The price of the average UK home will rise by more than 50% in the next 10 years, say online estate agents eMoov.
The company forecast that average prices will increase by 56% to reach £347,757 by 2027, led by gains in Nottingham and Glasgow.
The prediction is based on recent Land Registry property price data, which shows despite ongoing economic and political concerns, home prices have continued to rise, albeit at a reduced rate of 0.37% each month since the Brexit referendum – compared with 0.67% a month during the preceding year.
eMoov suggests that residential property prices are only going to go one way, and fortunately for many existing property investors that is up.
If the existing rate of growth were to continue over the next 10 years the average UK house would be worth £347,757 – an increase of 56%, the online estate agent estimates.
However, for many people struggling to get a foot on the housing ladder, this is not the news that they want to hear, as it means that they may be required to live in private rented accommodation for longer; an attractive proposition for buy-to-let investors.
Nottingham, Glasgow, Oxford, Cardiff and Edinburgh are all set to flourish over the next decade, according to eMoov.
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