UK house prices set to rise by almost 15% in 5 years, led by the North, Wales and Scotland
UK house prices are set to rise broadly in line with incomes over the next five years, but the traditional North/South divide will turn on its head, according to new outlook forecasts.
While overall prices are predicted to rise by 14.8% in the UK from 2019 to 2023, the Midlands, the North and Scotland are expected to see the strongest increases, according to the analysis from international real estate adviser Savills.
But Brexit will continue to impact sentiment over the short term, particularly in London and its commuter belt, but local market affordability is expected to determine the pattern of price growth over the longer term, the firm says.
The forecast also suggests that the range of growth could be from 21.6% in the North West to single digit growth in London and the South, But values in the capital’s prime market will perform much more strongly, given price adjustments already seen in those market since 2014, the firm says.