Ever wondered how much your baby will pay for their first home?
PUBLISHED: 19:59 27 September 2018 | UPDATED: 19:59 27 September 2018
Ever wondered how much a first home will cost your child in the future? A new report states a baby born today could face paying an average of £1.2 million if house prices continue to rise in the same way.
Ever thought how much the price of a house will be for the first time buyers of the future? A new report shows a baby born today could face stumping up £1.2 million to buy their first home.
The report highlights 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.
If property prices were to increase to the same level since the last 32 years, a 20 per cent house deposit would be £240,000 in 2050 - higher than the average house price today (£214,578).
Using the same calculations, a property like The White House, The Green, Freethorpe, for sale today for £625,000 - would be on the market for
£3.6 million in 2050.
And with average property prices in the capital growing even more, from £55,000 in 1986 to £476,752 today, using the same trend could put whopping £4.1 million price tag on the average London home in 2050.
Angus Elphinstone, chief executive officer of removals firm AnyVan.com, which commissioned the study, said: “Our research highlights how the property market has rocketed since the mid 1980s, when an average UK home cost just £37,000.
“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?”
The White House, the Green, Freethorpe, is for sale with Arnolds Keys - see www.arnoldskeys.com