Average UK house prices to jump by 'more than £30,000' by 2024
10-27-2020
The average UK house price of £233,512 is projected to increase by 14.5% over the next four years.
Average UK house prices could see an average bump of £33,887 ($44,114) by 2024, with Yorkshire and the Humber due the largest percentage point increase.
The average UK house price of £233,512 is projected to increase by 14.5% over the next four years, according to research by estate agent comparison site GetAgent.co.uk and market forecasts by industry experts, including the OBR (Office for Budget Responsibility), Savills, and Knight Frank.
The North West and Yorkshire and the Humber are due to outpace the rest of the UK, seeing the largest percentage uplifts in house price at 14.9% and 14% respectively. This would equate to a house price increase of £24,833 by 2024 in the North West and £23,213 across Yorkshire and the Humber.
At 9.1%, London is expected to see the lowest rate of property price growth by 2024. However, with the average house price in the region currently at £479,609, the capital’s homeowners will enjoy the largest monetary increase in values with a jump of £43,644.
The South East will also see one of the biggest monetary increases up £40,178 from £324,014 today.
While the North East is expected to see a healthy uplift of 13.5% in property values over the next four years, homeowners will see the smallest actual uplift in values. The current average house price in the region sits at £128,485, meaning a 13.5% increase will add £17,345; boosting property prices to £145,831.
Colby Short, founder and CEO of GetAgent.co.uk, said: “The property market is booming at present, however, the huge rates of growth currently being seen are likely to subside over the coming months. Particularly as we approach the stamp duty holiday deadline.
“That said, the long-term view of the market is good and the general consensus is that a more subdued but stable rate of growth should prevail.
“While this will result in a slower rate of house price growth to what we’re seeing currently, it should ensure positive movement across the UK market, with house prices increasing substantially regardless of where you live.”
The projection comes alongside recent reports that, over the past few months, Yorkshire has seen the biggest uplift in property prices in the UK.
Amid COVID-19 lockdowns and widespread calls to work from home if you can, many are reevaluating their living space, opting for parts of the country close to green areas, and properties with outside space.
The average asking price for a two-bed flat in Yorkshire rose by 10% to £153,354 in the week beginning 28 September from £139,404 in the week starting 18 May, according to new figures from property consultancy Knight Frank and data from OnTheMarket.
Asking prices for two-bedroom flats in London fell by 4% over the same period, and was the only area where prices have fallen.