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House prices vs wages and first time buyers' position

House prices have been booming for more than a decade - almost tripling since 1996. The sharp increase has far outpaced wage rises.

The average house now costs more than six times the average wage. In London the figure is closer to nine times.

It has led to fears that many people will not be able to buy a first home, or a larger one.

The typical first time buyer is now 33-years-old and takes five years to save the average £24,000 deposit (rising to £44,000 in London).

It is thought that four out of 10 people buying a first home now rely on parental help.


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