A BABY born today faces paying £3.4million for their first property, according to new statistics from a Brentwood based property expert.
The figures, released by online estate agent eMoov.co.uk reveal that at the current rate of property growth, if a child is born in 2014, by the time they reach the average first time buyer age of 35, house prices in 2048 will be around £3.4million.
According to the study, since 1954 there has been an average annual price increase of 8.6%, meaning that even a child aged 10-years-old today will face paying over £1.6million for a property, requiring a deposit of over £320,000.
By 2032 it is thought that the average 20% deposit needed to buy a property will equal the price of the average price property in 2014.
Additionally, a house worth the national average of £205,199 by the end of 2014 is estimated to be worth £3,391,474 in the year 2048 if the pattern continues in property.
“Our research shows the staggering truth about the rise of property prices within the UK over recent times,” says Brentwood based property expert Russell Quirk CEO of online estate agent eMoov.co.uk. “Property prices are always on the move but viewed over decades our research shows an annual rise of 8.6% since 1954. If the trend continues then the bank of mum and dad will become even more important for the next generation of home owners.”