Clapham Common becomes first area in UK where household incomes top £100,000 as rising property prices force young professionals to share homes
Clapham Common has become the first area in the UK where the average household income is over £100,000 due to an influx of young professionals who have been forced to house share.
The leafy South London hub was immortalised by the Squeeze song ‘Up the Junction’ – which told the story of an impoverished couple living in the area – but in recent years has seen an upturn in fortunes become a popular renting spot.
According to estimates produced by the Office for National Statistics (ONS), the average household income for Clapham Common West in south London was £108,100 at the end of 2020.
Clapham’s sky high figures – which are three times the national average- are put into stark perspective when compared to the poorest area in the country Grimsby East Marsh and Port.
There, the average household income is just £22,200 – over £80,000 less than Clapham’s.
Clapham Common has become the first area in the UK where the average household income is over £100,000
The statistic is due to an influx of young professionals who have been forced to house share in the area
The average detached house close to the common now sell for more than £3million
Clapham also had a higher average income than the City of London’s £101,800 due in part to the face that one in eight of all adults in Clapham Common West are young professionals between the ages of 25 and 34.
Of this demographic, over two thirds rent in house shares meaning their household income increases cumulatively.
This is also replicated across other parts of south and east London.
However, it’s not all good news in the area – the average renting cost near the common is £2,500 a month which is £700 higher than the London average of £1,800.
Indeed when taxes and different household sizes are thrown into the mix it is Hans Town in Kensington and Chelsea, not Clapham, which has the highest average disposable income per household.
According to estimates produced by the Office for National Statistics ( ONS ), these are the top five areas of the country with the highest average household income
Indeed, out of the top 50 areas with the highest incomes after living costs were taken in only six were outside of London.
They included Rode Heath and Brereton and Scholar Green – both Cheshire areas popular with footballers.
But Clapham Common’s boom in popularity still counts for something as it has seen the value of its property soar with the average detached house close to the common now selling for over £3million.
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