Emoov, UK’s online estate agent, has released its latest research about the UK property market which reveals what the average house price across England, Scotland and Wales could look like by 2030.
UK property values between 2000 and 2015 increased by 84%. The research team applied the same increase across each borough of the capital, to show what the London property landscape could look like in 15 years’ time.According to the study, if the London market continues to grow at the same pace, the average London house price will surpass £1m by 2030.
The study found that in 2030 the average property in Barking and Dagenham will cost over £450,000, compared to £246,000 today.What’s more, 14 of the capital’s 32 boroughs will have an average house price over £1m, with only Croydon, Bexley and Newham, along with Barking and Dagenham, offering an average house price below £600,000.
“The past 15 years have seen extreme growth in the price commanded for UK property, as well as a crash as a direct result of this inflated growth. Although this research is only a projection of what may happen by 2030, it is safe to assume that with prices continuing to spiral beyond affordability, history could well repeat itself.” said Russell Quirk Founder & CEO, eMoov.co.uk
“Getting on the London ladder is already out of reach for the majority and the picture painted by this research gives little hope for those aspiring to do so in the future. London will always drive the UK market in terms of value and so an increase in prices is inevitable.”
“However, when you consider that in 15 years the price of property could almost double, it makes for a worrying outlook for the majority. This research highlights that the current mix of high demand, easily obtained credit and low supply are a volatile mix to be fuelling the UK and London markets with and what the outcome could be if it continues.” he added.