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Maiyegun General

Monday 7 September 2015

If you have one of these 10 jobs, it will take more than 100 years to save to buy a house

(Picture: Getty)

Today in depressing house price news…

So there’s new (terribly grim) research which has revealed just how long you should expect it to take save a deposit for a house if you’re in one of the following ten jobs.

The deposits have been calculated based on a £202,765 property (the average price for first time buyers in the UK) and the mortgage loans are 4.5 times the estimated salaries.

For example, if somebody earned £10,000 a year they could get a £45,000 mortgage loan, so the remainder of the house price would have to be paid in the deposit, which explains why they are dramatically inflated. Yikes.

Dental nurse. (Shown above)
Estimated annual salary: £14,788

Maximum mortgage loan of 4.5 times earnings: £66,546

Deposit required for average first-time buyer property: £136,219

Annual saving (around 10 percent of annual wage): £1,314.30

Years taken: 103.6

Fitness Instructor.

(Picture: Getty)

Estimated annual salary: £10,540

Maximum mortgage loan of 4.5 times earnings: £47,430

Deposit required for average first-time buyer property: £155,335

Annual saving (around 10 percent of annual wage): £1,024.20

Years taken: 151.7

Hairdresser.

(Picture: Getty)

Estimated annual salary: £10,019

Maximum mortgage loan of 4.5 times earnings: £45,085.50

Deposit required for average first-time buyer property: £157,680

Annual saving (around 10 percent of annual wage): £978.40

Years taken: 161.2

Retail cashier.

(Picture: Getty)

Estimated annual salary: £9,160

Maximum mortgage loan of 4.5 times earnings: £441,220

Deposit required for average first-time buyer property: £161,545

Annual saving (around 10 percent of annual wage): £902.80

Years taken: 178.9

Kitchen assistant.

(Picture: Getty)

Estimated annual salary: £8,975

Maximum mortgage loan of 4.5 times earnings: £40,387.50

Deposit required for average first-time buyer property: £162,378

Annual saving (around 10 percent of annual wage): £886.50

Years taken: 183.2

Cleaner.

(Picture: Getty)

Estimated annual salary: £7,919

Maximum mortgage loan of 4.5 times earnings: £35,635.50

Deposit required for average first-time buyer property: £167,130

Annual saving (around 10 percent of annual wage): £791.90

Years taken: 221

Waiter/Waitress.

(Picture: Getty)

Estimated annual salary: £7,554

Maximum mortgage loan of 4.5 times earnings: £33,993

Deposit required for average first-time buyer property: £168,772

Annual saving (around 10 percent of annual wage): £755.40

Years taken: 223.4

Bar staff.

(Picture: Getty)

Estimated annual salary: £7,404

Maximum mortgage loan of 4.5 times earnings: £33,318

Deposit required for average first-time buyer property: £169,447

Annual saving (around 10 percent of annual wage): £740.40

Years taken: 228.9

Taxi Driver.

(Picture: Getty)

Estimated annual salary: £15,216

Maximum mortgage loan of 4.5 times earnings: £68,472

Deposit required for average first-time buyer property: £134,293

Annual saving (around 10 percent of annual wage): £1,343.40

Years taken: 100

Care escort.

(Picture: Getty)

Estimated annual salary: £7,244

Maximum mortgage loan of 4.5 times earnings: £32,598

Deposit required for average first-time buyer property: £170,167

Annual saving (around 10 percent of annual wage): £724.40

Years taken: 234.9

Props to HouseSimple.com for the figures.

Metro UK

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