A BABY born today could end up paying more than £700,000 for their first house, according to new research.

The figures, compiled by WinMyDreamHome.com based on trends from historic data, shows a baby born today in the east of England might have to shell out £729,000 to get on to the property ladder in 30 years time.

Current first-time buyers costs are on average £241,704 in our region, however this could go up by 202 per cent by 2049.

The increase makes the east the place with the second fastest growing house prices in the UK, behind only London.

On average, first-time buyers in 30 years could pay £483,000 for their first property, up 150 per cent on today.

Marc Gershon, of Winmydreamhome.com, commented: "A scary prospect but one that could materialise if we fail to address the lack of affordable housing being delivered, the attack on buy-to-let landlords restricting rental stock and the failure of wages to keep pace with property prices.

"The tough task facing current home buyers is well documented but for those born today, the task of getting on the ladder could be nigh on impossible.

"For many, competitions like win my dream home are a bit of fun in this day and age, fast forward 30 years and they could be the only realistic option for the majority when it comes to securing some bricks and mortar.”

Basildon Standard: These figures show projected first-time buyer prices in the UKThese figures show projected first-time buyer prices in the UK

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