Comparing by percentages in this case is of little relevance because the base prices you're taking a percentage of are so utterly disparate.
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| Quote: In London, asking prices are typically £55,458 or 9.9% higher than they were a year ago, having reached £616,548. The south-east and the east of England have seen the next strongest price growth over 2015, with average asking prices rising by 9.2% over the past year, taking them to £381,609 and £309,839 respectively. No region across England and Wales has seen average asking prices fall over the past 12 months, according to Rightmove. The smallest annual percentage increase was recorded in Wales, where average asking prices have edged up by 0.6% or £981 over 2015 to reach £163,453. Elsewhere, asking prices have increased by 1.4% in the north-east of England, by 2.8% in Yorkshire and the Humber, by 4.7% in the north-west of England, by 5.7% in the east Midlands, by 5.5% in the West Midlands and by 5% in the south-west of England. | |
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In other words, the rise in price of a house in London is a third of the market value of a house in Wales, give or take. On average, a house in London last year rose in price by more than twice the average income. House price inflation in London is maybe three or four times growth in earnings at worst, generally about twice that. How on earth is this sustainable in the long term?