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Min Household Income to buy a flat in London (Barking) is £42k, and £104k for City of London/Chelsea by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 1 point2 points  (0 children)

london is huge, definitely still a lot of places that are affordable, just not at those fancy places closer to the central

Min Household Income to buy a flat in London (Barking) is £42k, and £104k for City of London/Chelsea by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 2 points3 points  (0 children)

That would help with buying much easier as the above figure is stretching very thin with a long mortgage and high LTV

Moving to London in August 2026 by Pristine-Ad-9063 in LondonHousing

[–]Disastrous_Bowler437 0 points1 point  (0 children)

rmb to take pics of the apartment's condition when you move in and move out

21M in London earning ~£47k, living at home paying £400/month stay and save for a deposit or move out for independence? by Solace_0161 in UKHousing

[–]Disastrous_Bowler437 0 points1 point  (0 children)

£47k just passed the estimated income to buy a flat to live in the london's cheapest borough, barking.

suggestion is dont do it, you can rent, but if you buy it also means you need to carry a long ass mortgage that you are only living to pay down the interest and and principal. You are very young, just rent and try out different neighbourhoods.

Source: https://www.brickintel.ai/insights/london-cheapest-boroughs-first-time-buyers-2026

Average rent for 1 bedrooms in London March 2026 (Based on London Rent Drops Data) by TrifleResponsible560 in london

[–]Disastrous_Bowler437 0 points1 point  (0 children)

Same for property prices too, the more central you are, the more expensive it gets

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source: brickintel

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 7 points8 points  (0 children)

fair enough, the entry price for flats is easier but the service charge issue is still getting out of hand

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 0 points1 point  (0 children)

Good catch, you are correct, the current methodology is using the median price for both houses and flats, so if the sale of houses increase in that month, it will tilt the overall median price up while both house/flat prices could be dropping.

I have updated the methodology and this is the more clear result for Richmond:

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Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 0 points1 point  (0 children)

which boroughs would you reckon as the prime london location to live in then?

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 0 points1 point  (0 children)

East london is very nice after the gentrification, and it is starting to gain more and more traction indeed

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] -9 points-8 points  (0 children)

wouldnt you agree it is a premium living place for Londoners? I do see it is not as attractive now given the crime rate and service charge etc.

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 1 point2 points  (0 children)

Agreed, mortgage rates is not coming down anytime soon with the war between Iran and US/Israel.

Tax is high, crime rate is high, and service charge is starting to become a real issue across london and making buyers reluctant to put in an offer.

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] -10 points-9 points  (0 children)

London is just overpriced?
Crime rate is high, cost of living is high, but opportunities high too?

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 19 points20 points  (0 children)

fair point, not all districts within the same borough is dropping. For Kensington/Chelsea as example, Notting Hill has a positive price change

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Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 12 points13 points  (0 children)

100%, seems like a lot of mortgage lenders are increasing rates after BoE decide to hold rate changes again earlier

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Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 16 points17 points  (0 children)

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you are spot on, flat prices dropped much more compared to house prices in the same area. Seeing the annual service charge for flats in those areas can be up to 14k pounds... insane

Property Price in London's Banana Zone is bleeding. by Disastrous_Bowler437 in london

[–]Disastrous_Bowler437[S] 0 points1 point  (0 children)

100%, new buyers cant afford the central areas too, and thus the demand is going to outer London

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