Average UK house price to rise to over £300,000 in a decade
Over the course of the last ten years, house prices have been climbing substantially after an initial fall in the wake of the financial crisis, and if this pace is retained over the decade ahead, house prices will be as much as £300,000 or more.
According to the study from eMoov, the pace of increase of the last decade would also see the average home in London climb in value to as much as £800,000 by the end of 2027. Even in the regions where growth would be slower, such as the north-east and West Midlands, prices would rise to around £150,000 and £183,000 respectively.
This level of price growth sustained over 20 years would yield even higher readings, with the findings from the company showing that in that time, the average buyer in the UK would be expected to spend £1 million to get themselves a footing on the property ladder.
"The property boom in several regions of England has made it increasingly more expensive to get on the ladder and the figures anticipating the next two decades only further attest to the importance of investing in a home as soon as possible if the trend in increasing property values is to persist," he said.
"It is stomach churning to think that should prices continue the way they are, there will be just one real area of property affordability left across England in 20 years’ time, with the average house price in England approaching the £1 million mark and three regions tipping beyond this," he added.
Should prices continue to rise at such a substantial pace over the coming couple of decades, the reality is that it will be likely to push even more people towards rental homes, where they are able to get themselves a home at an affordable level and without having to shell out for things like deposits.