If you’re single, you can’t buy a house in London

3 July 2014

london houses Unless you’ve got some fabulous form of private income, or your Dad owns Rutland, chances are you’ll be completely priced out of the market in London if you don’t have a well-to-do partner.

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.

TOPICS:   UK News   Home   Mortgages   Real Estate

4 comments

  • Kevin
    If you are poor you can't buy a house. Shock horror. Where does it say you have to be able to do that? I can't buy a Ferrari either, does that mean I am being screwed over too?
  • laurz
    I hate reports like this. Im a single person living in yorkshire and I bought my own home by saving up and getting a mortgage. I have a low paid job 15k per year but I can afford my own home and ive just been on rightmove and there ARE homes for sale in London for the same price and less than this single person with a low income paid. And no I had no monwy given by a parent or anyone. Perhaps if people stopped wanting a really nice house in an upmarket area then they might be able to afford it. Oh and an average house price means nothing when there are multimillion pound properties there as well.
  • Coran
    Kevin, it says "average" salary, not "poor". The story is that most people, the majority, the average, can't afford a house in London, unless they have a partner. This is a genuine concern, which has been in the news, as prices are shooting up.
  • God
    I have a red cardboard box you can buy. You could live in it AND pretend it is a Ferrari. £1.50 if you live in the Midlands. £250,000 if you live in London.

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