UK house prices to jump by £30k over next four years

UK house prices are predicted to jump by £30,000 over the next four years, according to new analysis from GetAgent.

Research by the estate agent comparison site highlighted which UK regions are predicted to benefit from the greatest increases in house price by 2024.

A recent market forecast by industry experts – including the Office for Budget Responsibility (OBR), Savills, and Knight Frank – concluded that house price growth should increase by 14.5% across the UK by 2024.

With a current UK average house price of £233,512, GetAgent stated that the 14.5% uplift would see a further £33,877 added to the property price of current UK homeowners.

The research revealed that the North West and Yorkshire and the Humber are due to see the largest percentage uplifts in house price at 14.9% and 14% respectively. This would equate to a house price increase of £24,833 by 2024 in the North West and £23,213 across Yorkshire and the Humber.

At 9.1%, London is expected to see the lowest rate of property price growth by 2024. However, GetAgent stated that with the average house price in the region currently at £479,609, the capital’s homeowners will enjoy the largest monetary increase in values with a jump of £43,644.

The South East will also see one of the biggest monetary increases, up £40,178 from its current £324,014.

GetAgent founder and CEO, Colby Short, commented: “The property market is booming at present, however, the huge rates of growth currently being seen are likely to subside over the coming months. Particularly as we approach the stamp duty holiday deadline.

“That said, the long-term view of the market is good and the general consensus is that a more subdued but stable rate of growth should prevail.

“While this will result in a slower rate of house price growth to what we’re seeing currently, it should ensure positive movement across the UK market, with house prices increasing substantially regardless of where you live.”

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