So how much do you need to earn to live in London ? Not surprisingly, if you want to live in the City itself you will need to earn GBP 49.19 per hour or a salary of GBP 162,000 which will get you a one bedroom apartment with views of the Tower of London.
Even in the cheapest East London borough you will have to be earning GBP 21.07 per hour to secure a similarly sized property.
Given that the average UK salary is GBP 26,500 and the London minimum wage is GBP 7.20 per hour, it is no surprise that housing is proving to be the number one issue in the run up to the May 2016 London Mayoral elections. Many are questioning how long the city can continue before those in low-paying jobs or key workers can no longer to afford to live here.
Londonders are obsessed with how much it costs them just to have somewhere to kip at the end of the day. Understandably so. Rents are rising faster in the capital than anywhere in the country, while wages for full-time workers have been creeping up at a painfully slow rate. Yesterday, Sadiq Khan caused ripples when he claimed it is cheaper to own your own private island than a tiny corner of the capital. Assuming you aren’t yet ready for a life of isolation somewhere in the Pacific, you’re stuck with London. And new research out this morning has shown that the squeeze on living standards for the capital’s renters is as tight as ever.