The comparison site looked at data from the Office for National Statistics and other sources to create its forecasting model.

It predicts the average age of first-time buyers will reach 37 in London and almost 35 for the rest of England by 2031.

The company says that in the next 10 years, the average price of a home in the UK will jump by 30% to £323,718, while in London it will rise by 33% to £619,568

For those buying now, they plan to borrow £8,635.14 from parents or grandparents

Looking further ahead, Comparethemarket predicts that by 2040, buyers will pay 58% more than they would today for their first home, while in London they will pay 63% more. 

Comparethemarket 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.”