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Croydon an affordability hotspot for first-time buyers

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Croydon has been identified as just one of six boroughs in the capital where joint buyers on lower than average salaries – and earning less than £30,000 each – can qualify for a mortgage.

With the average London home costing £475,000, more than 11 times the average £43,000 wage in the capital, the difficulty of getting onto the housing ladder is becoming ever more apparent.

However, a new report by emoov using latest figures from the Office of National Statistics, identified Croydon among the areas where first-time buyers stand the greatest chance of getting onto the housing ladder.

The others are Barking & Dagenham, Bexley, Havering and Sutton.

The research found that the average house price in Croydon is 11.67 times the average wage; with the biggest disparity in Hackney at 17.03.

CROYDON’S KEY FIGURES
Average wage: £31,100
Average house price: £362,869
5% deposit needed: £18,143
Single wage needed: £76,606
Joint earnings needed: £57,454

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