Rising house prices have led to the average age of a first-time buyer in the UK rising to 34.

In comparison, 30 years ago, people were getting onto the property ladder at the earlier age of 27, according to a new report from GE Money Lending and Future Foundation.

Over that period, house prices have risen by 1,436 per cent, far outstripping the rate of growth of average income, with 76 per cent of people claiming that the affordability of property is now worse than ever.

The research carried out by the firms also found that the potential first-time buyers of today cite having a good circle of friends and an active social life as their top priority, with half as many prioritising home ownership and marriage as in 1977.

Gerry Bell, head of mortgage marketing at GE Money Home Lending, said: " This refusal to conform to traditional family-oriented motivations and the desire to gain independence and experience undoubtedly delays the purchase of a first home and contributes to the ongoing affordability issues faced by these consumers."

Recently, the Council of Mortgage Lenders stated that first-time buyers would need a pay rise of at least 50 per cent in order to be able to afford to buy a first property.