"One thing we wish we could have left behind in 2025? London's extortionate house prices. But, unfortunately, as we enter the new year buying a house in the capital remains a pipe dream to many. So, here's a bit of bleak news to kick start your 2026: how much you need to earn to afford a house in every London borough, including a full list at the end."
"Not surprisingly, London's priciest borough for buying a house was Kensington and Chelsea, where the average house according to Zoopla costs an eye-watering £1.12 million. To afford a 20 percent deposit and then to pay the mortgage you would need to be on a salary of £199,300 or higher. Westminster wasn't much cheaper, with the average house costing £936,900 and requiring a salary of at least £166,600."
"The cheapest borough was Barking and Dagenham, where the average house cost a much more modest (compared to Chelsea, at least) £335,500. In B&D you'd need to be on a salary of £59,600, which is still much higher than the UK average salary of £37,430, according to the Office for National Statistics. The average price of a house for all of London was £559,161, meaning that the average London would need to earn £99,406 to buy a house in the capital."
Zoopla data calculates the average household earnings required to buy the average house in each London borough, assuming a 20 percent deposit and a mortgage equal to 4.5 times household earnings. Kensington and Chelsea is the most expensive borough, with an average house price of £1.12 million and a required salary of £199,300. Westminster and Camden require £166,600 and £135,900 respectively. Barking and Dagenham is the cheapest at £335,500, requiring £59,600. The London average house price is £559,161, setting the average required salary at £99,406, above the UK average salary of £37,430.
Read at Time Out London
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