That is an extremely high salary, and very far from the minimum required to buy, even on your own. A dual £350k income is truly astonishing. You could buy most houses in London in cash after saving for 5 years.
What? No that will not allow you to buy "most houses in London in cash after saving for 5 years" unless you live far out of town in a tiny place and eat plain rice for 5 years, and even then it'll be long odds.
First, you'll take home slightly over half of that net of various taxes and deductions, but let's be generous and say your take-home is 200k. You live very frugally, don't go out, don't really buy anything and keep your costs at 50k a year, including rent (!). That leaves you with 150k a year, so after 5 years you have 750k. This allows you to buy a modest 2-3 bed row house with a postage stamp sized garden in one of the less desirable areas of the city.
If you want something that doesn't look like a shed, you are looking at 1 million pounds and up, more like 1.5 million. If you want in a nice area and large garden, make it 2 million.
What are you smoking? The median house price in London is 500k. At 750k you can afford 77% of houses and at a million you are in the top 10%. 50k per year is also a preposterously high expenditure. Rent will be your leading expense by probably a factor of 10. You could put aside 3k a month for rent (again, totally preposterous number) and not touch the sides.
The only thing I can think of that would even come close to making a difference is having children. Then all bets are off, they can cost as much as you like.
First, you'll take home slightly over half of that net of various taxes and deductions, but let's be generous and say your take-home is 200k. You live very frugally, don't go out, don't really buy anything and keep your costs at 50k a year, including rent (!). That leaves you with 150k a year, so after 5 years you have 750k. This allows you to buy a modest 2-3 bed row house with a postage stamp sized garden in one of the less desirable areas of the city.
If you want something that doesn't look like a shed, you are looking at 1 million pounds and up, more like 1.5 million. If you want in a nice area and large garden, make it 2 million.