For single first-time buyers in London, housing options are slim — even with an average salary and stable earnings. Couples are better off at securing affordable housing, according to a recent piece in The Guardian.
It may not come as much of a surprise, but single first-time buyers on an average salary are badly affected when it comes to buying a property. Less than 10% of homes in every local authority area in London, the south-east and the south-west, and in more than 95% of local authority areas in the West Midlands and east, are affordable to a single person on an average income. What’s even more worrying is that these figures were based on the assumption that a deposit is already secured.
However, according to Shelter’s report, the picture is much better for couples on two average full-time incomes without any children. Although the proportion of housing is still terrifyingly small, this group has only two areas without any housing in their price-range: Westminster, and Kensington and Chelsea… In comparison, single people have 13 local authority areas without affordable properties, and only 0.2% and 2.6% of properties available to them in London and the south-east, respectively.
London consistently ranks high among the world’s most expensive cities. Surely, San Franciscans can relate with a median rent of $1,463 per month and even higher property prices. Our neighbors across the Atlantic are strapped for cash as well with soaring housing prices and “less than one in ten affordable homes to a single first-time buyer.”
Read more here on how a relationship status can affect affordable housing options.