If you want to live in London, you'll now have to fork out more than £100,000, according to recent research carried out by online estate agents Housesimple.com.
Currently, there are currently only four properties under £125,000 anywhere in London; this also means that there are no stamp duty-exempt homes on the market in London (unless you are a first-time buyer, in which case you'll only need to pay stamp duty on a property that costs over £300,000).
The figures highlight the increasing lack of affordability of London properties for anyone on an average UK income. For example, if you earn around £27,000 a year, and have managed to get a mortgage of three times your salary, you'll still need a deposit of £20,000 to afford the studio flat that's up for sale at £100K+ in Hornchurch, Essex.
The solution? More new, genuinely affordable homes for Londoners. The Help to Buy scheme may be useful for some first-time buyers, but comes with its own set of problems, including the difficulty of selling a home you only partially own. We should also be wary of hoping for a house price slump, warns Sam Mitchell, CEO of HouseSimple.com:
'London prices cooling will help buyers, but we should be careful wishing for a Brexit slump, because even a 10 to 20 per cent drop in prices could push thousands of people into negative equity and therefore unable to move. That wouldn’t be a good outcome for anyone.'