Today we released statistics showing a baby born today could face stumping up £1.2 million to buy their first home.
Our research highlighted that when a child born today reaches the age of 32, the average first time buyer age in the UK, their first home could cost £1.2 million if property prices increase the same way they have done since 1986.
For those looking to buy their first property, it might be a welcome relief to see house price growth slowing and prices falling, especially for new buyers in London. With average property prices in the capital growing from £55,000 in 1986 to £476,752 today, using the same trend will put a whopping £4.1 million price tag on the average London home in 2050.
With the ever-growing demands on the bank of mum and dad, a vast number of parents have to financially contribute to allow their children to get a foot on the property ladder. If property prices were to increase to the ludicrous levels of this research, it’s crazy to think a 20% house deposit (£240,000) in 2050 would be higher than the average house price today (£214,578).
Angus Elphinstone, CEO of AnyVan.com commented “Our research highlights how the property market has rocketed since the mid-1980’s when an average home cost just £37k.
We are now faced with a younger generation finding it very difficult to save the amount of money they need to be able to afford their first home. But, the next generation is likely to be even harder.
It’s interesting to daydream about what it could be like moving into your first home in the year 2050. Will there still be estate agents, payments using cryptocurrency, biometric access instead of keys and a fleet of drones landing on the roof to deliver your moving day boxes and furniture. “
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