First time buyers given £1m warning

First time buyers could find themselves forced to pay £1 million for their first property in just 17 years time if house prices continue to accelerate at their current rate, Stroud & Swindon has advised.

While growth forecasts make a repetition of the price increases experienced over the past ten years highly unlikely, the research nonetheless indicates the extent of the problem currently facing first time buyers.

Any such £1 million home would likely be equivalent to around seven times the average first time buyer income in 2024, Stroud & Swindon suggests.

"Even with house price increases set to slow down to more acceptable levels, we believe that in future first-time buyers are going to be forced to put off purchasing their first home for even longer," commented Stroud & Swindon sales director Paul Chafer.

"Therefore, it is vitally important for both potential first time buyers and their parents to start putting money aside for a house deposit as soon as possible," Mr Chafer added.

Research published by the National Housing Federation earlier this month predicted that UK house prices would rise by 40 per cent over the next five years.


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