Buyers need an income approaching £800,000 to afford a home in Britain’s most exclusive streets, according to new research.
The figures come from London lettings and estate agent, Benham Reeves, and make clear that the vast majority of young people raised in the capital cannot afford to buy.
Thousands of young adults and essential workers, from teachers to nurses, are moving to the suburbs and commuter belt beyond, while central London is increasingly only open to oligarchs, City traders and the captains of industry.
Benham and Reeves analysed current market values across 28 areas of London’s prime property market, looking at the mortgage required to purchase a home and the average earnings needed at a lending multiple of 4.5 times income.
It found that even affording a typical property in London, where the average price is £523,376, would require a deposit of £78,506 and earnings of £98,860.
The firm said Mayfair …