Average price of homes to reach £1 million by 2032

Liberal Democrats research indicates massive jump in property prices

Over the next 16 years the average price of a home will rise from £290,000 today to over £1 million research by the Lib Dems has predicted. This predictions is based on data from the Office for National Statistics from the last 3 years.

They also stated that in the next 10 years the average property price would rise by £350,000 making the average home worth £650,000. This will put further pressure on first time buyers and young people on joining the housing Ladder. Today the Lib Dems are backing a debate in the House of Commons to provie more homes for young people.

Tim Farron the Lib Dem leader stated ““Relying on the Bank of Mum and Dad isn’t an option for everyone and adds pressure to millions of families who have worked hard and done the right thing. The continuing upward spiral of house prices threatens the very idea of a family home.”

Written by: Houseladder