British property prices set to rise by 50% in the next decade
In the year-plus since the UK voted to leave the European Union (EU), property prices across the country have been relatively subdued. Lower sentiment and a wait-and-see attitude from many would-be buyers has meant that although prices have still climbed, they've done so at a slower rate than usual.
However, this is something that should change as everything starts to settle down politically over the next few years, and over the next decade, it's expected that the price of homes will once again have risen sharply.
According to online estate agent eMoov, average prices should rise to at least £347,757 over the course of the next decade, marking a significant rise of more than 50 per cent. And that's if prices only rise at the same 0.37 per cent average per month that they have since Brexit. Should conditions get better, then the market should improve at an even better rate for owners.
If prices do happen to rise at the rate we're seeing at the moment, then it's owners in Nottingham who will be enjoying the strongest rates of capital gains from their investments. According to the data, homes in the city have risen at an average of 0.8 per cent per month since Brexit. If this were to continue, by 2027, prices would have gone up by a staggering 160 per cent.
Russell Quirk, chief executive officer of eMoov, said that the results show the market still has the potential for growth, even at a time when there have been some doubts.
"Although these recent slower rates of price growth are unlikely to persist going forward, and we are by no means predicting they will, this research demonstrates that the outlook would still be rather positive and far from the apocalyptic prophecies many have talked the market down with since the Brexit vote," he said.