How much will your house be worth in five years? Savills reveals house price forecast

Brexit might be causing some uncertainty, but the house price forecast for the next five years doesn’t look too bleak.

In fact, estate agents Savills has predicted the average price of a home in Britain will rise by £35,000 over the next five years.

Related: Halifax figures reveal UK House price growth at slowest rate in six years

The estate agents house price forecast suggests the value of a home should rise by 15.3 per cent by the end of 2024 – despite the uncertainty of Brexit. However, not all parts of the UK will see the same bump in house prices.

Image credit: Colin Poole

Prices in the North West are forecast to rise by the most, at 24 per cent. Closely followed by Yorkshire and the Humber, having the largest predicted house price rise at 21.6 per cent.

Scotland came in third place with price growth expected to be around 19.9 per cent.

In contrast, the house price forecast for Greater London doesn’t look so positive. House prices are predicted to rise by only 4 per cent.

See below to find out how much house prices are expected to rise near you over the next five years:

Savills house price forecast 2019

	2019 House price	2024 House price	Total 5 year growth
North West	169,000	210,000	24%
Yorkshire & The Humber	165,000	200,000	21.6%
Scotland	151,000	180,000	19.9%
North East	131,000	157,000	19.9%
West Midlands	205,000	242,000	18.2%
East Midlands	194,000	229,000	18.2%
Wales	165,000	195,000	18.1%
South West	256,000	289,000	13.1%
South East	321,000	357,000	10.9%
East	291,000	323,000	10.9%
London	462,000	480,000	4%

Savills house price forecast is based on the assumption that the pre-Christmas election will not end in a significant shift in policies. And Britain will have an ‘orderly exit’ from the EU next year.

Image credit: Colin Poole

In the short-term, Savills predicts Brexit and the election will act as a ‘drag on the market’. However, it should bounce back in the long-term, as prices continue to rise largely in line with incomes.

‘We anticipate a continuation of trends seen historically. Where London and the South East underperform markets in the Midlands and North,’ Lucian Cook, Savills’ head of residential research told the MailOnline.

Image credit: Colin Poole

‘This stage of the cycle appears to have begun in 2016, coinciding with the referendum, when London hit up against the limits of affordability,’ Lucian Cook adds.

Related: We reveal postcodes MOST likely to see house prices drop in the coming months

‘Markets further from the capital, such as Leeds, Liverpool, and Sheffield, were much slower to recover post-financial crisis. And have a much greater capacity for house price growth relative to incomes, even as interest rates rise.’

The post How much will your house be worth in five years? Savills reveals house price forecast appeared first on Ideal Home.

Sofa giá rẻ
https://sofagiarehcm.hatenablog.com
0975488488
981 Huỳnh Tấn Phát, P. Phú Thuận, Quận 7, TP Hồ Chí Minh
Sofa giá rẻ