The research by the National Housing Federation, which represents 1,200 housing associations, puts the average house price in London at £362,000.

Extrapolating from that and the current state of the credit market, a single first-time buyer would need to be on something like £93,000 to buy in. Unfortunately, not everybody in the capital is a high-flying property blogger, and the average London wage is just £26,000. Hmm, says NHF... problem. Pointing out overcrowding, they're calling for the eminently sensible building of more affordable housing.

Of course, first-time buyers don't buy "average" homes, they buy starter homes. No-one, however, would deny there's a problem.

Technorati Tags: London, property, real estate