Could this be what's in store for the average first-time buyer house price? New research reveals the current generation could require as much as £1.2million to buy their first home – £4.5million in London!
The eye-watering figure was revealed by one of London’s largest independent letting and sales agents, Benham and Reeves, after looking into potential property prices.
The research revealed the average age of today's first-time buyer is 34. Using historic data from the Land Registry, the agents projected the monthly price changes forward 34 years to see what the average first-time buyer house price could hit for those born today.
Related: Doing this one simple thing when buying a house could save you £3,000
With the average first-time house price in England at £207,526, those born today could be looking at an average of £1,214,381 to get on the ladder in 34 years’ time.
'This research considers the ups and downs of the first-time buyer market historically and how things could play out for the generation of first-time buyers born today if these trends were to repeat themselves,' says Marc von Grundherr, Benham and Reeves Director.
'Of course, it’s impossible to predict the future of the UK property market. Particularly given the current turbulence caused by wider economic and political factors. This research acts as a warning of what could happen if we continue to fail in the delivery of affordable starter homes.'
Predicted first-time buyer house price changes by 2052
London remains the most expensive region of the UK to buy in. In today's market, the average cost is currently £412,679, although this could increase to a whopping £4.5m over the next 34 years.
'While we hope that prices won’t reach these dizzying heights, we’ve certainly seen stranger things happen across the UK property market,' says Marc. 'Who knows what the next 34 may bring?'
Related: 5 important reasons why buying a house makes more financial sense than renting
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