First-time buyers need £100,000 salary to afford London home

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Research by the London Housing Federation shows eight out of the 33 local authorities have an average price of £318,000.

The group, which represents housing associations, said rocketing house prices, overcrowding and record numbers on council waiting lists had left the capital facing "nothing short of a social crisis".

It said the average home in London now cost 13 times the average income.

Mortgage lenders will usually loan up to three times income.

House prices rose by more than 10 per cent in all but six London boroughs last year and by 15 per cent or more in a third of boroughs.

Kensington and Chelsea is the most expensive place in Britain to buy a home, with the average price going above £850,000.

But about 750,000 Londoners - one in 10 of the population - live in overcrowded homes and waiting lists have grown 57 per cent in five years.

Olivia Powis of the federation said: "Prices have reached new highs, leaving thousands of first-time buyers unable to get on the ladder.

"London is now a city of two halves as the gap between those able and unable to buy their own home grows."