If trends continue, house prices in London could average over £2 million by 2037
Average house prices in London could rise to over 800,000 in the next decade if they continue to increase at the same rate seen over the past 10 years.
In England as a whole, house prices have increased by 29%. If this trend continued for the next 10 years, this would take the average property value to £301,864, while in London, rises of 80% would bring average property values to £866,719.
If the trend in house price rises continues over the next 20 years as it has done for the last 20 years, average property prices in England would rise to £983,826 by 2037. If the same happened for London, average property prices would rise to £2,792,783 by 2037.
According to figures from Rightmove, last year Islington properties sold for an average overall price of £752,235. This is 33% up on 2013, when the average house price was £567,600.
However, despite house price rises in Islington, across London and the south-east, in other parts of the country, such as the north-east, prices have dropped in the last 10 years. It remains to be seen whether this trend will continue, or whether prices will rise in the north-east over the next 10 years.
This outlook is good for those who own property already, especially in London, but for future first-time buyers, getting a foothold on the property ladder may become even harder.
However, price rises in London and the south-east have begun to slow, partly as a result of Brexit and stamp duty changes.
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