Those born today could have to pay £1.5m for first London home

Michael Lloyd

September 23, 2019

A baby born today could be paying almost £1.5m in London for their first property, analysis from house competition firm Winmydreamhome.com has shown.

The average first-time buyer is aged 30-years-old.

On average in the capital first-time buyers currently pay £410,084 to get onto the housing ladder but should prices maintain their growth based on historical trends, this cost could rise by 259% to almost £1.5m by 2049.

Marc Gershon of Winmydreamhome.com, said: “A scary prospect but one that could materialise if we fail to address the lack of affordable housing being delivered, the attack on buy-to-let landlords restricting rental stock and the failure of wages to keep pace with property prices.

“The tough task facing current home buyers is well documented but for those born today, the task of getting on the ladder could be nigh on impossible.

“For many, competitions like win my dream home are a bit of fun in this day and age, fast forward 30 years and they could be the only realistic option for the majority when it comes to securing some bricks and mortar.”

First-time buyers are paying £193,194 on average to get on the housing ladder but according to historical trends, this could rise by 150% to £482,741 over the next three decades.

The increase would be highest across England, climbing 160% from an average cost of £206,018 today to £535,340 in 2049.

The average first-time buyer could be paying £278,468 to get on the Welsh ladder in 30 years, a rise of 100%.

Meanwhile Scotland would be the most affordable, up 67% from £122,148 to £203,760.

The South East would see first-time buyers pay a hefty £731,631 in 2049, while in the East of England prices for first-time buyers would be £728,874.

The North West, Yorkshire and the Humber and the North East would be the most affordable but would still see first-time buyers paying between £160,000 to £291,000 for their first home.

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