London house prices: Low income households would have to save income for 40 years to buy home, ONS study finds

The average UK house price hit a new record high in June but there are ‘tentative signs of a slowdown’, according to an index (Anthony Devlin/PA) (Picture: PA Archive)

The poorest households would have to save their income for 40 years to afford an average-priced home outright in London, according to new data.

The research by the Office of National Statistics found that even the cheapest ten percent of homes in London would cost around five times the net income of those in the top 20 percent of households.