If you’re single, you can’t buy a house in London
Now, for single people, the average cost of a home is nine times one person’s salary - the highest it’s ever been.
That’s according to data from Nationwide, which has been doing its mortgage sums and calculated that the standard home for first time buyers is 4.9 times the average salary. But in London, the average cost of a home in London has now hit over £400,000. So if you’re on your own – you’re on your own.
‘For many, this [price hike] has made the aspiration of home ownership much more difficult to realise,’ said Lucian Cook, from estate agents Savills. ‘Buyers have had to cast their net much wider geographically across the capital, bringing demand and price growth to some of the less expensive markets.’
So what’s the best advice? Marry a billionaire with a castle? Or rent a hovel with some random people in Cheam? Looks like the latter, for the time being.