The gap between average incomes and the those of buyers taking their first step onto the housing ladder is at its widest level since the recession, according to research by the mortgage insurer, Genworth.

It found that the average income to support a first-time buyer mortgage in 2015 was £38,977, which is a massive £11,332 higher than the average UK salary of £27,645. The insurer said this highlights that access to homeownership in the UK has become increasingly exclusive.

In comparison, the gap between the average salary to support a first-time buyer mortgage and the average UK salary was just £3,170 in 2000 and £7,505 in 2011.

20% pay rise please

In every UK region except Northern Ireland, the average income supporting first-time buyer mortgages was more than 20% higher than the average worker’s salary, signalling the disparity in income between first-time homebuyers and average earners.

In London the average salary supporting first-time buyer loans is almost £58,500 or 65% more than the UK average.

Outside London, Northern Ireland and the South East have seen a large discrepancy between first-time buyer income and regional salary growth over the last three years. Regional salary growth of 3.1% in the South East has been overshadowed by 17.7% growth in first-time buyer incomes.

Simon Crone, vice president for mortgage insurance – Europe at Genworth, commented: “It is a worrying sign that even in an era of record low mortgage rates, the gap between average and first-time buyer earnings has reached a new high. It is another sign that lower earners will either need to seek support from friends or family to transition to homeownership or sit things out on the sidelines.

“At the moment, access to homeownership for first-time buyers is underpinned by temporary government policy fixes with no signs of these being extended or replaced. For the dream of homeownership to be a realistic ambition in the long-term, we need industry players including house builders, lenders and insurers to work together to provide a steady supply of new housing and enough high loan to value mortgages to enable people to buy with realistic deposits.”