5-year forecast price of the UK property market from Savills

The Outlook on the housing market in the UK from the largest real estate company Savills presented recently. According to the forecast, growth in housing prices in 2015 will average 2%, and by 2019, prices will account for 19.3 %.

Prices for residential property in London will outperform the residential property prices the rest of the UK because London is, in the opinion of the majority of the specialists are overrated. Only this year, despite the fact that rates will not rise for the remainder of the year, the growth in property prices in London will be 15% . But, it is necessary to take into account the differentiation in property prices in London by area and by type of property. Some areas of London are gaining the potential due to the low prices and good infrastructure of the area in the future.

Five-year forecast for average growth in property prices in London – only 10.4 %, which is much smaller than in the whole country. This is not surprising , because the average price of residential property in London today is 3 times higher than the average property price in England. There will be only a leveling of the market and the redistribution of investor funds in favor of the regions of England, Wales and Scotland.

South-East England will also be ahead of the rest of the UK, rising prices and , according to the Savills forecast, and prices will reach 26.4 percent by 2019.

In the short term, in 2015, the highest growth in property prices is expected in Scotland – approximately at 3.5% for 2015 . Then, according to experts Savills, the rise of housing prices in Scotland will slow down and will be approximately 2.5% – 3% per year over the next 4 years. Presumably, the increase in property prices in Scotland will amount to 17.6 % r 2019 year.

The biggest price increase is expected in the East of England – a rather modest price growth in 2015 at 3 % and more dynamic price growth over the next four years – approximately 5 % each year. As a result, by the end of 2019 the price growth in the South East of England could reach 25.2 percent .

Over the next 5 years will increase significantly the private sector rental housing. 1, 2 million more homeowners will give their property for rent with all the benefits that can derive investors and politicians.

The inevitable consequence of rising prices for residential property in England and the tightening of the procedure for obtaining a mortgage will be that many Britons will not be able to become owners and will join the ranks of tenants.

® Maxim Savitsky 10.11.2014 g

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