Joy. The chattering classes’ obsession with house prices has not been beaten to a bloody pulp by the recession, and here’s a new piece of research suggesting first time buyers in London would need a salary of over £93k to buy an “average priced property”.
Woah! That’s a lot of money. Maybe we should all take up jobs as reviled bankers if we’re to escape the tyranny of landlords? The Standard wails that in boroughs like Barnet, where house prices are near average, salaries are a mere third to a quarter of this magic figure.
Thing is though, how many first time buyers want an “average priced property”? For around the London average of £360k, you can get a four bedroom semi near New Barnet station or a flat in a brand new development with underground parking in Golders Green. Alternatively, how about a two bedroom maisonette for £185k, a more reasonable target for a couple? Moving out of the borough, maybe a two bed in Acton for £150k? Something in a 1920s block in Lewisham for £140k? Seriously, are the people who worry about house prices ever the people who are actually buying them? Or capable of having a quick web search? (Image by Matthew Gidley from the Londonist Flickr pool)