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Loan claim: First-time buyers seven times worse off than parents

Those people currently trying to make a loan claim may be interested in hearing that first-time buyers have to pay seven times more than their parents did to get onto the property ladder.

That is according to research by Safe Home Income Plans (SHIP) Equity Release, the UK's trade body for equity release product providers.

Findings showed that the average first time buyer in 1983 paid £20,810 for their first home. This figure now stands at £136,842, an increase of 558 per cent.

Andrea Rozario, director general of SHIP, said: "These housing figures really highlight the struggle that young people now face to take those first steps onto the housing ladder. House prices have risen far faster than incomes have done since the older generation bought their first homes."

The research revealed that the average first-time buyer in London in 2010 needed a deposit of £56,248, with the average property costing £244,557.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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