eMoov.co.uk, has released its latest research into the future of the UK property market, by mapping what the average house price across England, Scotland and Wales could look like by 2030, as well as breaking the capital down by each borough.
eMoov looked at the increase in UK property values between 2000 and 2015 and found property prices had increased by 84% during this time. eMoov then applied the same increase across each area of England, Scotland and Wales to project how much the average property could set you back in just 15 years’ time.
Of course, the capital took the top spot in terms of the highest value, with the average London house setting you back over £1m in 2030.
eMoov also broke London down by borough to show what values across the capital could look like 15 years from now.
If you aspire to live in the capital in 2030, the best bet for getting on the ladder is Barking and Dagenham with the lowest average house price in London. However, come 2030 the definition of affordable is somewhat different to today, as the average property in Barking and Dagenham will cost you over £450,000, compared to £246,000 today.
At just shy of £1.9m Kensington and Chelsea has long claimed the title of London’s most expensive borough for property prices. But by 2030, even the well to do may struggle to secure a property in the borough, with the average property costing £3.4m!
By 2030, the average house price across England could be as much as £457,433, close to the current asking price in the capital. Based on the current market, the only areas of England that will offer an average house price under £280,000 in just 15 years’ time are Merseyside (£275,074), East Riding of Yorkshire (£277,411) and Durham (£279,985)
Other than London, 12 counties across England will also be home to an average house price over £500,000. Property across Dorset, East and West Sussex, Kent, Essex, Berkshire, Surrey, Oxfordshire, Hertfordshire, Buckinghamshire, Cambridgeshire and Rutland will all command more than half a million pounds on averag
The current trend of London homeowners moving to the surrounding areas may soon become a national trend of English homeowners looking to Wales. In 2030 the average house price in Wales will hit £307,712, expensive but £150,000 cheaper than England. In fact, just Monmouthshire (£442,141) will offer an average house price over £400,000.
It’s a similar story to the north, as the projected average house price for Scotland in 2030 is the cheapest of the three at £297,222. Edinburgh is still the driving factor with the highest price of the lot at £432,468, joined by Aberdeenshire as the only other Scottish location to break the £400,000 mark.
At £200,600, North Lanarkshire offers the best value for Scottish buyers in 2030.
Russell Quirk, founder and CEO of eMoov.co.uk, commented: “The past 15 years have seen extreme growth in the price commanded for UK property, as well as a crash as a direct result of this inflated growth. Although this research is only a projection of what may happen by 2030, it is safe to assume that with prices continuing to spiral beyond affordability, history could well repeat itself.
Although rising prices are always good news for current homeowners, it’s extremely worrying to look at the difficulty many have in getting on the ladder at the moment, let alone with a price jump of 84% by 2030.
This map highlights just how dangerous this current artificial inflation of the market could be in the long run, it’s not just London that will become beyond the reach of the average UK homebuyer, the issue will spread the length and breadth of England, Scotland and Wales.”