The City of London is the least affordable London borough for first-time buyers, according to new research that has ranked the capital’s best and worst spots for hopeful homeowners.

Hackney, Haringey, Brent and Camden joined the Square Mile as the five most unaffordable boroughs in London based on the net wage and time taken to save for a 10 per cent deposit.

According to the new research from One77 Mortgages, it takes first-time buyers an average 25.7 months earning a net salary of £,345 to reach their deposit.

Meanwhile, in Greenwich, the most affordable borough by time required for a deposit, it takes 14 months at an average net salary of £2,667 to save up for a 10 per cent deposit.

Top 10 least affordable (by months required for deposit)

Borough Deposit (cost) Average salary per month House price
City of London 25.7 months (£86,000) £3,345 £860,634
Hackney 25.3 months (£56,000) £2,225 £563,134
Haringey 23.5 months (£53,000) £2,279 £535,659
Brent 22.6 months (£46,000) £2,059 £464,522
Camden 21.5 months (£77,000) £3,602 £774,313
Barnet 21.2 months (£52,000) £2,436 £515,882
Hamersmith and Fulham 20.6 months (£68,000) £3,276 £676,133
Waltham Forest 20.6 months (£44,000) £2,117 £435,765
Southwark 20.5 months (£50,000) £2,433 £499,353
Hillingdon 20.5 months (£41,000) £2,004 £410,804

“Of course, the wage on offer and the price of property is relative to each area and you still need to account for the cost of living, but this research highlights where you have the best opportunity of saving a deposit and getting on the ladder in the shortest space of time, said Alastair McKee, managing Director of One77 Mortgages.

He added: “While it’s no secret that London and the South East provides a much greater obstacle for aspirational homeowners, it’s alarming to see just how large the disparity is, with it taking over five times as long to save a deposit in the City of London compared to Burnley and that’s despite a much larger wage on offer.”

Borough Deposit (cost) Average salary per month House price
Greenwich 14 months (£37,000) £2,667 £372,803
Tower Hamlets 14.8 months (£43,000) £2,899 £428,538
Bexley 15.3 months (£34,000) £2,240 £342,993
Croydon 15.9 months (£36,000) £2,265 £359,336
Bromley 16.2 months (£44,000) £2,729 £442,388
Barking and Dagenham 16.4 months (£30,000) £1,834 £300,517
Wandsworth 16.5 months (£57,000) £3,477 £572,014
Sutton 16.7 months (£37,000) £2,202 £368,520
Havering 17 months (£36,000) £2,133 £362,698
Lewisham 17.3 months (£40,000) £2,3030 £397,335

 

 

 

 

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