Brace yourselves for yet more depressing London property news, folks. Yet again, research has revealed that London is becoming an increasingly unaffordable city for people on low or middle incomes, as London's crazy-high house prices force people out to the fringes.
In fact, if you're earning less than the average London salary of £37,000, you can cross two thirds of the city's boroughs off your search map, where affording even a tiny room in a flat is now out of reach.
According to research from estate agents Hamptons International, if you're earning less than £30,000 you can choose from nine of London’s 32 boroughs, including the very desirable Croydon, Enfield, and Bromley. But your best bet is the south-east borough of Bexley where the average room rate is £500 a month. Of course, the choice of location expands as your pay cheque does, so renters with an income of between £30,000 and £40,000 could live in Ealing, with a £35,000 salary or Lambeth on £38,000.
So, time to give up those lofty dreams of moving in next door to Somerset House, where you'd need a salary of £72,000 to cover the average room cost of £1,595 a month to live in the swanky WC2R postcode.
But on the upside, there's good news for prospective homeowners as London house prices are set to plummet next year because of Brexit.
Photo: Nigel Hopes/Flickr
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