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Further shit news if you’re still thinking you might be able to get a foot on the ladder in London: anyone on an average salary has now been officially priced out of the city. The union GMB has worked out the ratio of average house prices to median fulltime earnings in 30 London boroughs, and the results are pretty depressing.
The average UK price-to-earnings ratio is 7.8. Most mortgage lenders will shell out up to 4.5 times a borrower’s income. But Barking and Dagenham has a prices-to-earnings ratio of 9.7 – equivalent to slightly more than two incomes – and that’s London’s most affordable borough.
Since house prices are rising a lot faster than earnings, aspiring buyers might have to stick to board games to live out their property dreams. So we’ve mapped the GMB results with the price band colours from Monopoly. The brown and light blue eastern and southern suburbs are the least unaffordable areas, while in Westminster – home to London’s real-life dark blue set – you’ll need more than five median incomes to buy an average property. Shotgun the wheelbarrow!
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