If you work in certain professions, you would need to save up until the next century to afford to buy your first home, research from HouseSimple.com has revealed.
Top of the list of workers who will never be able to afford their own home – unless the Bank of Mum and Dad chips in – are full-time bar staff. On a typical salary of £13,345 a year, they would need to save for a whopping 112 years for their first home.
Other professions that don’t fare much better are waiting staff on an average annual salary of £13,926, who would have to wait for 106 years, school crossing patrols (£14,053 and 105 years), kitchen and catering assistants (£14,067 and 105 years), and barbers and hairdressers (£14,293 and 103 years).
The online estate agent’s calculations are based on the most recent Office for National Statistics annual salaries data for 2016 and how long it would take to save for a £198,309 average first-time buyer property, according to Land Registry data for April. How long it would take to save up for a first home was based on buyers saving 10% of their net salary for a deposit and taking out a mortgage of four-and-a-half times their gross annual salary.
The following table shows the list of jobs where the average salary would mean waiting until the next century to buy a property.
Click on the table below to enlarge. Press back in your browser to return to the article.
Alex Gosling, chief executive of of HouseSimple.com, says: “Although house prices have dropped recently, affordability still remains a major problem in the UK. Clearly, no one is going to be saving into the next century to buy a property, but these illustrative figures do provide a stark picture of the struggle many first-time buyers face trying to buy.
“Of course, there are plenty of areas of the country where house prices are within reach of people earning lower incomes and the local prices are much lower than the UK average. However, large swathes of the South of England and London are so far out of reach of low-income earners, that homeownership would be impossible without a big withdrawal from the Bank of Mum and Dad.”