New research released by online estate agent Emoov, into the future of the UK property market shows what the average house price across England, Scotland and Wales could look like by 2030.
They looked at the increase in UK property values between 2000 and 2015 and found property prices had increased by 84% during this 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.
The research predicts that 14 of the capital’s 32 boroughs will have an average house price over £1m, to buy a home in Tower Hamlets you will need to fork out nearly £900k.
The cheapest boroughs will be Croydon, Bexley and Newham, along with Barking and Dagenham, with an average house price below £600,000.
The average property in Barking and Dagenham will cost you over £450,000, compared to £246,000 today.
Russell Quirk, eMoov CEO, said: “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.