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Nurses, firefighters and teachers can’t afford property 

 Published on: 12th October 2018   |   By: Jake Levison   |   Category: Uncategorized

New research revealed that nurses, firefighters, and teachers – who earn £28,000-£31,000 on average – cannot typically afford a property in Pinner, Stanmore or Northwood and Ruislip.

Research shows that you must be earning at least £35,800-a-year to own a one-bedroom property in any of the areas.

New research by credit experts TotallyMoney reveal how much Londoners must earn to afford a one-bedroom property across London Underground, Overground, and DLR stations, calling into question whether Prime Minister Theresa May and Mayor of London Sadiq Khan are doing enough to tackle the capital’s housing crisis.

The Free Credit Report Company used median prices of one-bedroom properties within one kilometre of London stations, assumed a deposit of 10 per cent and worked out the monthly repayment on a 25-year mortgage.

They then calculated how much tax and national insurance would be paid across all tax bands, and arrived at the gross salary needed to afford a mortgage in each area.

They then redrew the London Underground Map to show how much Londoners must earn to buy a one-bedroom property in that area.

The research follows recent reports on how Londoners have four per cent less disposable income than the national average, largely due to significantly higher housing costs.

Despite promises from both politicians to do more to tackle London’s housing crisis, the research by TotallyMoney suggests getting a foot on the property ladder is still an unattainable dream for many.

Picture courtesy of TotallyMoney

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