We all might as well just give up on ever buying a house in London.
The average Londoner needs a 266 per cent pay rise in order to buy a home, a new report has found.
Figures from the National Housing Federation’s Home Truths report show that the average home in London now costs £526,000.
Meanwhile the average Londoner’s salary is £33,000 a year.
More than half of all London boroughs require an income larger than £100,000 to buy the average house.
Essentially, the message is give up. Especially if you were naively looking around Kensington and Chelsea (as if!).
The situation isn't helped by the fact that there are 48,000 second homes in London, with more than 5,000 in each of Kensington & Chelsea, Westminster, Camden, and Tower Hamlets.
David Orr, chief executive of the National Housing Federation, said:
A secure and affordable home should be available to everyone.
Living in London doesn’t have to mean living in cramped, overpriced, insecure accommodation; the housing crisis is not inevitable.
Housing associations know how to tackle the crisis and provide quality homes which suit all Londoners.