Londoners’ 10-Year Deposit Challenge

Even well-paid workers struggle to buy a home in the U.K. capital

Being among the highest earners in Britain doesn’t mean it’s easy to buy a home in London. A 20 percent down payment on a first-time buyer property in the capital amounted to 83,000 pounds ($112,400) last year, a 58 percent increase since 2007 and almost triple the average elsewhere in the U.K., according to Nationwide Building Society. For a “typical buyer” in London, estimated to be in the top-10 percent of the income distribution nationally, it would take almost a decade to save that amount.

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