New research into the future of the UK property market has mapped out what the average house price could be by 2030.
Researchers looked at the increase in values between the year 2000 and 2015. House prices increased by 84 per cent during that time.
They then applied the same increase across each area of England, Scotland and Wales to project how much the average property could set you back in just 15 years’ time.
Figures point to Yorkshire house prices racing ahead of salaries
Unsurprisingly London took the top spot in terms of the highest value, with the average capital house setting you back more than £1m in 2030.
Average house price across England could be as much as £457,433, close to the current asking price in the capital. Based on the current market, the only areas of England that will offer an average house price under £280,000 in just 15 years’ time are Merseyside (£275,074), East Riding of Yorkshire (£277,411) and Durham (£279,985).
Other than London, 12 counties across England will also be home to an average house price over £500,000. Property across Dorset, East and West Sussex, Kent, Essex, Berkshire, Surrey, Oxfordshire, Hertfordshire, Buckinghamshire, Cambridgeshire and Rutland will all command more than half a million pounds on average.
The current trend of London homeowners moving to the surrounding areas may soon become a national trend of English homeowners looking to Wales. In 2030 the average house price in Wales will hit £307,712, expensive but £150,000 cheaper than England.
In fact, just Monmouthshire (£442,141) will offer an average house price over £400,000, according to the research by online estate agents eMoov.
It’s a similar story to the north, as the projected average house price for Scotland in 2030 is the cheapest of the three at £297,222. Edinburgh is still the driving factor with the highest price of the lot at £432,468, joined by Aberdeenshire as the only other Scottish location to break the £400,000 mark.
At £200,600, North Lanarkshire offers the best value for Scottish buyers in 2030.
“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,” said Russell Quirk, founder and CEO of eMoov.