Newbury Park and Redbridge are the most affordable train stations to live close to in London, according to new data
PUBLISHED: 07:00 04 October 2018
Data from TotallyMoney has revealed the most affordable and the most expensive places to live in London.
Newbury Park and Redbridge are the most affordable train stations to buy a property close to in London, new figures show.
Data from TotallyMoney has revealed how much Londoners must earn to afford a one-bedroom property near London Underground, Overground and DLR stations.
To afford a property within 1km of Newbury Park or Redbridge stations you need a salary of £17,400.
Wanstead appears eighth on the list of most affordable places, where you need a salary of £27,300 to afford a mortgage.
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No prizes if you guessed correctly that Knightsbridge on the Piccadilly line takes the top spot for most expensive station, and to get a mortgage for a property there you need to be earning £248,600.
In order to work out the average price across London, researchers at TotallyMoney took the median house price of one-bedroom properties currently available within one kilometre of each station, and assumed a deposit of 10per cent.
Then they worked out the monthly repayment on the mortgage you’d need over 25 years.
Of your total net earnings, 40pc would go on the mortgage repayment - this is because tenants in London spend nearly 49pc of their income on rent.
They then worked backwards to calculate how much tax and national insurance you’d pay — considering all tax bands — to arrive at the gross salary you’d need to afford a mortgage on a property in that area.
Redbridge and Newbury Park are joint cheapest places, (£17,400) and since the average UK wage is £22,400, these locations are certainly an attainable option for many.
The median price of a one-bedroom flat here is £135,000.
Keep in mind that although the two cheapest areas have direct links to central London, Redbridge and Newbury Park residents still have to travel for around 29 and 34 minutes on the Central line to get there.
The best prices in general can be found in east London, where eight out of the 10 cheapest places are, with stations on either the Central or District lines.
According to the TotallyMoney figures properties close to Overground (average salary of £64,219) stations are the most affordable, and the next cheapest line is the DLR (average salary of £66,165).
The cheapest Underground line is the Metropolitan (average salary of £70,074) followed by the Piccadilly (average salary of £74,504).
The most expensive Underground lines to live close to are the Circle (average salary of £160,066) and Victoria (average salary of £94,850).