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posted on 15 March 2016

Londoners Can't Afford Houses In Their Own Borough

by Felix Richter,

-- this post authored by Martin Armstrong

That house prices are extremely high in London is by now no secret.

But recent figures from the National Housing Foundation show that the gulf between average earnings and average house prices in the British capital is perhaps even larger than some would have suspected.

Assuming the average Londoner would like to buy a house in the borough they currently reside in, the percentage increase in earnings required to get an 80 percent mortgage range from 105 percent in Bexley to a completely unattainable 653 percent in Kensington and Chelsea. Even for those who are realistic enough to have given up on the dream of owning a piece of prime real estate in Kensington, the average earning London resident (£32,838) would need a pay increase of 266 percent to get a mortgage on the average abode - priced at £526,085.

This chart shows the increase in earnings required for a mortgage on the average house price in London, by borough.

Infographic: Londoners can't afford houses in their own borough | Statista

You will find more statistics at Statista.

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