British home prices set to soar by 23.4% in five years
- British home prices are projected to rise by 23.4% over the next five years.
- Northern England is expected to experience the strongest price growth, with increases of up to 29%.
- Improved market conditions suggest a favorable landscape for international investors and continued growth.
According to recent forecasts from Savills, British home prices are projected to rise significantly over the next five years, with an expected increase of 23.4%. This forecast estimates that the average property value will grow by £84,000 ($109,401), commencing with a 4% rise in the upcoming year. The strongest growth is anticipated in Northern England, particularly in the North West and North East regions, where increases of 28% to 29% could occur. London's housing market may experience some positive shifts due to the return of workers to major employment hubs, even as it faces affordability challenges. The UK housing market's outlook is improving, driven by factors such as political stability, Bank of England interest rate cuts, and government commitment to addressing housing supply issues.