Can a Median Earner Renting in London Save for a Deposit?

We hear it all the time “No one on an average salary can afford to buy in London any more.” But what happens if you actually run the numbers?

Using the latest official data on earnings, rents, spending and house prices, we’ve worked out how long it would take the typical London renter, someone earning the median salary and renting a median 1-bed flat to save a 10 % deposit for a 1-bed home in their borough.

Step 1: The baseline numbers

Here’s what we’re starting with:

Metric	Value	Notes
Median full-time London salary	~£47,455	Latest available median full-time pay in London.
Typical monthly take-home pay	~£3,100	After tax & National Insurance (approx.).
Median 1-bed rent (London overall)	~£1,550/month	Based on recent ONS let data (London boroughs, 1-bed).
Median 1-bed property price	£420,000	ONS UK House Price Index, July 2025.
Deposit target (10 %)	£42,000	Target deposit size.
Typical non-rent spending	~£950/month	Based on recent UK household spending; see caveats.

That means our median earner has around £600/month left after rent and essentials (before savings, debt or unexpected costs). At that rate, saving for a deposit might take around six years, assuming the median price is similar across boroughs. But because prices vary by borough, so does the timeline.

Step 2: Borough-by-borough; How long it takes to save

Using data for median 1-bed rents and estimated median full-time earnings by borough, plus estimated median 1-bed home price by borough, here’s how long it would take to save a 10 % deposit assuming renting the median 1-bed, spending £950/month on essentials, and saving the rest.

Borough	Median Rent (£pcm)	Median Income (£pa)	Approx. Net Pay (£/m)	Median 1-bed Home Price (£)	Deposit (10 %) (£)	Est. Monthly Saving (£)	Years to Save Deposit
Barking & Dagenham	1,350	38,467	2,601	310,000	31,000	301	≈ 8.6 yrs
Barnet	1,475	47,141	3,122	480,000	48,000	697	≈ 5.7 yrs
Bexley	1,250	43,969	2,931	350,000	35,000	731	≈ 4.0 yrs
Brent	1,650	39,944	2,690	450,000	45,000	90	≈ 41.7 yrs
Bromley	1,300	51,225	3,356	400,000	40,000	1,106	≈ 3.0 yrs
Camden	1,950	53,133	3,448	600,000	60,000	548	≈ 9.1 yrs
Croydon	1,250	44,326	2,953	370,000	37,000	753	≈ 4.1 yrs
Ealing	1,553	40,889	2,747	420,000	42,000	244	≈ 14.3 yrs
Enfield	1,350	43,888	2,927	330,000	33,000	627	≈ 4.4 yrs
Greenwich	1,600	45,274	3,010	360,000	36,000	460	≈ 6.5 yrs
Hackney	2,000	49,482	3,262	520,000	52,000	312	≈ 13.9 yrs
Haringey	1,650	43,995	2,933	390,000	39,000	333	≈ 9.8 yrs
Harrow	1,400	45,232	3,007	340,000	34,000	657	≈ 4.3 yrs
Havering	1,250	46,045	3,056	320,000	32,000	856	≈ 3.1 yrs
Hillingdon	1,300	42,250	2,828	330,000	33,000	578	≈ 4.8 yrs
Hounslow	1,475	40,870	2,746	350,000	35,000	321	≈ 9.1 yrs
Islington	2,000	50,692	3,330	550,000	55,000	380	≈ 12.1 yrs
Kensington & Chelsea	2,492	52,576	3,421	1,000,000	100,000	−21	Unachievable
Kingston upon Thames	1,398	46,871	3,106	370,000	37,000	758	≈ 4.1 yrs
Lambeth	1,800	49,034	3,235	430,000	43,000	485	≈ 7.4 yrs
Lewisham	1,450	45,702	3,035	340,000	34,000	635	≈ 4.5 yrs
Merton	1,550	50,844	3,337	380,000	38,000	837	≈ 3.8 yrs
Newham	1,650	42,595	2,849	300,000	30,000	249	≈ 10.1 yrs
Redbridge	1,350	44,851	2,984	330,000	33,000	684	≈ 4.0 yrs
Richmond upon Thames	1,550	57,233	3,646	500,000	50,000	1,146	≈ 3.6 yrs
Southwark	1,750	48,681	3,214	450,000	45,000	514	≈ 7.3 yrs
Sutton	1,250	44,393	2,957	320,000	32,000	757	≈ 3.5 yrs
Tower Hamlets	1,850	52,000	3,393	470,000	47,000	593	≈ 6.6 yrs
Waltham Forest	1,365	45,350	3,014	330,000	33,000	699	≈ 4.0 yrs
Wandsworth	1,800	54,584	3,518	430,000	43,000	768	≈ 4.7 yrs
Westminster	2,578	52,610	3,423	800,000	80,000	−105	Unachievable

Note:

• “Approx. Net Pay” is a rough estimate of monthly take-home after tax & NI.
• “Est. Monthly Saving” = net pay − (rent + £950 non-rent spending).
• “Years to Save Deposit” = Deposit ÷ Monthly Saving. Negative or very low savings = effectively unachievable without major lifestyle change.

Step 3: What it means

For most Londoners, even with a steady income and sensible spending, homeownership is less about discipline and more about whether the maths adds up.

In a large number of boroughs, it would take more than six years to save for a deposit, assuming nothing goes wrong. In some boroughs the timeline stretches into double figures. Only in a handful of outer-London boroughs is the target realistically within reach on one median income.

Step 4: The reality for renters renting alone

Even with careful budgeting, many median earners will find:

• They may need to flat-share for several years to meaningfully save.
• They may need a second income or a gifted deposit.
• They may need to move further out of London or beyond to shorten the timeframe.

Savings rates like these also do not account for mortgage affordability tests, rising interest rates, or inflation eating into disposable income.

Step 5: How Keyzy turns rent into a deposit

This is where Keyzy can help change the maths.

Keyzy’s model lets you move into your chosen home today and buy it later — with all your rent counting towards your deposit.

Here’s how it works:

1. You rent for two years at an agreed monthly rate.
2. Your purchase price is locked in from day one — no surprises at the end of your term.
3. Every penny of your rent goes towards your future deposit when you buy.

That means you’re not just renting you’re building equity while you live in the home you plan to own.

For many would-be buyers, this turns an impossible six-year savings goal into a realistic two-year path to ownership.

Sources

• Office for National Statistics – Family spending in the UK: April 2023 to March 2024. Office for National Statistics+1
• Office for National Statistics – Private rent and house prices, UK bulletin. Office for National Statistics+1
• Office for National Statistics – UK House Price Index: monthly price statistics. Office for National Statistics+1