Dentistry grads have best home ownership opportunities
Those studying dentistry at university have the greatest choice when it comes to getting onto the property ladder during their first year of work, research from online mortgage broker Trussle has found.
With the typical starting salary of a newly qualified dentist standing at £34,8401 the average graduate could borrow a mortgage of up to £139,360 – or £146,6952 with a 5% deposit.
The second best degree to hold is chemical engineering average starting salary of £31,8241. This gives graduates a budget of £133,9967.
However not all degrees have the same potential . Those studying creative arts and design are unlikely to be able to afford a home anywhere in England, Scotland or Wales without additional help. Their typical starting salary of £15,1841 would likely give them a total budget of £63,993.
Ishaan Malhi, founder and CEO of Trussle, said: “After graduating from university, many students will be thinking about their next steps in terms of careers and where to live. For those in a position to step onto the property ladder, it’s definitely worth considering the options.
“Young professionals are becoming more resourceful as they realise the difficulties of buying a home. People are recognising they can tackle affordability issues by buying with friends, while others consider shared ownership – a government scheme that we’re now able to help customers with at Trussle to make home ownership more accessible to everyone.
“But, the sad reality is that most graduates will not earn enough in their first job to borrow enough of a mortgage to get onto the property ladder, let alone save for a deposit.
“Young first-time buyers are simply being let down by the industry. There are government-backed schemes available, but more needs to be done to help this under-served group, such as considering salary projections when calculating affordability.
“At Trussle, we’re using our data to design personalised products, specifically for underserved groups like young first-time buyers.”