House prices nearly triple in the past decade

House prices have nearly tripled in the past decade, far outstripping the rise in wages and salaries over the same period.

The Council of Mortgage Lenders show that first-time buyers currently make up 36% of all house buyers; a significantly smaller proportion than the 1990s when first time buyers made up 45% and 55% of the total market.

First-time buyers now rely heavily on their parents to give them substantial amounts of money as a deposit to finance their first time buyer mortgages house purchase.

With interest rates forecast to raise first time buyer are increasingly finding it harder to get on the housing ladder.