NORTHERN HOUSE PRICES OUTPACE LONDON
The latest forecasts show the first reverse of pricing trends since the 1980s, when London house prices began rapidly outpacing almost all other regions in the UK.
House prices in northern England, the Midlands, Wales and Scotland are predicted to outpace London over the next five years. Regional house prices are forecast for strong growth, with Savills estimating the north-west will lead the rise with an increase of 21.6% over the next five years. Above average growth is also expected in Yorkshire & Humberside at 20.5% and the Midlands and Wales at 19.3%. By comparison London’s prices are predicted to rise by just 4.5%.
Our good friend Lucien Cook at Savills says that “prices in the north are set to rise by 20% tipping the balance firmly in favour of the northern part of the country. London, in contrast, will probably suffer at least five years of stagnation thanks to likely interest rate rises and affordability issues”.
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