- Average London house price in London is £526,000 – 16 times the average salary of £33,000
- The least affordable borough is Kensington and Chelsea
- Most affordable boroughs are Bexley, Barking & Dagenham and Havering
Londoners need a pay rise of 266 per cent to buy a home in the capital, new research has revealed.
The typical value of a house in London is £526,000, which is 16 times the average salary in the capital of £33,000, according to the National Housing Federation.
Highlighting how property prices in the capital have spiralled out of reach, the report found that more than half of London boroughs require an average income of more than £100,000 in order to buy a home.
Londoners need a pay rise of 266 per cent to buy a home in the capital claims a new report
It looked at the cost of a home across London compared to average annual earnings and how big the gap between this was from someone being able to buy a property with an 80 per cent mortgage at three-and-a-half times wages.
The least affordable borough was unsurprisingly Kensington and Chelsea – home to super-wealthy neighbourhoods – where despite average earnings of £59,000, homes were still 33 times incomes at £1.94million average.
The most affordable boroughs are Bexley, Barking and Dagenham, Havering, Croydon and Redbridge – although even here homes still cost 11 times average incomes.