First-time London buyers 'need to earn more than £93,000'

First-time buyers in London will need a salary of more than £93,000 a year to purchase an average-priced property, a study has revealed.

National Housing Federation research shows the average price in the capital is £362,810. For a first-time buyer to get a 90 per cent mortgage on the basis of it being 3.5 times their salary, the wage required is £93,294. The average income in London is £26,156.

Read more in the Evening Standard.........