It has been forecasted that prices in residential property are going to be on the rise. It is predicted that the UK housing market prices are set to rise by an average of 20.4% by 2024 this is based on the uncertainty of Covid-19 on the economy.
Property prices on average are expected to rise by 4% this year then stabilising in 2021.
In the UK home price growth is shown to rise again in 2022 by 4%, with a fast increase to 6.5% by 2023.
In 2024, house prices are will rise again but at a slower rate of 4.5%.
In the North West research shows there will be a faster rise compared to other regions, with Scotland, Yorkshire and Humber following suit.
London is also predicted to see a growth over the next few years, with prices increasing by 12.7% between now and 2024.
In the next four years outer London and the suburbs would see and rise in prices by 10.3% and 13.6%. Whilst more popular properties in central London are expected to increase by 15.7%.
These current times can bring uncertainty, not sure if selling is right for you? Our team can help you decide on the best approach to selling your property.
If you are considering a sale or are already on the market yet remain unsold, please contact S J Smith Estate Agents here – we’d love to discuss your options.