According to recent studies looking at the changes in property prices since the year 2000, if prices continue to rise at a similar pace to the previous 15 years, we could see England’s average house price jump above £450,000 by 2030.
This research was carried out by online agent eMoov as they used their data to apply the same 84% increase in prices since 2000, to all areas across the UK.
The results of these calculations showed average property prices of £457,433 but ranging from just under £280,000 to just over £3.4 million.
As expected, London would continue to be the most expensive region to live. Projections from the study show Barking and Dagenham as the cheapest of the London Boroughs with potential prices of £450,000 or higher, and areas such as Kensington and Chelsea potentially rising from £1.9 million to £3.4million.
In stark contrast to this, there are some areas throughout the UK that show average prices less than £280,000, such as Durham (£279,985), East Riding of Yorkshire (£277,411) and Merseyside (£275,074) with price projections roughly £175,000 lower than the England average.
This study also extended to Wales and suggested an increase to £307,712 and Scotland which would be the cheapest country to live in if predictions are correct at £297,222.
Founder of the company Russell Quirk said the reason for undertaking this research was to highlight “just how dangerous this current artificial inflation of the market could be in the long run” and also stated that “Although rising prices are always good news for current homeowners, it’s extremely worrying to look at the difficulty many have in getting on the ladder at the moment, let alone with a price jump of 84% by 2030.”
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