London property buyers 'need to earn £93,000'
A salary of more than £93,000 is required if Britons hope to choose London as the base in which to buy their first home, even if the property is an average price, one sector commentator has claimed.
Writing in an article for the London Standard, property correspondent Mira Bar-Hillel points to research by the National Housing Federation, which revealed that in order for a first-time buyer to get a 90 per cent mortgage which is 3.5 times the value of their salary, they will need an income of £93,294.
However, the average salary for Londoners is £26,156.
This may mean that property to rent in Eltham and other boroughs of London continues to be a cheaper option than buying.
Indeed, Steven Hilton, spokesperson for the National Landlords Association, recently stated that purchasing property is becoming an unrealistic ambition for an increasing number of Britons.
And research by Spareroom.co.uk has revealed the average age of those renting accommodation has risen, from 25 years old in 2006 to 28 years in 2009.
Written by Andy Britten
Published 15th October, 2009
© 2009 Estates IT Limited
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First-time buyers looking to purchase a home in the capital need to earn £93,000, one property expert has claimed - which may mean it is cheaper to rent.