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Londoners need a 266 per cent pay rise to buy a home in the capital, new research suggests.

The average house price in London, £526,000, is 16 times the mean salary of £33,000 per year, according to calculations made by the National Housing Federation.

The research revealed that even in more affordable areas such as Barking and Dagenham, the average income is half of what is needed to get a mortgage on a home in the borough.

More than half of London boroughs require an average income of above £100,000 in order to buy a home.

One in 10 millennials, those aged 18 to 34, does not expect to ever purchase their own home, according to a survey byrplan.co.uk, an online investment platform.

David Orr, the National Housing Federation chief executive, told The Telegraph: “A secure and affordable home should be available to everyone.

“Living in London doesn’t have to mean living in cramped, overpriced, insecure accommodation; the housing crisis is not inevitable.

“Housing associations know how to tackle the crisis and provide quality homes which suit all Londoners."