The decision to leave the European Union led to some decline in the prices of property in the UK, but even if prices rise in the coming years will be quite small, it is expected that in the next 10 years property prices in the UK will grow by 50%.
This conclusion was made by the Agency eMoov, based on the data that now the average price growth for residential property in the UK is 0.37 percent per month. This means that in 10 years the price of real estate will grow by 56% and will cost £347757 pounds. For their calculations they used data obtained from the Land registry of the United Kingdom and designed the price increase until 2027, thus assuming that the growth rate of prices will be the same.
Property in London will see the lowest growth of prices in percentage. And while London remains the most expensive city in the UK in the next 10 years the prices of houses and apartments in London will grow at the lowest rate. This, however, does not exclude the explosive growth of home prices in parts of London.
The strong growth data has shown Nottingham. The pace of growth, as it is now – 0.8% per month, property prices in Nottingham can grow 160% in 10 years and to jump from the current £133315 to £346592 in 2027.
Glasgow – the second city, the pace of growth of prices for real estate in the UK. Over the past year, property prices in Glasgow have grown by 0.7% in the month and if the same growth rate continued, by 2027 the average price of a house or flat in Glasgow would have reached £285427, which corresponds to a 131% growth.
In third place for growth – Oxford and Cardiff. In both cities, property prices have grown over the past year by 0.64% per month. Average price in Oxford eventually reached £413240, and by 2027, if these growth rates continue, it may reach a value of £888542, which corresponds to 115%. In Cardiff at the given growth rate to 2027 could reach £427799.
Another growing city – Edinburgh. Here are average real estate prices can reach £506627 by 2027.
In connection with the Brexit, many analysts are predicting a fall in the market of real estate of great Britain. Of course, these figures should not be taken literally. The growth rate of prices can vary in different cities. However, the researchers told the basic idea – the market in UK property has good prospects and will continue to be attractive to investors from around the world.
® Maxim Savitsky G. 01.09.2017
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