House buyers will have to work at least an average of 2,670 hours before they can even dream of owning their first home outright, according to our latest research.
Londoners have to work over for over five years and at least 9,000 hours before they can even dream of owning their first home. Westminster comes top of the league table with a total 9,264 hours of work required for a deposit on an average property. Camden came not far behind in second place requiring 7,376 hours of work.
eMoov.co.uk founder Russell Quirk commented ‘Buyers really have their work cut out for them just to pay off a mortgage these days. Our research goes some way to show the property demands of London against the rest of the country. With potential long and expensieve commutes, Londoners also have to work 6 times harder to pay for their property than their second city counterparts in Birmingham.
The average hours worked was calculated assuming the average full-time worker is paid for 37.5 hours of work a week and gets 25 days holiday.