Although the number of first time buyers within the UK housing market continues to be above average, those making enough to afford the rising cost of housing is having a tough time keeping up.  House prices have maintained a consistent rate of rise since the beginning of the year which is a positive for the whole of the economy.  But for all good news there is not so good news.  Higher housing prices mean fewer potential buyers to purchase.

The average cost of a house in the UK now stands at £265,000.  This is up by more than 12% over the cost in 2013, according to the Office for National Statistics.

Alex Hilton, director of Generation Rent, commented on the affordability challenge many are facing, saying: "The average private renter effectively spends two days every week working to pay off their landlord's mortgage, and with prices rising at this rate, fewer renters will ever escape this trap.

"We need to build many more homes to bring supply back in line with demand, and those of us who are stuck with the insecure private rented sector for the foreseeable future need better rights and the ability to call the place we live a home."

The issue of affordability reaches new heights when London is under the microscope.  The average price of property now sits at just under £500,000.

Brian Murphy with Mortgage Advice Bureau, commented on the current state of lending in the housing market, saying: "Tighter lending regulations and the summer slowdown have started to inject a double dose of reality into the housing market, with the rate of price rises outside London and the south-east far lower than the UK average.

"Nevertheless, the slowing of growth between May and June has been modest at best. The latest ONS figures suggest we have passed the point of seeing a higher rate of increase every month – temporarily at least – but demand for home ownership remains strong and will help to uphold prices for the foreseeable future."