New research shows £66.4k a year will get a one bedroom flat near the tube station


How do prices compare with our neighbours?

New research by credit experts TotallyMoney reveals that someone wanting to buy a one-bedroom property 1km from East Putney must earn at least £66.4k per annum.



TotallyMoney, a free Credit Report company, used median prices of one-bedroom properties within one kilometre of London stations, assumed a deposit of 10%, and worked out the monthly repayment on a 25-year mortgage. They then calculated how much tax and national insurance would be paid across all tax bands, and arrived at the gross salary needed to afford a mortgage in each area.

TotallyMoney then redrew the London Underground Map to show how much Londoners must earn to buy a one-bedroom property in that area. With the research in mind, TotallyMoney revealed that Nurses, Firefighters, and Teachers — who earn £28,000–£31,000 on average — can afford just 2% of the properties surveyed, many of which are some distance away from the centre of London, calling into question whether Prime Minister Theresa May and Mayor of London Sadiq Khan are doing enough to tackle the capital’s housing crisis.

TotallyMoney Head of Brand and Marketing Communications Mark Moloney said: “While our map can help prospective buyers find affordable areas in London , what our research shows is that, even if you can save enough for the deposit, your options are even more limited than you might suspect.

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October 1, 2018