Anyone who wants to own a house in London needs to be on a wage of £93,000, rising to £303,000 for one in the borough of Kensington and Chelsea, a report has claimed.
The research by the National Housing Federation, which represents 1,200 housing associations, puts the average house price in London at £362,000.
A single buyer would need to earn just under a six-figure income to be eligible for a 90% mortgage at 3.5 times their salary. The average wage in London is £26,000.
The Housing Federation’s Belinda Porich says: ‘Even by London standards, these are astronomical prices and many people – especially young, first time buyers – can only dream of owning a home.’
LONDON’S MOST EXPENSIVE AND CHEAPEST BOROUGHS
Top: Kensington & Chelsea: £1,181,803 (required salary £303,892)
Westminster: £779,563 (required salary £200,459)
Camden: £651,580 (required salary £167,549)
Hammersmith and Fulham: £565,485 (required salary £145,410)
Bottom: Barking and Dagenham: £197,630 (required salary £50,819)