House prices of the future: London will average more than £1m while properties in much of England will be worth more than £500,000
The average price of a home might feel eye-watering today – but by the standards of 2030, they'll seem positively good value.
New research claims to have estimated how much prices will go up by across Britain – and all those skinny houses and over-priced garages suddenly look like bargains in comparison.
Indeed, if prices continue to rise as they have done over the last 15 years, the average home in London will cost £1m come 2030, figures from Emoov suggest.
Within the capital there will still be some pockets of relative value – the estate agent believes Barking and Dagenham will be the cheapest part of London, with average prices of £450,000 – though that is up significantly on the current average of £246,000.
In boroughs such as Kensington & Chelsea, where average prices are £1.9m, it seems property will become even less affordable for most people. By 2030, the cost of a home in the borough will be £3.4m on average.
The map below shows how the rest of the capital will be priced
House prices in the rest of England
The research suggests that house prices in England will have reached £457,433 by 2030. In fact, the only areas of England that will offer an average house price under £280,000 in 15 years’ time are Merseyside (£275,074), East Riding (£277,411) and Durham (£279,985).
There will be 12 counties where average house prices will come in at more than £500,000: Dorset, East and West Sussex, Kent, Essex, Berkshire, Surrey, Oxfordshire, Hertfordshire, Buckinghamshire, Cambridgeshire and Rutland.
House prices in Wales
In 2030 the average house price in Wales will hit £307,712 with Monmouthshire (£442,141) the most expensive part of the country.
House prices in Scotland
Today's ONS figures showed that house prices in Scotland have actually fallen. The projected average house price for Scotland in 2030 is a relatively cheap £297,222.
Edinburgh will be the most expensive place to buy a property, with average prices set to come in at £432,468, with Aberdeenshire the only other Scottish location to break the £400,000 mark.
North Lanarkshire will be the cheapest area by 2030, with average prices of £200,600.
But will prices rise in line with the last 15 years?
There might be a slowing of house price growth in the prime and luxury market, but figures out from the ONS this morning show that average property prices are showing little sign of slowing down.
While some of that can be put down to one-offs such as the introduction of the stamp duty surcharge, experts warn that the ongoing issue of undersupply will continue to push prices up for the foreseeable future, if left untackled.
Plus, let's not forget that some parts of the housing market have suffered in the last 15 years, as the recession pushed prices down in certain areas – with others still feeling the pinch more than eight years on.
Founder and chief executive of eMoov Russell Quirk said: "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.
"Although rising prices are always good news for current homeowners, it’s extremely worrying to look at the difficulty many have in getting on the ladder at the moment, let alone with a price jump of 84 per cent by 2030."