If they add London everyone would be at or close to 0%. Total disaster here, need to plan an exit. You must have a large inheritance to buy or not have a typical occupation, ie millionaire busines owner.
I feel bad for the others, I made an above average wage and chomped over 60% of my salary in rent (+20% in bills and taxes), even if I could have afforded to buy when moving there initially, the rate of incline was so great that after 1 year I was completely unable to buy a studio apartment.
Crazy.
There are even anecdotes about how "my home earns more than I do". :|
I would say the house earning more than I do is probably more the norm than the exception at this point, save for some very large high-fliers.
Nowadays, there are still a lot of part-buy/part-rent scheme being built all over zone 2. Sure you only buy 25% to 50% share, but the flat under those scheme have very conservative estimation and rock bottom rental price ( for the other 50 - 75 % ) There are even better deals for key workers ( nurses, teacher, police officer, ... ) So strangely that is easier for a couple of nurse and teacher to get on the property ladder in London than for 2 reasonably paid city workers or said differently basically if you don't qualify for government benefit you must be real rich to afford London.
I agree with you, when a couple making 100K GBP would require social benefit to afford a modest 2 bed in the cheapest area your city, your housing market is fucked.