Average
house prices in England and Wales will rise by 30.2 per cent in the
next five years and the fastest growth will be seen towns and cities in
the South East, it has been claimed.
A
study by property website Rightmove and experts at Oxford Economics
predicts house values will soar 37.3 per cent in the South East by 2019.
This compares to 32.5 per cent in London and 24.3 per cent in the North
West, where it says values will rise at the slowest pace.
The
majority of fastest performing areas are all within easy commuting
distance of London. Southampton, Hampshire, will see the largest growth
of 43 per cent.
Boom spot: Southampton will see house prices rise the fastest in next five years, Rightmove predicts
According
to the latest Land Registry statistics for August, the average home in
Hampshire is £225,164. A 43 per cent rise would add just shy of £100,000
to the value.
Luton
and Brighton will both see a 41 per cent rise according to the data.
This would add roughly £56,000 to the average home in the Bedfordshire
town of Luton and £107,000 to the average home in the trendy seaside
city of Brighton.
Rightmove
predicts the home counties and outer boroughs will benefit from the
ripple effect of a year of strongly rising prices in London, alongside
the brighter economic picture, as many look to sell up and move out of
the capital.
Prices
in London are forecast to rise at a slower rate than the South East and
East Anglia with prime central London having a period of much slower
growth after the frenetic increases of 2014.
West
London is predicted to be caught in the prime London slowdown with a
modest rise of 14 per cent – the lowest in England and Wales - bringing
its potential for future growth in line with northern cities of
Carlisle, with 17 per cent growth and Manchester at 19 per cent.
Miles
Shipside, Rightmove director and housing market analyst, said:
'Alongside the publication of the Rightmove monthly house price index
which is based on new seller asking prices, we have unique access to
other sources of property data from surveyors and property transaction
prices at a very local level.
'Understanding
the path of future house price growth is a key element of UK economic
strategy and decision making, and our data driven forecasts contain
insight not previously available from other commentators or the
Government's own forecasts produced by the Office for Budget
Responsibility.'
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