Re: "In IT" != software development
40K definitely appropriate for London. A couple of years back a relative started on that after graduating. 18 months later moved to a new job on 60K.
Here's the similar story from a few months ago. Military rather than academia but same issue.
https://www.theregister.com/2021/08/13/sas_mab5_secret_hacker_squad_hereford/