According to recent research by Halifax, UK house prices have soared by more than thrice over the past 20 years. While the average house price in the UK would have been around £91,199 in 1999, the same house could cost on average around £279,997 this year.

Average house prices in London have surged by around 239%, from £157,453 to £533,437 during the same period. According to managing director at Halifax, Russell Galley, “The rise in house prices in London since the turn of the century is well documented, and a sharp decrease in affordability just shows how quickly the market has moved.”

What’s even more disturbing is that first-time buyers face greater challenges in purchasing a home in the UK. The average cost of a first home has grown by 264% over the past 20 years, from £63,640 in 1999 to £231,442 in 2019.

Raising deposits and a shortage of homes in the region are making it harder to purchase homes in the UK. However, first-time home buyers enjoy low mortgage rates and a host of additional support to help them.