OK then.
The same year as your report the average London wage was about £35,000 a year. The average London house price that year was about £500,000. That’s 14.3 times income.
The best mortgage I could find was a 5.5 times income one and you still need 5% deposit.
Even taking into account that most first time buyers are working couples, that’s still 7.15 times earnings. London house prices are provably out of reach of the average Londoner.
