Record house prices mean the average UK home will jump by 30% over the next decade to hit £323,718, according to forecasts by Comparethemarket.com.

Prices in Greater London are predicted to lift 33% to £619,568 by 2031, says the price comparison site, which used Office for National Statistics house price data going back to 1992 combined with its own forecasting model.

The firm also said that the average age of a first-time buyer will jump to 34.7, from 33 this year. In London, the average age of someone getting on the property ladder will rise to 37 from 35 currently.

The average UK home rose at its fastest monthly rate since 2007 in September, increasing by 1.7% to a record £267,587 and by 7.4% year on year, according to the latest Halifax House Price Index.

The company also polled 1,000 UK homeowners in August to see if their buying habits and priorities have changed.

It found that the most common method of purchase remains the same with 47% having bought their property with their partner, and half citing that they would do the same now.

However, they are now less likely to seek financial help from others, 9%, compared to a decade ago, 13%.

FTBs who had a helping hand from parents or grandparents borrowed £8,635.14 compared to current buyers receiving £8,346.15 for family members.

Asked if they would do anything differently to what they did in 2021, 23% said they would spend more on the overall value of the property, while 21% said they would a bigger first home. Although, 20% wouldn’t change anything.

However, those who have bought recently or are planning to soon, prioritise the size of the house, 63%, its location, 58%, and price, 31%, as the most important considerations.

Comparethemarket.com head of home insurance Chris King says: “Despite house prices seeing an all-time high and the average age of first-time buyers set to increase over the next ten years, it’s interesting to see that buying habits have remained similar.

“For those who are yet to buy but are planning on doing so in the future, it’s important that you take out the correct insurance policies, ensuring that both your home and contents are covered ready for when you move in, should the worst happen.”

Looking even further ahead, the price comparison site says by 2040 house prices for FTBs in Greater London will be 63% higher than in 2021, while UK house prices will rise by 58% overall.