2020 Vision: The Proactive Agents Forecast For The UK Property Market
The start of a new decade is an ideal time to look back at the housing market over the past 10 years!
With most regions seeing nearly a double digit growth in the past 10 years, independent forecasts predict that house prices will rise by 15.9% in the next five years across the UK.
A £335,000 semi detached home could see a purchase price increase of £37,500 or more!
2020: Ten Years In The Housing Market
- In England and Wales, the average price of a property has risen by £72,000 over the past decade. Across the South East, South West and London, average property prices have increased by over £100,000. All but one region have seen double digit house price growth.
- Official figures indicate 30% of dwellings are now rented privately from registered providers or with a job or business. This equates to an extra 1.3 million dwellings compared to a decade ago.
- Changing demographics and family structures have seen the number of households rise at a higher rate than the population since 2010, a trend that looks set to continue. What will the next decade hold? Only time will tell.
Regional Property Price Growth Forecasts
- An average of independent forecasts predicts the average price of a property will rise by 1.8% over 2020 and 15.9%, cumulatively, over the next five years, an increase in purchase price of just over £37,000.
- With predicted growth of 2%, Scotland and the North West are anticipated to experience the fastest rate of price growth over 2020.
- Over the next five years all regions of the UK are anticipated to witness double digit price growth, the North West and Yorkshire and the Humber leading the pack.
- Despite predictions that cumulative growth across the capital will be below that of other regions, the average price of a property across London looks set to rise by over £50,000 over the next four years.
Spotlight on Abingdon & The Villages
Use this table to estimate how much your property’s value will increase in 2020 and in 5 years! Or easier still you can use our handy tool to give you a valuation in an instant.