The chance of someone currently in Gen Z landing one of the 12 jobs that pay enough to afford the mortgage on an average three-bed property in London are so slim, that spending just £75 on property raffle tickets gives a better chance of UK home ownership.

In 2024, the average asking price for a three-bedroom property in the capital is an astonishing £1,324,298*, placing it well beyond the reach of young professionals looking to start a family. According to the latest data from online comparison site Uswitch*, the best mortgage deal available on a 2-year fixed term at 90% LTV from HSBC is 4.89%, requiring a hefty 10% deposit of £132,429 for the three-bed in the capital. This sets the monthly mortgage repayments on a 30 year term at an eye-watering £6,318, with an annual commitment of £75,816 – necessitating a minimum salary of over £76,000, plus the initial deposit.

Generation rent

Based on annual UK graduate* numbers (of those in Gen Z currently within the post-degree working age bracket of 21-28), up to 5.6 million are competing for jobs that would pay enough for them to afford a family home in London. When compared with the entire UK workforce who hold degrees*, their chances are even slimmer.

With Indeed’s Career Guide listing only 12 job roles* with a national average salary exceeding the required £76,000, and currently 849 UK job openings for these roles, the odds of securing such a position are approximately 0.00867% (or 87 in a million), making the prospect of buying a home in London nearly impossible for those who are not a Tax Director or CFO by age 28.

To surpass the probability of affording a London home mortgage on a high-paying job, someone entering Elite Competiton’s previous three-bed property raffle would have needed to purchase a minimum of 15 tickets to stand a better chance at home ownership (0.00925%). The winner of the family home in Lancashire, Kerry Crompton, purchased six tickets at a total cost to her of £29.94.

The jobs that unlock the path to owning a family home in London:

According to the Indeed Career Guide there are 12 job roles with a national average salary of over £76,000 per year (amount needed to afford the 3-bed family home in London):

IT director – National average salary: £77,446 per year
Director of engineering – National average salary: £78,368 per year
Tax director – National average salary: £89,619 per year
Dermatologist – National average salary: £86,734 per year
Plastic surgeon – National average salary: £90,531 per year
Paediatrician – National average salary: £92,864 per year
Anaesthesiologist – National average salary: £93,072 per year
Ophthalmologist – National average salary: £93,331 per year
Nephrologist – National average salary: £94,118 per year
Orthodontist – National average salary: £94,658 per year
Vice president of sales – National average salary: £98,687 per year
Chief financial officer – National average salary: £124,677 per year
Alex Beckett, Founder and Managing Director at Elite Competitions comments: “This analysis highlights not just the unattainability of homeownership in London for the younger generation, but also the need for urgent solutions to address the housing affordability crisis. As property prices remain high, inclusive approaches to homeownership are needed more than ever. Our property competitions offer a slice of hope and a chance to dream to all those who face the stark reality of the UK housing market”.