UK house prices are expected to rise by 30% over the next 10 years
House prices in the UK are expected to rise by 30% over the next 10 years, delaying the age of first-time buyers by nearly two years.
As house prices rise, the average age of first-time buyers is expected to reach 37 in London and almost 35 in the rest of England by 2031, according to new research by Comparethemarket.com .
– Advertisement –
Over the next 10 years, average house prices are expected to rise by 30% to £323,718, and in Greater London by 33% to £619,568.
Analyzing ONS data from 1992 to 2020 along with a predictive model, house prices are predicted to increase by:
Greater London UK2021 £465,5492021 £248,4962022 £480,9512022 £256,0182023 £496,3532023 £263,5402024 £511,7552024 £271,0622025 £527,1572025 £278,5842026 £542,5592026 £286,1072027 £557 ,9612027 £293,6292028 £573,3632028 £301,1512029 £588,7652029 £308,6732030 £604,1672030 £316,1952031 £619,5682031 £323,718
By 2031, house prices across Greater London are expected to rise by a third, while the rest of the UK is expected to rise by just 30%.
Beyond 2030, the UK property market is expected to see a gradual increase in house prices until 2040.
comparethemarket.com also analyzed the age of first-time buyers in the UK going back to 2006 to reveal how this will increase over the next 10 years.
Region20212022202320242025202620272028202920302031London35.035.235.435.635.836. 036.236.436.636.837.0Remaining England33.133.233.433.633.733.934.134.234.434.634.7
Today, the average age of a first-time buyer is 35, but in 10 years’ time they will have to wait an average of two more years to make a purchase.
Commenting on the findings, Chris King, head of home insurance at comparethemarket.com, said: We see that purchasing habits also remain similar. ”
For those who haven’t bought yet, but are planning on buying in the future, it’s a good idea to have proper insurance in case the worst happens, to ensure that both your home and your belongings are insured for when you move in. It is important to make sure that ”
