"To help you figure out whether you can really settle down in the city, Zoopla has revealed the average household income needed for buying a house in each of London's borough right now. Before we go on, keep in mind that the numbers assume that the buyer is paying a deposit of 20 percent of the property value and taking out a mortgage loan amounting to 4.5 times their household earnings."
"Predictably, notoriously posh borough Kensington and Chelsea is the most expensive of them all. In July, the average house there cost an eye-watering £1.12m, which would require a combined household income of £199,300. Renting here isn't much better - with an average monthly cost of £3,601, it's the most expensive place to rent in the whole of the UK. If your budget is a little lower, you could instead look for a house in Westminster, the second priciest borough in the capital."
Required household incomes to buy homes in London boroughs assume a 20% deposit and a mortgage of 4.5 times combined household earnings. Kensington and Chelsea has an average house price of £1.12m, requiring a combined household income of £199,300 and average monthly rent of £3,601. Westminster averages £936,900 and needs about £166,600. Camden and Richmond each require around £135,900. Barking and Dagenham is the most affordable with an average price of £335,500 and required combined earnings of £59,600. Required earnings have fallen slightly compared with the start of the year.
Read at Time Out London
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