First time buyers priced-out of London….
This isn’t just another story about how expensive London homes have become. We already know that!
This is a story about the scary truth which we are all having to face. A truth that tells us how first time buyers on an average salary have now been officially priced out of the capital.
According to the union GMB, the rate of average house prices to median full-time earnings now means that Londoner’s on roughly £30,000 per year simply can’t afford a home.
In Barking and Dagenham, the prices-to-earnings ratio is 9.7 – two high for even two incomes combined, yet this is London’s most ‘affordable’ borough.
Areas in zone 1 and 2 require as much as 5 x the average salary in order to even obtain a mortgage, meaning the aspiring home owners are seeing their dreams being pushed further away.
Could Inspired help you?
We are doing our very best to counteract the problem, which is why we developed our business model of using permitted development rights to transform old offices into beautiful London apartments.
Locations include Croydon, Epsom, Sutton, Chertsey and Crawley, with prices starting at just £235,000. On top of all of that, we offer help to buy on our properties, meaning that a London home could be yours for just a 5% deposit.
To find out more, please contact our team on 0208 688 6552