Zoopla's recent study reveals the stark reality of the London housing market, showing that prospective homebuyers need an annual income of around £101,080. This amount is considerably higher than the average London salary of £41,500. The report highlights disparities among boroughs, with Kensington and Chelsea topping the charts requiring £214,750, making home ownership a distant dream for many. Even the least expensive areas, like Barking and Dagenham, demand a salary of £63,620, emphasizing the ongoing crisis in housing affordability across the capital.
To really stick the knife in, Zoopla has revealed just how much Londoners should be earning annually if they want to purchase their own home here.
The estimates assume that the buyer puts down a 15 percent deposit and a mortgage 4.5 times their income.
The average salary needed to buy a house in each London borough varies significantly, with Kensington and Chelsea requiring the highest at £214,750.
Even in the cheapest boroughs, such as Barking and Dagenham, the required salary is still £63,620, illustrating housing unaffordability.
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