The house price inflation facing first time buyers is “frankly frightening” according to a new analysis which suggests typical FTB house prices are soaring.

The insurer states the average first time buyer (FTB) must be in a financial position to find £43,623 and over a five year period , 2016 to 2021, it was 24 per cent more expensive to step onto the housing ladder.

Over this period 30 – 39 year olds’ (typical first time buying age) average salary had only increased by 10 per cent.

For this age group a typical FTB property equates to seven times their annual wage whereas in 2016 it stood at six times making it even more difficult to achieve.

The insurer’s analysis implies the FTB increased prices are being affected by an ever increasing mobility trend for the 30 – 39’ers across the country which has increased by 24 per cent since 2016.

The analysis shows the  average FTB property price in the 10 local authorities with the biggest rise in residents in the age group, shot up by 24 per cent.

However in the 10 authorities experiencing the highest decrease in 30 – 39 year olds first time buyers’ prices dropped by 2 per cent.

Areas with a higher above average rise in this age group of residents saw FTB prices increases of 22 per cent during the period, whereases those areas with a below average rise in residents in their 30’s saw a 10 per cent rise in prices.

Further study found that the highest local areas’ FTB price rises across Britain over the five year period are Burnley - 45 per cent ,the Orkney Islands - 44 per cent, Rossendale - 42 per cent, Bury - 40 per cent and Rutland- 40 per cent.

In 2016 the five authorities average FTB house price  was £119,735 in 2016 and increased by 42 per cent to £50,158 to £169,893 in 2021 and also saw a rise in 30 – 39 year old residents of 9 cent during the same period whereas the national average was 5 per cent.

And of course London ‘boasts’ the most expensive FTB prices with last year’s average of £440,590, but alongside that is the area with the lowest FTB activity.

The biggest rise in FTB prices across London are the five boroughs of Barking and Dagenham, Hackney, Waltham Forest, Redbridge and Havering which saw a rise in 30 to 39-year-old residents.

These boroughs saw a FTB price increase of £55,112, or 16 per cent over the past five years. Over the same period the number of young people living in these areas grew by four per cent.

Across the capital the number of 30-39 year old residents drooped by one per cent as many younger FTBs decided to move outside London for their first home due to changing work patterns because of Covid, as well as affordability and surroundings.

A spokesperson for the home insurer, says: “The rate at which FTB prices have been increasing is frankly frightening. However, this generation of property owners are facing the challenge of dramatically increasing property prices in traditionally popular areas such as London and instead are buying in places that are less well-known.