Charlotte Harrison, chief executive officer of home financing at Skipton Building Society, said: “Consistent house price growth can help homeowners build equity, but equity alone doesn’t guarantee people can move.
“Our latest Skipton Group home affordability index found the gap between buying affordability and living affordability is the widest it’s been this decade.
“For many households, the challenge is no longer whether their home has risen in value, but whether they can afford the higher ongoing costs of their next property.
“These findings also highlight a growing divide between those already on the housing ladder and those still trying to get on it. Our research shows that the average first-time buyer is now 34, up from 29 in the mid-1990s.
“Many people are now having to save longer and rely on dual incomes before they take that next step, meaning delayed ownership is also reducing the opportunity to access homeownership early enough to share in that long-term equity growth.
“While sustained house price growth can be positive for existing homeowners, improving access to homeownership remains critical if future generations are to share in those benefits too.”
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