economy. Wage growth has been challenged for years to maintain the same pace has house price growth.

Russell Galley of Halifax commented on the latest housing data, saying: “Over the past two years, we have seen house price growth and earnings converge at a national level, leading to a drop in the total number of areas where the average house price rise is greater than owners’ take-home earnings.”

Galley added: “Despite the slowdown in house price growth in southern England, it has still outpaced wages across most of the region. This means that middle earners are also facing a challenge getting on to the property ladder.”