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112 years – the time it would take bar staff to save up to buy a home

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03/07/2017
112 years – the time it would take bar staff to save up to buy a home

Full-time bar staff on an average annual salary of £13,345 would need to save for a massive 112 years to get onto the housing ladder, according to HouseSimple.com.

The online estate agents also noted that hairdressers would have to save until 2120 to be able to afford to buy an average first-time buyer home. Cooks, cleaners and nursery staff would also be saving until the 22nd Century to get on the ladder, based on them being able to put aside 10% of their salary a year.

The most recent ONS Annual Salaries data was used to compile the list of jobs, ranked by the length of time it would take someone in that job to have enough money for a deposit on an average first-time buyer property at £198,309.

Alex Gosling, CEO of HouseSimple.com, said: “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 home ownership would be impossible without a big withdrawal from the bank of mum and dad.”

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