News ID: 126120
Published: 0942 GMT September 04, 2015

Many British workers dream of owning a house

Many British workers dream of owning a house

Soaring property prices have made the prospect of owning a house has become an impossible dream for many British workers who will not live long enough to even put down a deposit, a survey has found.

A study by houseSimple.com has found it will take a florist, for example, 159 years to raise enough money to make a down payment, the Telegraph reported.

With the average property now costing more than £202,700, researchers examined how much various poorly-paid workers would be able to borrow, based on a maximum loan of four and a half times their gross annual salary.

Then the researchers calculated how big a deposit the worker would need to buy an average home and how long it would take to save to raise this amount.

The calculations are based on the assumption that workers would be able to put aside 10 percent of their annual salary after tax to for a deposit.

This would mean workers from florists and gym instructors to dental nurses and call center workers would have to save for more than a century.

A sales assistant would have to save for 156 years and a gym instructor 152 years.

Alex Gosling of HouseSimple.com, an online estate agency, said: “Affordability is a major problem in this country and members of the 100- year club are at the extreme end of that problem.”

   
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