Home values could surge by 30% in next 10 years

UK house prices are predicted to increase 30% by 2031, according to research from comparethemarket.com. The site analysed ONS data from 1992 to 2020 combined with a forecasting model to come up with the figures. It also found that prices in central London could grow by 33% in the next ten years. This would make the average house price in the capital £619,568 in 2031, compared to £465,549 today. The average house price in the UK currently sits at £248,496 but this could increase to £323,718 in 2031. The research found that house prices are likely to continue increasing until 2040. The site also looked at the average age of first-time buyers across the UK, dating back to 2006. The average age of a first-time buyer is currently 35 in London but by 2031, this is likely to increase to 37. The rest of the UK could see the average age increase by 1.6 to almost 35. 

Daily Express (06/09/2021)