The soaring price of London property often features in the news, but it’s not until you see the price-to-earnings ratio in the capital that you realise just how unaffordable it has become.
According to Hometrack, house prices in London are now at 14.2 times average earnings, the highest multiple since 2002. Their research reveals that the average price for home in the capital is now £482,000, compared to an average salary of £33,720.
With house price growth continuing to outpace wage growth, there doesn’t seem to be much light at the end of the tunnel for first time buyers.
The future’s bright with Inspired…
We dedicate our time to creating homes that are in reach of first time buyers on the average London salary. We transform tired offices into stunning new homes, finishing every apartment to the highest standard, with wooden floors, designer bathrooms and Bosch appliances, not to mention our shared resident facilities, which have won several industry awards.
With developments in Croydon and Sutton, you may be surprised to hear that our homes in the capital start at just £274,950 and benefit from Help to Buy London, a government backed scheme offering new homes purchasers a 40% equity loan, interest free for five years. This means a new home in London could be yours with an annual salary of just £33,605 and deposit of 5% (£13,748).
To find out more about our homes and see them for yourself, call our sales team on 0208 688 6552.