One in five homes has 'earned' more than its owner over the past two years, a study shows. House prices have increased by as much as 40 per cent in some areas in the past two years as the market has recovered, while pay rises have stagnated. Now research shows that in a fifth of local council areas, the average rise in property prices in 2013 and 2014 exceeded the take-home pay of an average employee. Halifax, part of Lloyds Banking Group, found that homes had earned more than the people living in them in 73 out of 384 local authorities. Sixty-eight of these council areas were in London, the South East, and the East of England. There were only five examples of homes 'out-performing' earnings in Wales, the South West and the East Midlands, and none in the North East, the North West, the West Midlands, or Scotland. The most dramatic example was in Hammersmith and Fulham, where house prices rose by £143,232 more than their owners earned over the two-year period. Homes in the London borough went up by £199,930 – or 40 per cent – in 2013 and 2014, easily exceeding average take-home earnings in the area of £56,698 for the two years. This was closely followed by three other London boroughs: Wandsworth, where houses earned £102,760 more than their owners over the two years; Ealing (£90,401); Kensington and Chelsea (£89,642). High rises: Houses like these in Hammersmith and Fulham have seen the biggest rise in value over the last two years (stock image) How they stand: Hammersmith and Fulham top the chart for property price rises in 2013 and 2014 with some homes increasing by nearly £200,000 . Eight London boroughs appeared in the top ten for house price rises outstripping wages. The other two were Elmbridge, in Surrey, and South Buckinghamshire. Council areas in the East of England – in Hertforshire, Cambridgeshire and East Anglia – dominated the top ten outside London and the South East for house price rises outstripping wages. Martin Ellis, housing economist at Halifax, said: 'This is good news for some homeowners. At the same time, it is challenging news for those looking to buy their first home in such areas, with prices being pushed out of range for many young people.' Campbell Robb, of housing charity Shelter, said: 'This will come as no surprise to the millions of young people and families struggling to scrape together enough to afford a home of their own. 'With the Government's own figures showing the cost of a home is now ten times the average wage, it's no wonder that having a place to put down roots is becoming a fantasy for many.'
Property price rises in fifth of council areas exceed average earnings . Homes earned more than people living in them in 73 out of 384 authorities . London, South East and East of England home to 68 of the areas . Good for homeowners but bad news for people not on property ladder .