Why florists would have to save for 159 years just to put down a deposit

HAIRDRESSERS, waiters, florists and sales assistants would have to save for more than 150 years to buy an average UK house, it is claimed.

Soaring house prices mean that the average first-time buyer’s property now costs around £202,700 – but research has found that many workers will die long before they have saved a big enough deposit.

Analysis found school crossing patrol wardens, or ‘lollipop ladies’, would have to save for 552 years to put down a big enough deposit. This was followed by waiters at 223 years, cleaners at 211 years, and hairdressers and barbers at 161 years.

The researchers analysed the maximum size of loan someone of each occupation would be allowed, based on the rule that it cannot be more than four-and-a-half times their gross annual salary. They then calculated what size deposit each worker would need to secure a £202,700 home and how long it would take them to save for this. Based on putting aside 10 per cent of their salary, after tax, each year, florists would have to save for 159 years, sales assistants for 156 years and gym instructors 152 years. Housekeepers, care workers, teaching assistants, dental nurses and call centre workers would also need to save for more than a century.

Alex Gosling, of online estate agents HouseSimple.com – which commissioned the research – said: ‘Affordability is a major problem in this country, and members of the 100- year club are at the extreme end of that problem.

‘When you’re more likely to receive a telegram from the Queen before you can buy the average first-time buyer property in the UK, there is something fundamentally wrong with the housing market.’