A child born today will pay £3.4m for their first home, according to research by eMoov.co.uk. The online estate agent studied historic house price data since 1954 and found an average annual increase of 8.6%. At the current rate of growth, the house price in 2048 - when a child born now will reach the typical age for a first-time buyer - could hit £3.4m. Even children now aged ten face paying more than £1.6m for a property, requiring a deposit topping £320,000. A youngster now four will most likely need £2.65m for a home. By 2032 the average 20% deposit needed will top £200,000. Of those polled, 67% said they expect to financially help their children get on the property ladder. Russell Quirk, founder of eMoov, said: “Our research shows the staggering truth about prices. If the trend continues, the Bank of Mum and Dad will be even more important."
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