Average house price predicted to be £35,000 higher in five years’ time as Brexit angst falls
THE average house price is predicted to be £35,000 higher in five years’ time as Brexit angst falls, a report says.
Savills expects the average price across Britain to lift from £231,000 in 2019 to £266,000 in 2024 — with the North out-performing the South.
Spokesman Charlie Kannreuther said: “The economic pull of Manchester continues to be a major factor in the strength of the North West property market, and we’ve seen a notable increase in interest from buyers outside the area, particularly from London and the South East.
“Wealth created through jobs in the city tends to migrate south to the outer suburbs and Cheshire villages such as Alderley Edge, Knutsford and Wilmslow.
“The popularity of west Cheshire villages such as Tarporley and Malpas also continues to rise, with increasing demand pushing up values
In Scotland and the North East of England, house prices are expected to jump by nearly a fifth.
Faisal Choudhry, Savills head of residential research in Scotland, said: “In Scotland, the key fundamentals of quality of life, good schools and economic growth in the hubs of Edinburgh and Glasgow will drive local markets, but pricing remains key and sellers will have to be pragmatic.”
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Wales will also perform strongly, with house prices expected to increase by around 18 per cent.
Daniel Rees, head of residential at Savills in Cardiff, said the Welsh property market had “undoubtedly” been helped by the Severn crossing tolls being abolished in 2018.
Home values in London are expected to increase by just four per cent by 2024.
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