How exactly can we get on the property ladder in this city? Marry into money? Rob a bank? Well, you'll need stacks of cash, obvs – and possibly the next 46 years of your life. According to research from estate agents Hamptons International, a single first-time buyer in London would need 45.75 years to scrape enough money together for a 15 per cent deposit (£76k) for an average-priced home. In comparison, lucky buyers outside London would only need to dedicate 13 years to rustle up enough savings.
With homes now going for an average price of half a mill (£530,409*) in London, we'd be better off eyeing up Bexley, Croydon, Lambeth or Newham if we plan to stay put in the capital. Homesimple.com found that those are the only boroughs where you can buy a property – a studio flat, no less – for under £125,000. At that price, single people will only need to save up for 20 or so years for a deposit – but by then, we could probably get a cheaper flat on Mars.
*Stats taken from the January 2016 Land Registry House Price Index