18th May 2016
A new study has revealed that the average London home will cost more than £1m by 2030, as an ever increasing population and severe housing shortage continue to push up prices.
The office of the mayor of London is predicting that the capital’s population will increase to 10m, from around 8.5m today by 2030 with, the average price of a home in the capital predicted to rise to more than £1m.
Kensington and Chelsea is expected to remain the most expensive borough for property prices, with the average price of a home in the area set to cost £3.4m, up from £1.9m today. At the other end of the spectrum, Barking and Dagenham currently offers the lowest average house price in London, but by 2030 a home in the borough is set to cost you more than £450,000, compared to £246,000 today.
By 2030, the average price of a home in England could be as much as £457,433. Based on existing market values, the only areas of England that will offer an average house price under £280,000 in 2030 are Merseyside, East Riding of Yorkshire and Durham.
In 2030, the average house price in Wales should be £307,712, some £150,000 cheaper than England. The projected average house price for Scotland in 2030 is the cheapest of the three at £297,222, with gains set to be led by Edinburgh. The Scottish capital will still be home to the highest property prices, at an average of £432,468. Aberdeenshire will be the only other Scottish location to break the £400,000 mark.
For more information about what is happening in the property market and what we expect to happen in the coming months, why not come along to one of our Property Investment Seminars. The upcoming dates can be found on our Events page. Alternatively, give one of our advisers a call on 01342 840 050 to discuss your property queries or to organise a one to one consultation.