Housing Needs Assessment 2006 - Westminster City Council

6. Financial information and affordabilityThe survey also collected information about the amount of equity owner-occupiers have in theirproperty. For both owner-occupier groups together (with and without mortgages) the averageamount of equity was estimated to be £266,282 (median of £117,119).6.4 Household characteristics and incomeThe table below shows average income, savings and equity by tenure. As might be expected, thehouseholds with the lowest average incomes (and savings) are those in the social rented sector.Whilst owner-occupiers with no mortgage have an average household income considerably lowerthan those with a mortgage, this group contains many older people who are not working but haveredeemed their mortgages. These households therefore have much higher levels of savings andequity.TenureTable 6.1 Financial information by tenureAverageannual grosshouseholdincomeAveragesavingsAverageequityOwner-occupied (no mortgage) £41,584 £46,204 £417,801Owner-occupied (with mortgage) £72,974 £17,815 £146,685Council £13,656 £1,128 -RSL £23,528 £4,721 -Private rented £45,578 £14,900 -AVERAGE £45,587 £19,144 £266,282Source: City of Westminster Housing Needs Survey 2006The figure below looks at income levels by household type and sub-area. Single pensioner and loneparent households show average incomes considerably below the City average. Households withtwo or more adults and children show average incomes above the City average. By sub-area, it isclear that significant differences exist. The highest average incomes are found in South Central andthe lowest average incomes in the North West.PAGE 61