There always seems to be new forecasts on how property prices will perform across each year, but new research has aimed to predict how much it will cost to own or rent 10 years from now.

Financial comparison site money.co.uk has analysed data from the Office for National Statistics that details personal finance data across the previous 80 years, with the aim of estimating how much our costs will rise to by 2028.

According to their estimations, the average property price in the UK will jump by almost &50k by 2028, as the current average stands at &208,318 and will rise to &255,292 over the course of the next 10 years.

One of the headline figures from this research was how much homes will have grown in price over 25 years. In 2003, the average price of a home was &127,246, half the price of what the expected cost of a home will be in 2028.

The study has also forecasted a slight fall in homeownership, as the 14.6 million British homeowners are expected to fall to 14.4 million a decade from now.

Similar changes were also predicted for the rental market as generation rent continues to grow. Money.co.uk has suggested that we will see a 10% increase in rental rates by 2028, rising from an average monthly rate of &925 to &1,017.

Editor in Chief of money.co.uk, Hannah Maundrell, commented on the results of the research, she said; “It’s really hard to save a deposit while you rent. If buying a property is on your bucket list, you need to seriously work out how you are going to achieve it. Getting a handle on your outgoings and incomings is the first step to budgeting for your life. It sounds daunting to budget for life events that feel so far away. However, with prices evidently on the rise, it will take you far longer to save up to achieve your life goals.”

Maundrell went on to say “The figures we’ve predicted are based on trends in Government data. We expect certain external events may have a large impact on future finances, such as large political milestones like Brexit or wage freezes in the public sector.”

The latest official index from the Land Registry has revealed the annual performance for house prices throughout the UK in 2017.

According to recent data, the UK saw overall growth of 5.2% from December 2016 to December 2017 and an increase of 0.4% month-on-month, meaning that the average price of a home now stands at &226,756.

While this is a slight slowdown in the growth seen in the previous year, with the average remaining around 5% in 2017, it does show signs of stability for the UK property market.

When looking at some of the more detailed statistics, it seems that Scotland has experienced the highest average increases in house values, showing strong growth of 7.7% taking property values to &149,000.

Wales and England took 2nd and 3rd place, showing similar growth of 5.4% and 5%, respectively, with the average Welsh home now valued at &154,000 and the average English home valued at &244,000.

Northern Ireland recorded the smallest increase, but still saw a rise of 4.3% to an average of &130,000.

As expected, the capital remains at the top for the highest average price of a home by region, as typical London house prices stand at &484,000.

The South West recorded the biggest increase across the year, with a huge 7.5% increase in 2017, closely followed by the East and West Midlands, both showing a 6.3% rise in average prices.

While the rise of property values is always good news for homeowners, it does create an affordability question for prospective buyers.

Senior Economist at PwC, Richard Snook, spoke on the statistics stating that it “shows that house price growth has outpaced average earnings growth for the fifth consecutive year, further ratcheting up the affordability challenge. Cumulatively, house prices have increased by 22% more than earnings between 2012 and 2017.”

Sales and Marketing Director at OneSavings Bank, John Eastgate, had similar comments regarding the latest index, he commented; “Today’s surprisingly robust figures will not be welcomed by those looking to get a foothold on the housing ladder. The absence of wage inflation means that affordability continues to get tougher and, with many forecasting an interest rate increase in May, the resultant increase in mortgage rates will be a further barrier. It would be fair to expect house price inflation to soften through the year.”

Other financial experts have stated that the market remains competitive, however, now may be the time for buyers to make their move.

This is also the opinion of the CEO of the online mortgage broker Trussle, Ishaan Malhi, he said “By the end of 2017, the average house cost &12,000 more than it did in December 2016. The shortage of homes for sale has kept the property market competitive.

“If you’re looking to buy in the coming months, it’s worth keeping an eye on the mortgage market. The cost of borrowing is expected to rise, as certain bank subsidies fade away and interest rates climb. In such an environment, locking in a competitive five-year fixed deal will keep your repayments stable for the next few years, while the country comes to terms with an increasingly uncertain economic future.”