Business Boom Will Fuel Surge In House Prices
As the UK economy starts to stabilise unemployment will fall and wages will start to see an increase over the next five years. The result of this will inevitably be that house prices will increase and a flurry of activity in home sales should occur.
A new study on house price movement across the UK by JLL, who are a professional firm specialising in real estate services, has predicated that average house price across the England, Scotland and Wales could rise by 5% in 2016 jumping to 22.8% over the next five years.
Adam Challis, head of residential research for JLL said “Many owner-occupiers have deferred moving house over the past seven to eight years following the global financial crisis but with the outlook more positive and stable we expect at least some to seize the opportunity to move home, releasing pent up demand, as well as more stock, onto the market.”
The study forecasts that the fastest rate of growth in the UK will come from the South East of England, which will potentially see an increase of 26.4% by 2020. House prices in this region will rise from £256,737 to 324,540 over this period. Other areas that will see a big rise in house prices will be Bristol, Manchester, Leeds and Edinburgh because of the surge of people relocating to these areas for new jobs.
London will see the slowest house price growth
Due to the UK Chancellor’s increase in stamp duty on property purchases over £1.5m back in December 2014 has meant that out of all the region in the UK, London will see the slowest rise in house prices of 1Central London house price growth will be the slowest7% meaning the average value of a property in London will still top s whopping £3,244,317 by 2020.
More fuel driving this surge in house price growth is the growing demand for housing from the UK’s expanding population of the UK, the flood of new migrants into the country and our countries current shortage of available housing.
Areas with potentially the biggest house price growth
Below are the areas National Homebuyers would recommend, as a result of this analyst, to buy within if you wanted to see the fasted house price growth over the nexct five years:
2. Leeds, York and Harrogate
5. Maidenhead and Slough
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