Buying a home in London is now officially more unaffordable than ever.
According to the findings from a new report, the price of buying a home in London is now 14.2 times the average salary – more than double the average UK ratio.
The findings are a record new low for the affordability of homes in London, which have been skyrocketing in price since the financial crisis in 2009.
The report, conducted by research company Hometrack, also found that homes in Bristol, Cambridge and Oxford had low affordability compared to average salaries for these cities.
Read more: How to get on to the property ladder
Prices of homes in Bristol have gone up more in the last year than anywhere else in the UK.
The report isn’t all bad news for London’s prospective homeowners, with the rise in prices currently at its lowest of the last three years.
However, with the prices so unaffordable, they’re going to need to drop a lot further before we can start thinking about moving in.