Just been reading that in London if you earn the average salary and have a £25,000 deposit you can buy a £100,000 based on 3X Income multiple for your mortgage.
This means anyone on the average salary fortunate to have £25,000 in savings can only afford a £100,000 place in london.
Slight problem with this is that unless you wish to live in a ghetto or a camp site, 100K will get you very little indeed. The average price of property in London is £348,585. :disdain:
At that rate it’s going to take me 17.49 years if saving, not that I want to buy a house anyway.. :laugh:
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