By 2030 The report suggests that the average property price in the UK could double, surpassing the half a million pound mark. Currently less than half a million homes in the UK are valued at £1 million or more, says the research done in partnership with economist and London School of Economics professor of economic geography Paul Cheshire. Overall, the average UK property price, which currently stands at £283,565 is expected to increase 23% by 2020 to £349,3000. Fifteen years from now in 2030, the average UK property price will have almost doubled with a 97% increase, surpassing the half a million pound mark at £557,444.
At present in the UK, the average property price is 7.9 times the average income, but by 2030, this is expected to hit 9.7. Again, this trend is elevated in London, where prices are currently 11.5 times incomes and predicted to rise to a staggering 16.5 by 2030. Property price inflation is beneficial for existing owners who will see their net-wealth increase, but entering the market becomes harder for new buyers, further highlighting the importance of the right timing and financial planning.
Source: Property Wire
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