Ryan FowlerRising housing costs are increasingly influencing career decisions, with employees changing jobs, negotiating pay rises and even switching careers to improve their chances of buying a home.
Research from Aldermore shows prospective first-time buyers now expect to save an average deposit of £48,168, with affordability pressures pushing many to rethink their working lives.
The findings indicate that 40% of aspiring buyers are looking for higher-paying roles, while 22% have negotiated a pay rise and 21% have switched or are considering switching careers.
A further 20% have moved jobs for larger bonuses, while 17% have delayed leaving their current role to strengthen their mortgage application.
The research also shows that more than a third of prospective buyers require an average salary increase of £21,646 to achieve their homeownership ambitions.
Despite these efforts, there remains a gap between expectations and reality when it comes to affordability, with buyers typically underestimating the proportion of income required for mortgage repayments.
Prospective buyers expect to spend around 27% of their income on housing, compared with an average of almost 31% among current homeowners, rising to 41% for younger buyers and 37% for those living near London.
The time taken to reach homeownership is also extending, with buyers now expecting to purchase at 37 on average, six years later than recent first-time buyers.
Jon Cooper, director of mortgages at Aldermore, said: “The UK’s first time buyers aren’t just tightening their belts, they’re rethinking their entire career paths to try and get on the ladder.
“From chasing pay rises to moving into different roles, prospective homebuyers are reshaping their working lives to secure a home of their own. Their ambition is as strong as ever, but the sacrifices they’re making are more significant.
For anyone considering a career change to boost their income, it’s important to take a measured approach, looking at long term earning potential, retraining options and if a new role genuinely aligns with your skills.
“Before making a major move, talk to your current employer about progression, responsibilities and a pay rise that could unlock opportunities without the upheaval of starting again.”
