article_snippet: But with the average house price in the capital now at £460,000, most properties are still out of reach for the majority of buyers on normal incomes.
article_snippet: ’ Mr Cook said: ‘For the people buying with a 75 per cent mortgage, often you will be looking at two relatively high-earning professionals.
article_snippet: Despite an average price of more than £1.6million, about 20 per cent of buyers do not even need mortgages, according to ’ Mr Cook research.
article_snippet: ’ Mr Cook added: ‘To borrow 75 per cent of the purchase price in central London on four times earnings, you would need a household income of £306,000.
article_snippet: ‘comfort zones’ have an average price of £873,000, requiring a £164,000 household income on a 75 per cent mortgage.
article_snippet: But even in the ‘up-and-coming sweet spots’, an income of £115,000 is needed with an average price of £615,904, reported The Daily Telegraph.
article_snippet: The average house price for all three of these is around the £1million mark - with Wimbledon and Barnes not far behind, at about £900,000.
article_snippet: Research published last week in the Mail found one in five homes in Britain has 'earned' more than the Mail owner over the past two years.
article_snippet: In 2007, the average age of someone buying their first home was 29 years old, but for the last few years the average first-time buyer has been 30.
article_snippet: Average price of £738,000:
article_snippet: The figure was 16 per cent in London.
article_snippet: The average new seller asking price across England and Wales was £281,752 in March - 1 per cent higher than the previous month, Rightmove said.
article_snippet: Compared: This graph of average house prices shows the average sale price in central London is £1.6million, double the £800,000 in Richmond .