News
Property price prediction (North v South)
North 1 South 0
Homeowners in Chester and surrounding areas have sometimes been guilty of looking at the house price surge in London with some envy. However, it seems things are about to change.
The north-south divide in house prices will narrow in the next five years as property values in northern England rise by a fifth, a report suggests.
A firm of nationwide estate agent have predicted that British house prices will rise in line with average incomes from 2019 to 2024.
But house price growth will range from 21.6% in the North West of England to 4.5% in London.
Scotland and Wales will see property values rise by nearly 20% over the same period, the report predicts.
The report indicates that house prices in these areas were recovering more slowly from the financial crisis than London.
Five-year forecasts must of course be treated with caution, particularly in the housing market, owing to the variety of events that can affect the UK economy and the sector, down to a local level.
The report’s predictions suggest that, across Britain, house prices will increase by 14.8% over the five years from 2019. That would add about £32,000 to the average property value, taking it to £248,086. It is claimed that the slowest rise will be in London, where prices are still the highest and have increased by 72% over the past 10 years.
The South East and East of England will both see prices rise by 9.3%, it predicts. At the other end of the scale, there will be significant price rises in the North West of England, Yorkshire and the Humber (20.5%), the East Midlands, West Midlands and Wales (all 19.3%), Scotland (18.2%) and the North East of England (17.6%).
So if the report is correct it seems like we in Chester are set fair to be leading the way in house price increases over the next few years.
Even though we are getting closer to Christmas we are still seeing plenty of activity in the market and are confident that next year will prove to be a good one at Changing Home.
If you are thinking about a move or just want an indication of the value of your home do call us. We would be delighted to come out and meet you to provide you with a full appraisal. It is of course free and without any obligation.
