The average homeowner made £27,264 in 2015; around the same as the average salary in the UK, according to research from online estate agent eMoov.
Property price rises have meant that homeowners can sit back and relax as their property gains in value, but certain locations are more profitable than others.
With the inflated state of the capital’s property market, it’s unsurprising that London homeowners have witnessed some of the best profits, on average gaining £58,000; £35 an hour.
Westminster saw the biggest increase with a growth of £125,000 on average over the course of the year, with homeowners in Islington, Kensington and Chelsea, Lambeth and Richmond also enjoying increases of around £70,000 on average.
Outside of the capital in London’s commuter belt, prices have also risen, with the average homeowner living in commuter belt areas enjoying an increase of £29,000 on average.
Watford, Reading and Oxford were named as the most lucrative commuter-belt areas, whereas outside of the London and South East property bubble, the average increase drops to £11,000, still more than the UK minimum wage.
However certain areas outside of this property bubble witnessed increases. Sefton, Solihull and Trafford all saw significant price rises, generating between £370 and £525 a week.
Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “Homeownership is not only one of the biggest decisions in life but also one of, if not the most expensive asset us Brits will ever own. However getting over the hump of homeownership and the costs that come with it can certainly pay dividends in the long run.”