Price of Golders: Report shows eye-watering salaries needed for London homes
Analysts say you need to earn £73,000 to live in Golders Green, £42,000 for Hendon and upwards of £50,000 for other parts of north London
Analysts have shown what salary Londoners need for a mortgage on a one-bed property in areas with large Jewish populations, with an eye-watering £73,000 required for Golders Green.
The figure contrasts sharply with £42,000 needed to get a mortgage in Hendon, just two Tube stops away, whereas those eyeing Hampstead will need to pull in almost six figures.
Salaries needed for one-beds in Finchley ranged from £49,000 to £58,000, with Mill Hill properties also requiring annual pay of £51,000, while Brent Cross and Edgware hopefuls would need £46,000 and £45,000 respectively.
All hope for Jewish would-be home-buyers is not lost, however, because in Redbridge in east London, where there is a strong Jewish community, you need only earn £17,000 – highly achievable for many.
It follows research by TotallyMoney.com and is based on a one-bedroom property within one kilometre of all London Underground, Overground, and DLR stations.
Researchers took median prices, assumed a 10 percent deposit and 40 percent of earnings being spent on monthly repayments over a standard 25-year mortgage, with tax factored in across all tax bands.
Areas with large Jewish populations were all a snip compared to Knightsbridge, where bank managers would need to see a salary £247,000.
Meanwhile the original East End Jews of Whitechapel would choke on their chicken soup to learn that a one-bed in the place they once called home now needs an annual income of £83,000.
Analysts said the study makes for stark reading, and that teachers, firefighters and nurses, who earn between £28,000 and £31,000 on average, could afford to buy just two percent of the properties surveyed.
“Our research shows that even if you can save enough for the deposit, your options are even more limited than you might suspect,” said TotallyMoney’s Mark Maloney.
“What’s more, the research considers one-bedroom properties only, meaning that those with families or those hoping to start a family will have even fewer options available to them.”
Estate agent Steve Wayne from Benjamin Stevens said: “As with all cities, the closer you get to the centre the more the property prices will go up, so it’s not surprising that areas with large Jewish populations, such as Golders Green, Finchley, Edgware and Hendon, may not be the cheapest, but they are also far from the most expensive.”
He said their attractions included good road and rail travel links, the choice of schools and their relatively short distance time from the centre of London.
“These sorts of attractions warrant higher prices. Jewish communities in East London will always be slightly cheaper, as you are slightly further out.”
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