First-time buyers face a century of saving – Today’s Conveyancer

A website for UK real estate lawyers has issued an article about how many years a working person would have to labor in order to buy a house. The estimate was based on a worker saving ten per cent of her take home pay. The range was from 94 to 111 years. The article quoted a CEO in the realty industry, who noted this raised concerns about houses being affordable in the UK. A photo and a table are contained in the article.

Key Takeaways:

  • HouseSimple.com lists jobs, wherein the median income would make it near impossible for such a person to accumulate enough wealth to buy a home in the average lifespan.
  • Some of the listed jobs include kitchen and catering staff, hairdressers, cleaners, domestics, waitstaff and retail workers.
  • Salary stats were pulled from the UK Office of National Statistics and pitted against the average cost of a new home per the HM Land Registry.

“Recent research has indicated that it may take over a century to get onto the property ladder for buyers in certain professions.”

Read more: https://www.todaysconveyancer.co.uk/news/ftbs-face-century-of-saving/

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