Average home earns £525 a week

The average UK homeowner made £524 a week from the rising value of their property last year.

UK homes made their owners £27,264 in 2015, roughly equal to the average UK salary, or £16 for every working hour of the year.

This helped Londoners boost their yearly income by £58,000, or £35 an hour, considerably higher than the minimum wage, according to the new figures from online estate agent Moov.co.uk.

The London Borough of Camden saw the biggest rise, along with Westminster, with an increase of over £125,000 a year, £75 for every working hour.

Homeowners in Islington, Kensington and Chelsea, Lambeth, Richmond and Southwark also enjoyed increases of over £70,000 for the year.

Homeowners in the London commuter belt enjoyed an increase of £29,000 over the year.

There were healthy increases for homeowners across the rest of the UK with Sefton, Solihull, Trafford, Southampton, Northampton, Bristol and Wiltshire all making between £370 and £525 a week.

Russell Quirk, founder of Emoov, said: “London is always going to dominate in terms of property value increase, but even outside of the South East, UK homeowners across the board have enjoyed an increase in property value equivalent to a second salary.”