Our latest research has highlighted the struggle of living and working in the capital by analysing the gap between the cost of property and the average wage. The research found that on average, house prices in London are 14 times the average annual wage.
Using data from the ONS and Land Registry we looked at each borough of London to work out the deficit between working there and getting on the local ladder. As well as London as a whole.
See the full UK report here.
Across the capital the average house price is 14 times the average annual wage of £34,320.
The largest gap was of course, in Kensington and Chelsea, where the average wage is just £26,624, but the average house price is £1.2m, 46 times the wage.
There were 15 other boroughs where the average house price was over 20 times the average wage in the borough.
The remaining 19, including the City of London, were all still home to an average house price between 11 and 18 times the average wage on offer.
London is of course one of, if not the, most unaffordable city to live in where the price of property is concerned.
However, on top of this wages have failed to keep pace with the rapidly inflating cost of getting on the ladder for some time now, making the prospect of living and working in London an unsavoury one for many.
This research shows the monumental task facing would be Londoners and highlights that something must be done at both ends of the spectrum to help them.Russell Quirk
|London Borough||Current Average House Price||12 Month Change (%)||Annual Wage||Wage to House Price Ratio|
|Kensington And Chelsea||£1,212,375||-6%||£26,624||46|
|City of Westminster||£1,028,617||11%||£33,020||31|
|Richmond upon Thames||£659,636||9%||£25,636||26|
|Hammersmith and Fulham||£746,570||-3%||£29,120||26|
|Kingston upon Thames||£496,705||16%||£22,932||22|
|City of London||£835,689||8%||£45,240||18|
|Barking and Dagenham||£271,584||19%||£24,596||11|