House prices forecast to rise by £35k in five years

UK house prices will go up by an average of £35,000 in the next five years, according to Savills. However, data from the estate agent suggested there will be large fluctuations across the country. The average value of a home in Britain is expected to rise 15.3%, but in some areas the increase will be as high as 24%, which is the case for the North West whilst in other parts of the country, such as in Greater London, they will rise by just 4%. The rises are forecast as concerns over the current political and economic uncertainty begin to subside. Lucian Cook, head of residential research at Savills, commented: “We anticipate a continuation of trends seen historically, where London and the South East underperform markets in the Midlands and North. This appears to have begun in 2016, coinciding with the referendum, when London hit up against the limits of affordability.”

The Daily Telegraph (14/11/2019)   The Times (14/11/2019)