New research reveals even the UK’s top earners can’t afford to buy a home – and some would need to DOUBLE their salary to get on the property ladder.
Getting on the property ladder feels like a distant dream for many, and new research shows just how hard it is, even for those in well-paid jobs. According to a study by Go.Compare Home Insurance, the average worker needs to earn £59,307 a year to buy a home.
The problem? None of the UK’s industries pay their workers enough to reach that target.
Which jobs are closest (and furthest) from affording a home?
The research crunched the numbers from the Office for National Statistics (ONS) to see which jobs get closest to hitting that magic number.
Here’s what they found:
Workers in these industries are closest to affording a home:
- Electricity, gas, steam and air conditioning supply: £50,528 average salary
- Financial and insurance activities: £48,197
- Mining and quarrying: £46,978
- Information and communication: £44,733
- Professional, scientific and technical activities: £41,453
While even those high-flyers are over £8,000 short of the target, some workers face a much bigger struggle.
Those in these industries are furthest away from owning a home:
- Household goods and services – domestic personnel: £25,085
- Accommodation and food service: £25,522
- Agriculture, forestry and fishing: £29,355
- Other service activities: £29,692
- Wholesale and retail trade; repair of motor vehicles and motorcycles: £29,963
Shockingly, those working in household goods and services would need to more than double their salary to afford the average home.
What needs to change?
Nathan Blackler, a home insurance expert at Go.Compare, said: “It’s shocking to see that not even one of our industries offers a wage that is high enough for its workers to afford a home.
“When homeownership is this unattainable, more definitely needs to be done.”
The research suggests that aspiring homeowners need more support, with many calling for:
- Subsidised house prices: Making homes more affordable for those on lower incomes.
- Stamp duty relief: Reducing the upfront costs associated with buying a house.
- Improved government schemes: Boosting schemes like Help-to-Buy ISAs, shared ownership, and 99% mortgages to make it easier to get on the property ladder.