But for those who are navigating single life, is it possible to afford the luxury of owning a home in London? (Image: Getty)
London, the bustling metropolis that never sleeps, is home to endless opportunities, rich culture, and vibrant nightlife.
For many, living in London seems like the ultimate dream, but the reality of rising property prices makes that dream feel increasingly out of reach, especially for single buyers.
The idea of sharing the financial burden of a home with a partner – or even just splitting the bills – can make the property ladder feel a little more accessible. However, for those living solo, the road to homeownership can be a tough one.
With Valentine’s Day around the corner, it might even seem that a better shot at securing a place to call your own is found in a long-term relationship.
But for those who are navigating single life, is it possible to afford the luxury of owning a home in London?
Don’t miss…
Buying a house with a partner could be the way to get on the property ladder (Image: Getty)
The average house price for a one or two-bedroom property in East London is a staggering £306,480.
With the average monthly take-home pay standing at £3,837, single buyers face monthly repayments upwards of £1,500. That’s roughly 30% of a single person’s monthly salary – before tax.
When you compare London to the rest of the UK, it becomes apparent how property costs in the capital are sky-high.
For example, in Aberdeen – the most affordable city for single buyers in the UK – payments are just £510 per month.
But those determined to get on the property ladder in London still have options, with some areas of the capital cheaper than others.
Don’t miss… [PICTURES] [REPORT]
London’s most affordable boroughs
Havering ranks as most affordable as a first time buyer (Image: Getty)
Havering, a borough in East London, takes the crown as the capital’s most affordable area for single buyers.
According to Zoopla, the average cost for a one or two-bedroom property in Havering is £306,480, with monthly repayments of £1,100.
This represents 29% of the average buyer’s monthly salary of £3,850, making it the most budget-friendly borough for solo property seekers.
After Havering, the next best options for those looking for affordable housing in London are found in the south of the city.
Croydon, Bexley, and Sutton all offer more reasonably priced homes, with the average one or two-bedroom properties costing £313,550, £323,720, and £323,330, respectively.
In Croydon and Bexley, repayments typically represent around 30% of a single buyer’s income, while in Sutton, they make up 31%. These boroughs are the best options for singles who are looking to buy a property without breaking the bank.
However, buying a home as a singleton isn’t easy. Research from Mojo Mortgages last year revealed that a single first-time buyer would need to save for more than nine years to afford a deposit on a typical starter home in London.
This was largely attributed to the end of the Help to Buy scheme, which allowed first-time buyers to access equity loans of up to 40% for new build properties, along with a tightening of borrowing power.
The situation is set to become even more challenging. With stamp duty rates set to rise in April, the gap between singles and couples buying property in London could widen even further – especially for first-time buyers.