How much will your house be worth in five years? Savills reveals house price forecast

Things are looking up...
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  • Brexit might be causing some uncertainty, but the house price forecast for the next five years doesn’t look too bleak.

    In fact, estate agents Savills has predicted the average price of a home in Britain will rise by £35,000 over the next five years.

    Related: Halifax figures reveal UK House price growth at slowest rate in six years

    The estate agents house price forecast suggests the value of a home should rise by 15.3 per cent by the end of 2024 – despite the uncertainty of Brexit. However, not all parts of the UK will see the same bump in house prices.

    Houseprice forecast 1

    Image credit: Colin Poole

    Prices in the North West are forecast to rise by the most, at 24 per cent. Closely followed by Yorkshire and the Humber, having the largest predicted house price rise at 21.6 per cent.

    Scotland came in third place with price growth expected to be around 19.9 per cent.

    In contrast, the house price forecast for Greater London doesn’t look so positive. House prices are predicted to rise by only 4 per cent.

    See below to find out how much house prices are expected to rise near you over the next five years:

    Savills house price forecast 2019

    2019 House price 2024 House price Total 5 year growth
    North West 169,000 210,000 24%
    Yorkshire & The Humber 165,000 200,000 21.6%
    Scotland 151,000 180,000 19.9%
    North East 131,000 157,000 19.9%
    West Midlands 205,000 242,000 18.2%
    East Midlands 194,000 229,000 18.2%
    Wales 165,000 195,000 18.1%
    South West 256,000 289,000 13.1%
    South East 321,000 357,000 10.9%
    East 291,000 323,000 10.9%
    London 462,000 480,000 4%

    Savills house price forecast is based on the assumption that the pre-Christmas election will not end in a significant shift in policies. And Britain will have an ‘orderly exit’ from the EU next year.

    House price forecast

    Image credit: Colin Poole

    In the short-term, Savills predicts Brexit and the election will act as a ‘drag on the market’. However, it should bounce back in the long-term, as prices continue to rise largely in line with incomes.

    ‘We anticipate a continuation of trends seen historically. Where London and the South East underperform markets in the Midlands and North,’ Lucian Cook, Savills’ head of residential research told the MailOnline.

    house price forecast

    Image credit: Colin Poole

    ‘This stage of the cycle appears to have begun in 2016, coinciding with the referendum, when London hit up against the limits of affordability,’ Lucian Cook adds.

    Related: We reveal postcodes MOST likely to see house prices drop in the coming months

    ‘Markets further from the capital, such as Leeds, Liverpool, and Sheffield, were much slower to recover post-financial crisis. And have a much greater capacity for house price growth relative to incomes, even as interest rates rise.’

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