London house prices: how much do first-time buyers need?

New figures show that Millennials have to find 13 times their annual salary to buy home in capital

London houses
(Image credit: Dan Kitwood/Getty Images)

The “affordability ratio” between how much first-time buyers need to earn to afford a property in London and how much they actually earn has jumped by 235% in less than two decades, new figures show.

Although house prices in the capital are falling, the data from the Office for National Statistics (ONS) shows the extent of the worsening housing crisis facing Millennials.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up