Education and childcare sectors face the toughest challenge when it comes to house price affordability, based on their house price to income ratio, research by Wayhome reveals.
Wayhome analysed current housing affordability across 20 key worker categories based on the current housing affordability ratio.
Across the UK, the current average house price of £294,910, coupled with an average annual gross salary of £33,402, places the average housing affordability ratio at 8.8.
With average earnings of £14,085, key workers within the education and childcare sector would need 20.9 times their income to afford the current average UK house price.
Refuse collectors (13.1), those working in food production (12.7), national and local government employees (12.4), clergy (11.5), bus drivers (11.3) and postal workers (10.6) are also some of the worst affected by current housing affordability with a double-digit affordability ratio.
This means these key workers would need over 10 times their income to cover the average cost of a property.
Other key workers with an affordability ratio coming in above the UK average of 8.8 include midwives (9.8), prison officers (9.5) and nurses (9.4), while journalists (8.7) and firefighters (8.7), teachers (8.5) and social workers (8.3).
Those facing the lowest financial hurdle when it comes to property price affordability include doctors (4.4), lawyers (5), and train drivers (5).
Comparing housing market affordability now compared to pre-Covid, childcare staff have seen the biggest squeeze, with a 3.1 increase in their housing affordability ratio.
Other key workers to have seen a notable increase in this measure of purchasing power include national and local government employees (+2.7), journalists (+2.6) and bus drivers (+2.2).
Wayhome co-founder and chief executive Nigel Purves comments: “While we often think of nurses, paramedics, and police on the frontline when it comes to key workers, it’s fair to say that the pandemic has shone a light on those diligently providing other key services that we may have previously taken for granted.”
“Despite their valiant efforts in providing these essential services, many continue to suffer from below par wage growth which is seriously hampering their ability to climb the property ladder, particularly when you consider the huge rates of house price growth that have swept the market during the pandemic.”
