According to the accounting firm KPMG, any Londoner looking to claim a spot on the property ladder will have to be bringing in substantial income each year. On average, those in search of a spot will need to be earning an average of £77,000 per annum. This figure has been broken down from the average of a 10% deposit required on any London property. The contrast in annual income for other locations within the UK is no small figure. Brits everywhere else require an average annum income of £40,553.

The figure to gain a spot on the property ladder for the first time is enormous compared with the median salary of all Londoners which is £28,000.

On top of earning a substantial annum income, anyone in search of a house is looking uphill when considering house prices for the future. The average increase in the price of all houses for this year alone is more than 4%.

Head of all housing at KPMG, Jan Crosby, commented on the current figures which new buyers face, saying: "These figures make for frightening reading and show that housing affordability is no longer just a problem for lower wage earners. Now unless you earn well above average or receive an inheritance, it is unlikely you will be afford to buy, no matter where in the UK you live.

"And yet this isn't just about home ownership, because our findings show genuine concern over wider affordability of housing, whether buying or renting. Being able to live in a stable home is a basic human need, tied up with important feelings of choice and certainty, and we are living in a world now where only a few can hope for that, which cannot be right.”

He added: "Reforms must be wide-spread: further unlocking public sector land banks, boosting small and self-builders, giving power to towns and cities to build the homes they need, and increasing investment in affordable homes are some of the ways government can match businesses' commitment to achieve this."