Is your home ‘earning’ more than you?

Is your home ‘earning’ more than you?

By Ellie Isaac

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9.5 million homes earned more than the UK’s average salary in the last year. Want to know if yours is one of them? Just ask Zoopla.

Is your home hustling harder than you?

It could be bringing home the bacon. In a major way.

At least, that’s the case for 37% of homeowners in the UK.

Their home estimates have risen by at least £31,400 in the last year. 

That’s more than the average UK worker makes in a year.

Want to know if your home’s making a mint?

Just ask Zoopla.

Track your home's value

Which regions have the hardest working homes?

RegionAverage salaryAverage property estimatePercentage of homes that have risen in value by more than the average salary in the past yearNumber of homes that have risen in value by more than the average salary in the past year
South West £31,000 £338,00062%1,426,000
South East £35,400 £415,00054%1,925,000
East of England£31,900 £367,00052%1,261,000
East Midlands£29,700 £251,00040%739,000
West Midlands£30,300 £242,00034%730,000
Wales £30,700 £214,00033%415,000
London £39,500 £543,00030%882,000
North West£31,300 £209,00024%685,000
Yorkshire and The Humber £30,300£202,00023%482,000
Northern Ireland £29,300 £171,00017%115,000
Scotland£33,100 £183,00013%273,000
North East£29,800 £158,00012%118,000

Zoopla

If you live in the South West, your home’s bringing in the big bucks. A whopping 63% of you have gained a year’s local wages on your home’s estimate.

That’s followed by the South East and the East of England. More than 50% of homes have earned more than the average local person in the last year.

Meanwhile, a third of homes across the Midlands and Wales have raked in more than the local average salary.

Although northern regions are lower down the list, home owners are still seeing a jump in their home estimates. It’s just that the lower average value for properties makes for smaller gains in pounds and pence.

How does this compare to last year?

It’s fair to say that UK homes are the ones getting pay rises at the moment.

The UK average salary has risen £900 in the last year, from £30,500 to £31,400.

On the other hand, the average UK property estimate is now at £288,000 – a rise of £23,000 in 12 months.

So even if your home hasn’t made the UK average wage, it’s probably brought in a graduate’s salary. Not bad.

The South East and London topped the list back in 2021, with 28% and 24% of homes earning more than the local salary.

Sharing’s caring this year, too. There are more homeowners who are raking it in on their homes. 37% of homes made the national average salary, compared to just 1 in 5 last year.

Why is this happening?

Demand from potential buyers has been strong since the pandemic. Buyers have been looking for more space and a different lifestyle as they no longer had to commute to work on a daily basis.

"Hundreds of thousands of households have seen this as an opportunity to move," said Gráinne Gilmore, Head of Research at Zoopla.

"But activity has been so high, it has eroded the stock of homes for sale and put upward pressure on house prices."

“We asked Zoopla. And it paid off.”

Image shows a young family at Barratt London’s Hendon Waterside development

Russell and his wife Hyun Kim (known as Helen) have made the most of recent house price growth.

They’ve just sold their London flat for a huge £118,000 profit in three years.

“Before we bought it, we spent a lot of time snooping on house prices in the development and surrounding area.”

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“Prices were creeping up and we knew there were more regenerations in the works nearby.

“We also looked at the potential of the whole area, not just what we could see at the time.

“We bought for £202,000 then we kept tracking our home and others nearby to see how their estimates were changing. Three years later, we sold for £320,000.

“We’ve been able to buy a larger two-bedroom apartment in the same Hendon Waterside development for £465,000.

"It’s a great feeling when you see your house price go up and you know you can make the move you’ve been dreaming about.”