House prices in the UK are expected to rise by 17% in the next 10 years, according to data collected by Good Move.
The firm looked to the rise in property prices over the last 40 years to predict future prices.
According to data from the government website, average house prices in the UK rose from £19,273 in 1980 to £239,927 in 2020, representing a 1145% increase.
Looking to 2030, the data shows that average property prices are predicted to reach £279,641.
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Furthermore, Good Move expects average house prices to reach £392,301 in 2050.
Nima Ghasri, director at Good Move, said: “This year, house prices in the UK have increased at an unprecedented rate, increasing by 26% compared to 2015 and 7% compared to 2019.
“House prices have been a huge talking point in the industry this past year, and we wanted to see what we could come to expect if they continue to rise at the same rate as they have since 1980. That’s why we conducted this research.
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“If our predictions are correct, we can expect house prices to soar in the future, nearly reaching an eyewatering £400,000 by 2025.
“However, many things impact house prices, and nobody can predict for certain what the economy and property market might look like in the future, so this doesn’t mean that our predictions are correct.
“Still, it’s interesting to see what we could expect in the UK if house prices follow in the footsteps of the past.”
By Jake Carter
Source: Mortgage Introducer
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