The latest government house price data found that the average first-time buyer now pays £225,175 to get onto the property ladder
A baby born today could be set to pay £478,560 by the time they reach the average first-time buyer age of 32, according to property platform Boomin.
Boomin’s forecast showed that the average first-time buyer house price could increase by a further 112.5%, hitting £478,560 by 2052.
According to Halifax, the average age of the UK first-time buyer is currently 32, having increased by three years over the past decade.
The latest government house price data found that the average first-time buyer now pays £225,175 to get onto the property ladder.
Boomin found that back in 1990, the average first-time buyer paid £48,496, or £112,786 after adjusting for inflation.
This means that even when adjusting for inflation, the average first-time buyer looking to purchase in the current market has seen the cost of buying climb by 99.6% during their lifetime.
Michael Bruce, chief executive and founder of Boomin, said: The property market is booming and while this is great news for those already climbing the ladder, achieving the sought after status of homeowner has become even harder for the nation’s first-time buyers.
Of course, it’s impossible to truly predict the future and so who knows where we may stand in 32 years time where market values are concerned, he said.
He said: However, what we do know is that current house prices are considerably higher than they were 32 years ago and that’s despite a number of notable market corrections, with first-time buyers forced to wait longer in life and pay far more before they can get that first foot on the property ladder.