The research by the National Housing Federation, which represents 1,200 housing associations, puts the average house price in London at £362,000.

A single buyer would require the near-six-figure income to get a 90% home loan at 3.5 times their salary.

The average wage in London is £26,000, while overcrowding rates are 2.5 times the national rate, the report said.

The Housing Federation’s Belinda Porich said: “Even by London standards, these are astronomical prices and many people – especially young, first time buyers – can only dream of owning a home.

The report claims 353,000 families are currently on social housing waiting lists, while more families became homeless last year than new homes were built.

Nearly 7% of houses in London are overcrowded, the authors added.