One in every eight women can expect to develop breast cancer during their lifetime, according to Cancer Research UK.
Experts believe that unhealthy lifestyle habits have caused the lifetime risk of getting the disease to rise from one in nine.
Figures show that the UK's breast cancer rates increased by 3.5 per cent between 1999 and 2008.
Women aged 50 to 69 have experienced the biggest rise in rates, with cases increasing by more than six per cent.
In contrast, rates among 25 to 49-year-olds dropped by 0.5 per cent.
Of the 47,700 women who were diagnosed with breast cancer in 2008, 9,100 were aged between 25 and 49; about 22,900 were aged 50 to 69; and around 15,700 were 70 or over.
However, the figures also show that women are now more likely to survive the disease.
More than three-quarters of women who are diagnosed with breast cancer live for at least ten years, while almost two-thirds survive for more than 20 years.
Sara Hiom, Cancer Research UK's director of health information, said that small changes in lifestyle habits can help to reduce the risk of cancer.
She advised: 'Cutting back on alcohol by keeping within government-recommended limits of no more than 14 units a week (a small drink a day) helps. Taking more exercise and eating a diet high in fibre but low in saturated fat can help maintain a healthy weight - which in turn reduces breast cancer risk.'
Ms Hiom also urged women to discuss the use of hormone replacement therapy (HRT) with their doctor, as long-term use is associated with an increased risk of breast cancer.
And she emphasised the importance of attending breast screening when invited, as this helps to detect cancers at an early stage when they are easier to treat.
Dr Rachel Greig, senior policy officer at Breakthrough Breast Cancer, said the figures should act as a 'wake-up call'.
She observed: 'More women are developing breast cancer and, although survival is improving thanks to breakthroughs in breast awareness, screening and treatment, we clearly have much further to go.'
However, Professor Gareth Evans, from the Genesis Breast Cancer Prevention Appeal, claimed that the picture may have been distorted by the fact that record-keeping has improved in recent years.
He explained: 'Specifically, when cancer spreads into the second breast or a diagnosis of pre-cancerous cells is recorded, they are treated as new cases, meaning many women now are being counted twice or more.'
Professor Evans added: 'Women should be thinking about making positive changes to their lives to reduce their risk, and not being scared into thinking they haven't got a chance in avoiding this terrible disease.'