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First time buyers in London will need an annual salary of £106,000 to get a property by 2020, homeless charity Shelter claims.

The charity says the average deposit needed for a home in the capital will rise to an astonishing £138,000 over the next four years in order to keep pace with rocketing property prices.

Their salary estimate is an increase of more than a quarter on current figures, which show Londoners need to make an average of £80,000 to get on the housing ladder.

Shelter's research is based on current figures showing London house prices for first time buyers have risen six times faster than wages over the last five years, with Westminster having one of the biggest disparities.

The price of the average home in the borough has grown by 67 per cent, while its residents’ average wages have actually fallen by 7 per cent to £42,798, their figures show.

Worst London boroughs for average house price growth vs salary growth 2010-2015 Westminster House price: £1,075,683 (+67%) Salary: £42,798 (-7%) Lambeth House price: £600,496 (+74%) Salary: £33,341 (-1%) Greenwich House price: £396,489 (+49%) Salary: £31,757 (+1%) Newham House price: £341,427 (+44%) Salary: £27,124 (+1%) Merton House price: £511,176 (+57%) Salary: £33,122 (+1%)

In Lambeth, where the average salary has fallen by 1 per cent since 2010, typical house prices have soared by 74 per cent, to £600,496.

Boroughs including Greenwich, Newham and Merton have also seen house price increases massively outstrip their 1 per cent wage rises.

West London’s Hillingdon borough has the smallest gap, with salaries of £32,989 compared to average homes costing £380,753.

Shelter made their 2020 estimations based on projected house price increases of 23 per cent, bringing the average London property price to £558,000.

They are now calling on the next London mayor to make genuinely affordable housing a priority.

Shelter's chief executive Campbell Robb said: “When house prices are increasing fifteen times faster than the average wage, it’s no wonder Londoners on ordinary incomes are being locked out of a home of their own.

“With the situation only set to get worse, Generation Rent will be forced to resign themselves to a life in expensive, unstable private renting, and wave goodbye to their dreams of a home to put down roots in.

“It doesn’t have to be like this. The next Mayor of London has the power to turn our housing crisis around, and with only weeks before Londoners go to the polling booth, the candidates must commit to investing in homes that people on ordinary incomes can actually afford and making renting more secure.”