The research demonstrated that if house prices continue to follow growth trends from the past 10 years, the average cost of a first-time buyer home in the UK will reach the £1m threshold within 17 years.

Paul Chafer, sales director at Swindon & Stroud building society, said: “This data is designed to stimulate those in the mortgage business, potential buyers, and the Government into thinking about how they are going to deal with the problems of the million pound first property.”

London is forecast to be the area where average first-time buyer homes reach £1m first, in only 11 years, by 2018.

In addition, the prospect of million pound first-time buyer properties in Northern Ireland is seven years closer than previously projected.