Living in London ain’t cheap, we all know that. Property prices continue to rise at an astonishing rate, even outstripping wages.
We thought it’d be interesting to look at just how much it costs to buy a flat in every postcode area of the capital, according to the average price paid on Zoopla over the last three months and work out just how much you’d need to earn to take out the average mortgage on the property.
We based on the following methodology:
- Average London Outstanding LTV is 42%
- Average London income multiple of 3.98
The SW7 area, which covers South Kensington came out on top, with flats selling for an incredible average of £2,470,882 over the last three months. This means you’d need to be earning around £260,000 each year to get a mortgage.
At the other end of the scale, you’ll find the cheapest flats in N18, which covers Upper Edmonton, where properties averaged at just £218,700, meaning you’ll need to be earning only £23,000 to get a mortgage, some 32% below the average London salary of £34,000.
Check out the full map below to see just how much you’ll need to be earning (pre-tax) each year to buy a flat in London.
Fancy sharing our map? Here’s a handy embed code for that…
This Map Shows How Much You Need To Earn To Buy A Flat In Each London Postcode – An infographic by the team at Search Mortgage Solutions