Mortgage companies are currently offering around 3.5 times basic salary in home loans, and requiring around 20% deposit to access the bulk of their deals, meaning one needs to earn around £70,000 per annum and have £60k equity in their existing property or tucked away in order to afford the average semi.
Even the average flat requires a £40k salary plus a £40k deposit.
Waverley(source: BBC, data date: Oct-Dec 2012)
Compared to my birthplace the difference is stark...
Still, things could be worse. I could be based in a London borough such as Hammersmith...
Hammersmith and Fulham