An interactive map using data about earnings reveals the most affordable boroughs to buy a home in London.
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map → use → London
It is followed by Greenwich and Croydon, both south of the river, where the median home value is £451,900 and £430,100 respectively, both 5.26 times the average household salary.
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value → follow → river
While the average home value is cheaper in Croydon compared to Tower Hamlets, affordability was calculated based on house price to household earnings ratio.
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affordability → compare → ratio
Those who live in Croydon were found to have earned less relative to the value of the homes.
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who → live → homes
Household income was calculated based on the average earnings of two full time workers, in the data provided by Zoopla.
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income → calculate → Zoopla
Southwark follows in fourth place with the median property price, just shy of £500,000, sitting at 5.36 times the average household income.
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price → follow → income
Lambeth takes the last spot in the top five with the median home costing £525,900, 5.39 times the average income.
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Lambeth → take → 525,900
While the estimated annual household income was found to be £106,000, the median home value was £1,007,200, 9.5 times household earnings.
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value → find → ?
Richmond upon Thames was the second least affordable, followed by Harrow and Waltham Forest.
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Richmond → follow → Harrow
Camden in north London was the fifth least affordable borough, with home values averaging at £723,600.
Affordable housing has been a major talking point for Londoners, with a shortage of homes and a stagnation of new home construction.
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housing → average → construction
The new analysis said London remains the least affordable region, with homes valued at 6.11 times the average household earnings.
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homes → say → earnings
In comparison, homes in the north east of England were valued at 2.64 times local household earnings.
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homes → value → earnings
In Britain’s most affordable town, Shildon, homes cost just 1.15 times the annual household earnings.
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homes → cost → earnings
The increase could equate to an extra £600 over the course of a year.
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increase → equate → year
This could have the potential to shrink the housing market as demand for housing stagnates and Londoners turn to renting over buying.
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Londoners → have → buying
Richard Donnell, Executive Director at Zoopla, said: “House prices have been rising more slowly than incomes, helping to improve housing affordability, but higher mortgage rates continue to offset some of these gains by increasing the monthly cost of buying a home.
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rates → say → home
"Affordability varies widely across the country, with many towns in northern England and Scotland offering much better value relative to local household earnings.
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towns → vary → earnings
However, lower house prices don't always mean it's easier to buy, as access to employment, deposits and mortgage costs remain important considerations.
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access → mean → employment
"Buyers have more homes to choose from than a year ago, and there is greater scope to negotiate on price, particularly in southern England.
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Buyers → have → England
Anyone considering a move should take a fresh look at what they can afford and what's available locally.
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what → consider → what
Expanding a search to neighbouring towns could make a meaningful difference to their buying options.”
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Expanding → expand → options
The Aporia
