How much? £144,000 annual salary needed to buy in Wandsworth.
I came across this article in The Wandsworth Guardian this morning and thought it was worth sharing. In order to buy an average Wandsworth property, an individual or family has to earn an annual household income of £143,534.
|Northcote Road in Battersea|
The stats are perhaps slightly exaggerated. In the current sales market the average buyer usually has a deposit considerably higher than the 5% quoted, often supported by The Bank of Mum and Dad who worry that it's a case of "now or never" for their child to get on the property ladder. Regardless, the figures are still staggering.
The good news for buy-to-let landlords is that with more and more young professionals and families resigning themselves to renting for the foreseeable future, there are excellent opportunities for both high rental yield and capital growth. If you come across a property that interests you on Rightmove or Zoopla, send the link to me at firstname.lastname@example.org and I'll be happy to give you my honest opinion.