Shocking: Low-Income Families Need 35 Years to Afford a Home in London, New Data Reveals

Official figures show that low-income families in London must save for 35 years to buy an average home, highlighting a severe housing crisis in the capital.

Shocking: Low-Income Families Need 35 Years to Afford a Home in London, New Data Reveals
Shocking: Low-Income Families Need 35 Years to Afford a Home in London, New Data Reveals

What’s even crazier is that this price is out of reach for all income groups in London. Even the wealthiest folks would struggle to buy a home without saving for five years of their disposable income. For those earning the least, it’s a staggering 34.7 years of saving just to afford a place.

To put it in perspective, if you’re in the middle-income bracket, you’d still need about 14 years of income to buy a home. And for the top earners? They’d need about 5.9 years. It’s clear that the housing market is a tough nut to crack for most people.

The Office for National Statistics (ONS) pointed out that homes have become less affordable across the board. The affordability ratio in London has more than doubled since 1999, which is just mind-blowing. Renters are also feeling the pinch with sky-high rents, making it even harder to save.

Only the top 10% of earners in England can buy an average-priced home without breaking the bank. The average house price in England is around £298,000, but it’s even lower in Wales, Scotland, and Northern Ireland.

Labour MP Chris Curtis highlighted the urgency of addressing this housing crisis. He stressed the need for economic growth and a radical overhaul of the planning system to make housing more accessible. The new Labour government has promised to build 1.5 million new homes, but let’s see if they can actually deliver on that.

Image Credits and Reference: https://uk.yahoo.com/news/low-income-families-must-save-182608954.html

Mangesh Wakchaure is a veteran writer working at London Lens, focusing on foreign news coverage on a range of topics.