Barclays Bank’s forecast for property values estimates that the average price of in the UK will increase by 6.1% by 2021, fuelled in part by greater activity among buy-to-let investors and high net worth individuals.
It predicts that property hotspots in the north of England will fuel growth thanks to expanded employment opportunities bought in with the Northern Powerhouse plan, but it ultimately expects to see price growth in London lead the way.
Barclays predicts that the average property price in London will rise by 11.88% by 2021, followed by the East of England with growth of 9.38%, the South East up by 8.74%, the East Midlands up 6.67%, while Scotland and the West Midlands are both estimated to see values jump by 5.88%.
The study suggests that younger investors will be a key driver in the growth of the UK housing market over the next three to five years, with the millennial investors surveyed having 41% of their investment portfolio tied up in property, compared to 23% among those aged over 55.
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