A new forecasting model from a consumer website is predicting that house prices will rise by an average 30 percent in the next decade – and more.
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 percent 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 onto 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.
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
Source: estateagenttoday
