We’ve released our 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.
You can see the full map of England, Scotland and Wales here, or you can download the London map below.
UK property values between 2000 and 2015 increased by 84%. We’ve applied the same increase across each borough of the capital, to show what the London property landscape could look like in 15 years’ time.
If the London market continues to grow at the same pace, the average London house price could surpass £1m by 2030.
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!
What’s more, 14 of the capital’s 32 boroughs will have an average house price over £1m, with only Croydon, Bexley and Newham, along with Barking and Dagenham, offering an average house price below £600,000.
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.
Getting on the London ladder is already out of reach for the majority and the picture painted by this research gives little hope for those aspiring to do so in the future. London will always drive the UK market in terms of value and so an increase in prices is inevitable.
However, when you consider that in 15 years the price of property could almost double, it makes for a worrying outlook for the majority. This research highlights that the current mix of high demand, easily obtained credit and low supply are a volatile mix to be fuelling the UK and London markets with and what the outcome could be if it continues.Russell Quirk