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Londoners are still struggling to get on the property ladder. New research from a crowdfunding platform claims it will take, on average, 121 years for someone earning around £34k a year to be able to save up enough deposit to buy an average flat in the capital.
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London Property Market is Sky High
The London property market is the most expensive in the UK. The average price of a flat in London is now £457k, which is well beyond the reach of anyone on a regular salary. As a result, most Londoners have been priced out of the property market.
Anyone on an average income buying a flat in that price bracket would need a deposit of £320k. Not surprisingly, 99.9% of people can’t afford to save up that kind of money, so it will come as no great shock to hear that workers are now priced out of the housing market in all 33 boroughs of London, unless they have access to extra cash from family.
Families Forced into the Rental Sector
As a result, most people living in London are now resigned to renting for the rest of their lives. For them, the chances of owning a home are non-existent unless they move to a cheaper part of the country. Private landlords continue to play an important role, as by providing accommodation, all of the people who work in the capital will have somewhere to live.
