Only the one per cent can afford to buy David Cameron's London 'starter homes'

Only the one per cent can afford to buy David Cameron's London 'starter homes'

When David Cameron addressed Conservative party conference delegates on Wednesday he trumpeted the building of 200,000 new 'starter homes' to turn generation rent into generation buy.

What quickly became apparent thanks to housing charity Shelter, though, is that the proposed starter homes are not as affordable as they sound.

In London, Shelter says a family needs to earn £77,000 a year to afford a starter home, which cost up to £450,000.

That puts them out of the reach of 99 per cent of people.

According to data from the Luxembourg Income Study, in the UK the average yearly salary of the one per cent of earners is £76,971.

Of course, most of the super rich top up their earnings from investments and (ha) property portfolios.

People earning around £77K a year are probably not bankers or CEOs of a big company, but they're still one per centers - and they're the only people who are going to be able to afford the prime minister's 'starter' homes.

A family earning the national living wage (or the minimum wage, before its recent rebrand) will only be able to afford a starter home in two percent of England's councils:

That pretty much limits your options to Hull, Barrow-in-Furness, and practically nowhere else.

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