UK HOUSE

House prices are set to rise by 50 percent in next ten year, reaching £419,000 on average across the UK by 2025, according to the Housing 2025 report by Association of Residential Letting Agents (ARLA) and National Association of Estate Agents (NAEA).

The report predicts rents will rise more than 25 percent over the next ten years and it is expected to reach acerage of £134 per week across the UK by 2025.

In London, the average property price is expected to reach £931,000 in next 10 years up from currwent price around £515,000 as housing supply shortages continue to push up prices.

Mark Hayward, managing director of the NAEA, said: “House prices are only going to go one way, and unfortunately that is up. For so many already priced out of the market, this is news aspiring house buyers will not want to hear.

“Ongoing house price inflation, combined with low wage inflation, tighter lending restrictions and a shortage of affordable housing, means owning a home will continue to be distant dream for many.

“Increased rental costs will also make it more difficult for current renters to save for a house deposit; as much of their income will be eaten up in rent.”

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