Research by Go.Compare Home Insurance has revealed even workers in the highest paid industries do not earn enough to achieve the amount required to get onto the property ladder.
The comparison site has calculated the average salary a single person must earn to buy a property is £59,307.
Yet analysis of Office for National Statistics (ONS) average earnings across the nation found no industry offers an average wage which is high enough to meet this.
There are some industries which offer wages which are nearer to this level than others.
Best professions for affordability
Workers in the electricity, gas, steam and air conditioning supply industry have the highest chance of earning enough to be able to afford a home, according to the study. They earn just £8,779 shy of the amount needed.
What’s more, those in financial and insurance services were second closest to reaching the amount needed to own a home, earning £11,110 less on average than the required salary.
Other industries that just fall short include mining and quarrying, information and communication, and professional, scientific and technical activities.
| Industry | Gross median annual pay, full-time (£) |
| Electricity, gas, steam and air conditioning supply | 50,528 |
| Financial and insurance activities | 48,197 |
| Mining and quarrying | 46,978 |
| Information and communication | 44,733 |
| Professional, scientific and technical activities | 41,453 |
| Salary needed to own a home | 59,307 |
(Source: Go.Compare)
Worst industries for affordability
But there are were other industries where typical salaries fell well below the amount required to own a home, according to Go Compare’s calculations.
It said workers in the accommodation and food services, agriculture, forestry and fishing industries and other services all earn less than £30,000. This left a large gap between the required salary.
Workers in the goods and services for households industry were furthest from the goal – they would need to double their salary to achieve homeownership.
Domestic personnel such as cooks, gardeners, chauffeurs, caretakers, babysitters, tutors and secretaries earned an average of just over £25,000 annually, meaning they would see a massive yearly shortfall of over £34,000 in their bid to buy a home.
| Industry | Gross median annual pay, full-time (£) |
| Household goods and services – domestic personnel | 25,085 |
| Accommodation and food service | 25,522 |
| Agriculture, forestry and fishing | 29,355 |
| Other service activities | 29,692 |
| Wholesale and retail trade; repair of motor vehicles and motorcycles | 29,963 |
| Salary needed to own a home | 59,307 |
(Source: Go.Compare)
Nathan Blackler, home insurance expert at Go.Compare, said: “It’s shocking to see that not even one of our industries offers a wage that is high enough for its workers to afford a home.
“Although these are only average salaries, this is the difficult situation that most renters and residents who haven’t yet bought a property find themselves in.
“When homeownership is this unattainable, more definitely needs to be done. Many of those looking to get on the property ladder believe that there should be extra help for first-time buyers, whether that is through subsidised house prices, stamp duty relief, or improved government schemes such as help-to-buy ISAs, shared ownership or 99% mortgages.”
