The Abbey Wood postcode SE2 has been named the only area in London affordable to those on minimum wage.

New research from Totally Money has mapped with real minimum wage needed to rent a one-bed property in all 120 London postcodes with Abbey Wood coming out on top.

These new figures drive home the scale of the housing crisis in London and how the increased minimum wage, and even the London living wage, is no longer enough to live on in the capital.

For those on the London living wage the only two affordable areas are Abbey Wood in zone four and Enfield in zone six.

This Is Local London:

Hourly wage needed to rent in each south east London postcode. (c.) TotallyMoney.com.

Each figure in the graphic above represents the hourly wage that a person must earn working 37.5 hours a week, for a one-bedroom rental, without paying more than 50 per cent of their income.

Alastair Douglas, CEO of TotallyMoney.com , said: "Abbey Wood is the only London postcode where someone on the minimum wage could afford to rent.

"Even if the Government's promise of a £9/hour minimum wage, rebranded as a 'National Living Wage', were to be delivered today rather than in 2020, a one-bed rental would remain out of reach in all but this single London postcode."

Click here to see the full picture of London postcodes.

The situation for those looking to buy in the south east is equally as dire, with research from London mayoral candidate Tessa Jowell claiming it is now 'impossible' to save for a deposit in Lewisham and Greenwich.

This Is Local London:

London mayoral candidate Tessa Jowell (right).

According to research released yesterday (August 18) each year the money required for a deposit is growing more than can be saved in a year when using the average annual earnings for a person working full time.

It's claimed in Lewisham it would take more than 14 years to save for a deposit and 15 years in Greenwich.