Home Breaking News New forecasting model says house prices to soar by 20…

New forecasting model says house prices to soar by 20…

7

A new forecasting model from a consumer website is predicting that house prices will rise by an average 30 per cent in the next decade – and more in London.

Comparethemarket says the average price of a home in the UK will hit £323,718 by 2031 and in London there will be an above-average rise of 33 per cent to £619,568.

The average age of a first-time buyer in London is currently 35 years-old, but in 2031, buyers could have to wait an extra two years to make the jump on to the property ladder, averaging at 37. 

The rest of England will see an average age increase of 1.6 years, jumping to almost 35.

The website has analysed government data from 1992 to 2020, and run it through a forecasting model.

Zoopla Advantage

Looking further ahead to 2040, the model suggests Greater London house prices will be 63 per cent more than today; across the whole UK, that figure will be 58 per cent.

UK and Greater London price forecast;

2021    £248,496 UK / £465,549 Greater London

2022    £256,018 UK / £480,951 Greater London

2023    £263,540 / £496,353

2024    £271,062 / £511,755

2025    £278,584 / £527,157

2026    £286,107 / £542,559

2027    £293,629 / £557,961

2028    £301,151 / £573,363

2029    £308,673 / £588,765

2030    £316,195 / £604,167

2031    £323,718 / £619,568

https://www.estateagenttoday.co.uk/breaking-news/2021/9/new-forecasting-model-says-house-prices-to-soar-by-2031