Techies outstrip bankers on pay for the first time but still can’t buy a London home

London techies are now better paid than bankers but still cannot afford a home in the capital, according to new research.

Annual salaries in the sector have risen 6% from last year, up to £62,000 from £58,000, says recruitment firm Hired.

Tech pay now outstrips pay in the banking sector where the average is £59,880 according to employer review website Glassdoor, and is a massive 67% higher than the average London pay packet of £37,100.

Coders and programmers in the healthcare and finance sectors earn the most, with average salaries of £67,000 and £64,000 respectively according to Hired.

But despite techies’ huge pay packets, 71% say they still have to rent in London instead of buying a house. As a result only half believe they are paid fairly given the City’s astronomical cost of living. Many said this has made them consider relocating, with Austin and Seattle in the US and Amsterdam in Holland the most attractive spots.

Worryingly the report also shows that black tech workers are paid the least in the industry, earning less than their white and Asian counterparts.