It now takes 26 years for an average couple with one child to save for a house deposit in London

D&G Chelsea Sales 20 Britten Street (4)Douglas & GordonA house on sale for £600,000 in Chelsea, London

LONDON — It now takes an average of nearly 26 years for a couple living in London with one child to save for a home deposit.

House prices have been rising steadily across the UK for several decades, but they have increased most dramatically in the capital, where the average first-time home now costs £402,692, according to research by Halifax Bank.

On top of that, Halifax found that the cost of a first-time buyer deposit has nearly quadrupled in the last decade, from £26,701 in 2006 to £100,445 last year.

That means, for an average couple with one child, it will take more than a quarter of a century of saving to buy a home. Even without a kid in tow, you’re looking at nearly 14 years.

Take a look at the chart from Barclays latest Housing Chartbook below, which uses data from the Redfern Review:

The evidence is striking: big house prices, huge deposits, and unprecedented falls in real wage levels across the UK since the 2008 financial crash mean that it is now unrealistic for many first-time buyers to get on the property ladder until they are well into their forties.

NOW WATCH: One of the world’s last remaining traditional globe-makers needs an apprentice

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.