First-Time Buyers in London 'Need To Earn At Least £77,000'

Hopeful homeowners in London have to earn a whopping £77,000 a year to be able to buy their first house, a new report has revealed. Getting on the property ladder in London is more difficult than ever. First timers now need to earn almost double the £41,000 minimal national average income to buy a home, according to the KPMG report. This means that Londoners have to earn almost three times the capital’s median annual wage of £28,000 in order to be in a position to put down a deposit of 10 per cent and a loan at 4.5 times salary. Read more on the KPMG website.