Have you ever wondered how much money you would need to make in order to buy a house in each borough of London? Well, the answer is finally here. It's probably not surprising that the borough with the highest salary requirement is the luxurious Kensington and Chelsea, coming in at a whopping £214,750. This is a staggering difference of £177,320 compared to the UK average.
Known for its lavish properties, including grand Victorian and Georgian townhouses with access to exclusive gated garden squares, the average home in Kensington and Chelsea will set you back a hefty £1,136,900, according to new findings from Zoopla. But don't think things get much better in other areas, as Westminster comes in at second place with a salary requirement of £180,860.
These figures can either be for a joint income or an individual income. This means that if you were buying a home alone, you would need to earn all of this money by yourself. Sadly, this is just another way that single people are disadvantaged when it comes to owning property.
But what about the more affordable end of the spectrum? The borough with the lowest salary requirement is Barking and Dagenham, where a combined income of £63,620 is needed. The average home here costs £336,800, which may seem cheap for London, but it's still a considerable amount more than the UK average of £267,700.
If the thought of leaving London breaks your heart and you have the means to stay, investing in Barking and Dagenham may be worth considering. Zoopla's figures assume a 15% deposit and a mortgage offer of four-and-a-half times the required income to buy the average home here, rounded up to the nearest £10.
It's also worth noting that the salary needed to buy a home in Barking and Dagenham is relatively in line with the national average, according to the Office for National Statistics (ONS). As long as you and your partner both earn at least £37,430, you should be able to get a mortgage. Unfortunately, it's a tougher journey for single people.
Aside from the salary requirement, there's also the challenge of saving up for a deposit, which can take years without the help of generational wealth. But there are other options for those looking to keep things semi-affordable. One promising option is Croydon, where the average home costs £394,100 and necessitates a salary of £74,430, whether singular or combined.
Although Croydon has been named the "most depressing area" of London in the past, it was also deemed the most affordable place to live in November 2024. Plus, it's home to a huge Ikea, a vibrant network of green trams, and even a Boxpark - what's not to love?
For those curious about the salary requirements for every single London borough, here's the breakdown:
Kensington and Chelsea: £214,750
Westminster: £180,860
Camden: £147,000
Richmond-upon-Thames: £142,990
City of London: £137,510
Hammersmith and Fulham: £136,160
Islington: £125,320
Wandsworth: £124,340
Hackney: £111,180
Kingston-upon-Thames: £108,240
Barnet: £107,650
Haringey: £106,870
Merton: £105,350
Lambeth: £104,440
Southwark: £98,590
Brent: £97,220
Ealing: £97,170
Bromley: £97,020
Harrow: £96,070
Waltham Forest: £94,460
Tower Hamlets: £90,890
Redbridge: £88,810
Hounslow: £87,330
Hillingdon: £85,630
Lewisham: £85,110
Sutton: £83,810
Enfield: £82,550
Havering: £79,590
Greenwich: £79,410
Newham: £76,020
Bexley: £75,260
Croydon: £74,430
Barking and Dagenham: £63,620.
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