Londoners are in need of a massive 266 percent pay rise in order to be able to buy a home in the capital, the National Housing Federation (NHF) has claimed.
The average London home, the NHF claims, now costs £526,000, which amounts to nearly 16 times the average salary of £32,000 a year. So in order to be able to afford a home a household requires £120,248 to be able to afford an 80 per cent mortgage, figures many will find eye-watering.
Bexley, Barking & Dagenham, Havering, Croydon and Redbridge were found to be the most affordable boroughs, however homes in these areas still cost eleven times the UK’s average income.
Unsurprisingly, Kensington and Chelsea is the most expensive borough where, despite average earnings of £59,000, homes were still 33 times the average incomes at £1.94m.
Overall, more than half of all London boroughs still required an income of more than £100,000 to buy a home.