14 Jul Here’s What You Could Buy Instead of a House in London

London: you either love it, or you hate it. What many people praise about the city, a tonne of others despise. Whether it is the vegan ‘donner’ kebabs, cereal cafes or the vast multiculturalism, everyone has an opinion on the capital. But one thing we can all agree is despicable about London is the price of housing.

Let’s put it this way: if you’re young and paying rent in London, you most likely won’t ever be able to afford a house within the city. The most sold property type in London last year was flats, which sold for on average £518,511. Terraced properties sold for an average price of £649,613, while semi-detached properties fetched £636,817, meaning the average price of a property in London was £523,727.

To put this into context, the average salary in the United Kingdom is £27,600, meaning that you would have to put two years’ salary away in order to get a 10 percent deposit. And when I say two years’ salary, I literally mean two years’ salary; you wouldn’t be able to spend a penny.

Now, imagine trying to get by on nothing/next to nothing. You would most likely have to live with your parents (if you’re lucky) and then you would have to live off a diet strictly based around baked beans and bread, and cycle everywhere.

Your mates would ask you to come out, you wouldn’t be able to go. You’d tell them you’re saving for a house, but they will get bored of that, and by the time you have bought one, they will be sick of you and your antisocial ways.

So, for us youngsters in the creative industries, our futures in London are looking pretty bleak! It’s no surprise that Londoners are fleeing the capital in large numbers as they seek to get their feet under the table somewhere they can afford. With that in mind, this is what those people could be buying for the price of the average London property.

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