Save for 220 years to buy in Camden
Londoners will spend 220 years saving for a deposit if they want to buy a home in Camden, according to new figures.
To get a mortgage on the average Camden flat – sale price £719,499 – someone on an average wage would need to save a £582,499 deposit.
They would then qualify for a mortgage of four times their salary, the limit many lenders impose on affordability.
If they saved 10 per cent of their take home pay each month, the process would take more than two centuries, according to a report by online property investment company Property Partner.
The report found that across the city as a whole it would take 121 years for someone on average London pay to save a high enough deposit.
Even if they saved half their monthly net salary it would still take a buyer 44 years to save an adequate deposit.
Dan Gandesha, CEO and founder of Property Partner, said: “It’s staggering that if you have no help from family or friends, and you hope to buy on your own, it’s now almost impossible to afford anywhere in London. Even in the 10 most affordable boroughs you’d need to be saving an ambitious 20 per cent of your net annual salary to stand a chance of getting the deposit together before you reached middle age.”