Prices for residential property in England could reach over £300,000 in the next ten years if they follow current growth trajectories.
A study from online estate agent eMoov found that prices in England have increased by 29 per cent over the last decade, with a similar rise between now and 2027 boosting the average house value to £301,864.
This growth is all the more shocking in areas such as London and the South East. The latter is likely to see growth of 43 per cent, taking the average house price to £445,159. However, the price rise is most pronounced in the capital, with an anticipated increase of 80 per cent, rendering the standard property price a sizeable £866,719.
Other regions were not expected to see such steep growth for investors. According to the research, the North West should anticipate prices rising to a mere £151,131 whilst in the East and West Midlands it would be £205,870 and £183,883.
However, North East prices declined in the last decade. Should this downward trajectory continue, average prices are expected to fall to £121,699 from £126,989 over the next ten years.
Over the last 20 years the average house price in England has increased by 320 per cent. Should this again be repeated, average property prices would rise to £983,826, with London seeing a 480 per cent rise to £2,792,783.
Chief executive officer of eMoov, Russell Quirk, commented: ‘The property boom in several regions of England has made it increasingly more expensive to get on the ladder and the figures anticipating the next two decades only further attest to the importance of investing in a home as soon as possible if the trend in increasing property values is to persist. It is stomach churning to think that should prices continue the way they are, there will be just one real area of property affordability left across England in 20 years’ time, with the average house price in England approaching the £1 million mark and three regions tipping beyond this.’