Average wages not enough to buy home
House prices out of reach across all of London
WORKERS on average earnings are priced out of home ownership in every part of London, trade union researchers found yesterday.
The average house price of £484,716 is out of reach for the majority of Londoners as it is 14.6 times the average full-time salary of £33,203 in London.
The most “affordable” area is Barking and Dagenham — but its average house price of £276,145 is still too expensive for many at 9.7 times its average salary of £28,428.
Banks and building societies usually lend 4.5 times a borrower’s income in a mortgage.
The data show... read more
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