Solo buyers: the average salary, deposit and mortgage required for a first home in every London borough

Buying a first property with a partner, sibling or friend is no picnic — doing it solo is something different altogether.

Data compiled for Homes & Property by London agents Benham and Reeves shows that a single buyer currently needs to earn a salary of £75,556 to buy a £400,000 first home, assuming a 15 per cent deposit of £60,000 and a mortgage loan 4.5 times income.

Buying solo is most achievable in Barking & Dagenham, where a salary of £61,973 could snag you an average £328,092 starter property — provided you can stump up a £49,214 deposit.

But single buyers aiming for Kensington & Chelsea might need to ask for a pay rise, as the annual earnings required will be in the realm of £213,321. It is the only borough where the average first-time home tops £1 million.

Borough	Average starter home	15% deposit	Est. mortgage required	Est. salary required
Across London	£451,730	£67,759	£383,970	£85,327
Barking & Dagenham	£328,092	£49,214	£278,878	£61,973
Barnet	£487,666	£73,150	£414,516	£92,115
Bexley	£357,144	£53,572	£303,572	£67,460
Brent	£446,019	£66,903	£379,116	£84,248
Bromley	£392,962	£58,944	£334,018	£74,226
Camden	£712,742	£106,911	£605,830	£134,629
City of London	£918,011	£137,702	£780,309	£173,402
Croydon	£346,711	£52,007	£294,704	£65,490
Ealing	£462,417	£69,363	£393,054	£87,345
Enfield	£386,048	£57,907	£328,141	£72,920
Greenwich	£400,516	£60,077	£340,439	£75,653
Hackney	£605,670	£90,851	£514,820	£75,653
Hammersmith and Fulham	£657,614	£98,642	£558,972	£124,216
Haringey	£516,545	£77,482	£439,063	£97,570
Harrow	£428,019	£64,203	£363,817	£80,848
Havering	£359,056	£53,858	£305,198	£67,822
Hillingdon	£378,979	£56,847	£322,132	£71,585
Hounslow	£416,494	£62,474	£354,020	£78,671
Islington	£630,020	£94,503	£535,517	£119,004
Kensington and Chelsea	£1,129,349	£169,402	£959,946	£213,321
Kingston upon Thames	£463,787	£69,568	£394,219	£87,604
Lambeth	£489,386	£73,408	£415,978	£92,439
Lewisham	£394,208	£59,131	£335,076	£74,461
Merton	£491,083	£73,662	£417,421	£92,760
Newham	£396,120	£59,418	£336,702	£74,823
Redbridge	£404,144	£60,622	£343,522	£76,338
Richmond upon Thames	£592,358	£88,854	£503,504	£111,890
Southwark	£470,799	£70,620	£400,179	£88,929
Sutton	£366,365	£54,955	£311,410	£69,202
Tower Hamlets	£496,699	£74,505	£422,194	£93,821
Waltham Forest	£478,976	£71,846	£407,130	£90,473
Wandsworth	£542,185	£81,328	£460,857	£102,413
Westminster	£793,796	£119,069	£674,726	£149,939

Source: Benham and Reeves

The better news is that there is no stamp duty to pay on properties under £425,000, and “lenders will not look at your application in a negative way” simply because you’re a solo buyer, says Nicholas Mendes of mortgage broker John Charcol.

He recommends combing carefully through all the assistance available, including the First Homes scheme — introduced last year — which allows developers to offer 30 per cent discounts on homes sold to first-time buyers. The price cap is £420,000 in London.

These homes often go to those living in the area the first time around, but when the homes are sold it must be to another first-time buyer.

Consider too that a salary will come into sharper view if it’s not being bolstered by a second one — so follow all the ‘best practice’. Try not to take on any extra debt and be wary of switching to a new job just before an application “even if the salary is higher” warns Mendes, who says some lenders don’t like the uncertainty of probation periods.

And however tempting, don’t try and skew your salary or obscure factors like recent maternity leave or reduced hours. “It will likely be picked up on payslips and bank statements, and withholding information can result in a lender pulling the mortgage at the last moment,” he adds.

“Being honest with the lender will help them to understand your circumstances and lend responsibly, which will benefit you in the long run.”

Ten homes for sale under £400,000

Borough, SE1

£350,000

Tabard Street, SE1 (Kinleigh Folkard & Hayward)

Offered chain-free, this one-bedroom flat sits within a smart mansion block two minutes from Tabard Gardens park. From here it’s around a ten minute walk to London Bridge station, with plenty of local bars and restaurants on the way.

Kinleigh Folkard & Hayward, 020 3907 3695

South Norwood, SE19

£395,000

Kitley Gardens, SE19 (The Modern House)

A sensitively refurbed two-bedroom maisonette in a modernist block moments from South Norwood Lakes and Grounds and within walking distance of the Crystal Palace Triangle. It has a handy utility space and a stylish stainless steel and birch ply kitchen.

The Modern House, 020 3795 5920

Twickenham, TW1

£350,000

Richmond Road, TW1 (Knight Frank)

This good-size studio comes with a host of extras, including a separate kitchen, a study – which could be used as a second, single bedroom – and a small decked patio, plus allocated parking and access to a bike store.

Knight Frank, 0208 939 2809

Walthamstow, E17

£399,000

Violet, E17 (The Stow Brothers)

A spacious and thoughtfully decorated one-bedroom flat, offered chain-free, on the ground floor of a Victorian conversion. As well as a private suntrap garden with an outdoor studio, there’s a large cellar for storage.

The Stow Brothers, 020 3834 7860

Bow, E3

£365,000

Arbery Road, E3 (Look Property)

This characterful one-bedroom flat sits on the first floor of a late Victorian school conversion within the Medway conservation area. It has double height ceilings, a mezzanine kitchen with enough space for a dining table and an allocated parking space.

Look, 020 3879 5740

Lee, SE12

Eltham Road

£342,500

Eltham Road, SE12 (Hamptons)

A beautifully renovated ground floor flat with one bedroom, a separate kitchen and access to communal gardens, plus a wealth of original period features. Pretty Blackheath Village is within walking distance.

Hamptons, 02031517346

Roehampton, SW15

£385,000

Aubyn Square, SW15 (Andrews)

This two-bedroom flat is close to some glorious green spaces, including Richmond Park and London Wetland Centre, as well as Barnes station with its Waterloo links. It has two balconies, access to communal gardens and residents parking.

Andrews, 020 3873 1115

Clapton, E5

£390,000

Kenninghall Road, E5 (Big Move, E5)

A first floor period conversion flat with one bedroom and a large shared garden, offered chain-free. Buzzy Chatsworth Road is nearby, as is Hackney Downs park and two overground stations.

Big Move, 020 3897 1949

Winchmore Hill, N13

£375,000

Ruby Mews, N13 (Castles)

This two double bedroom apartment has over 800 sq ft of living space, including a second bathroom and a handy store. Other perks include a balcony, a bright, double aspect reception room and allocated parking.

Castles, 020 3873 6768

Wandsworth, SW18

£350,000

Bartholemew Close, SW18 (Exp)

Located in a quiet cul-de-sac a short walk from the Thames River Path, this one-bedroom flat sits on the top floor of this low-rise block. Private parking is included and there’s no onward chain.