UK house prices to boom over next five years
UK house prices could grow more than 21% over the next five years, according to a forecast released in the UK Tuesday by the property group Savills. Prices in London are predicted to grow by 12.6% across the five-year period, taking the average to £547,868. With inflation rates believed to stay at around the Bank of England’s target rate of approximately 2% and interest rates on savings likely to remain very low for the foreseeable future, property remains a potential good place for your Investment Pound.
Areas far outside London are set to see the highest five-year growth, Savills predicted. For example, prices in the West Midlands could rise as much as 24%, while those in North East are expected to be up by 20.5%. London and the South East have historically seen the most buoyant property prices as these areas have in recent years but they are still set to beat inflation and to remain a sound investment.
Savills upgraded its UK house price forecasts for this year to a growth of four per cent, compared to its previous expectation that property values would remain flat in 2021. As has happened so many times in the past, the Capitol has led the way and then the increases radiate across the country.
This is an excellent moment to potentially make returns on your property investment with 21.1% price growth predicted by 2025 across the UK! The stamp duty holiday extension into September is likely to fuel continuing upward pressure on house prices and when the COVID lockdown ends in June, it is thought the economy will stabilise.
Read more on Savills website.
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