‘Generation Rent’ is being priced out of starting a family in London, according to research by Property Partner.

London has become so expensive that couples who are renting and wanting to start a family would need to fork out 55.6 per cent (£2,460)* of their combined average monthly salary to rent an average three-bed property.

In one year, that would mean a couple would have to pay £29,520 in rent alone before even thinking about childcare and other costs.

For example, as one of the least affordable boroughs, an average priced three-bed property in Wandsworth costs £2,591 a month- that is nearly 60 per cent of the average couple’s combined salary.

The following table shows the 10 least affordable boroughs in London:

Surrey Comet:

Meanwhile, couples planning to start families face difficulties even in the more affordable outer London boroughs.

To rent a 2-bed flat in Bexley, Sutton, Bromley, and Croydon would use less than 30 per cent of a couple’s combined salary.

However, couples that want to move into a 3-bed and spend less than 30 per cent of their combined salary would only have the choice of Bexley.

The following table shows the 10 most affordable boroughs in London: 

Surrey Comet:

Property Partner’s CEO Dan Gandesha said: Those unable to buy but hoping to start a family and move up the rental ladder may just be able to make ends meet in outer London boroughs.

“But the harsh reality is that they’ll be forced to bring up their children in a flat rather than a house.

“Although everyone knows Kensington and Chelsea, and Westminster, are totally out of reach on an average London salary, the surprise comes with Camden and Islington too.”

The chancellor Phillip Hammond announced £1.4 billion for affordable homes in the Autumn Statement and this is expected to help build 40,000 new homes.

Although this move was welcomed by the social housing sectors, sector leaders still want to see more done.

*The research looks at average monthly rental prices for one and two bed flats in the capital and compares how much it would cost to step up to an average three-bed house in all 33 London boroughs.

Using the combined average net monthly earnings of a couple in London (£4,417), the study looked at the proportion of salary that would be needed to make those steps.