According to a new report produced by the Centre for Economics and Business Research, property prices across the UK are set to rise by 50% over the next decade.
The leap is believed to be due to a shortage of housing, which is pushing prices up. The report was produced for the Association of Residential Letting Agents and the National Association of Estate Agents. Figures in the report suggest that the average property price in the UK would be £419,000, while the average cost in London will increase to £931,000. The average house price in the UK currently is £280,000, while the average in London is £515,000.
The average property price will vary across the UK, with the most expensive outside the Capital being in the south east at £646,086. The lowest average price will be in Northern Ireland, where properties could increase to £187,000.
According to the managing director of the National Association of Estate Agents, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Hayward, the house prices will continue to increase, which is bad news for many potential house buyers, especially those who are already struggling to get onto the property ladder.
During the next 10 years, mortgage advisers will be working hard to follow the market trends and gather knowledge of any discount schemes or help to buy schemes available. To ensure that knowledge is up to date, advisers will take CeMAP courses in London and other major cities which are affected by the house price increase.
The government has pledged to increase housing supply, although this will take time to come to fruition.
