Britain’s property market is set to witness significant price hikes in several unexpected areas, according to estate agent Savills. The firm’s research suggests that areas like the Midlands, North of England, Scotland, and Wales are likely to experience a property boom over the next five years. Prices are forecasted to rise by 21.6% in the East Midlands, 20.5% in Wales, and 20.6% in Scotland. This contrasts with London and the South East, which have traditionally been the fastest-growing regions, but are now predicted to see slower growth of around 10.2% and 9.3% respectively.
This shift is attributed to a combination of factors including affordability issues in London and the South East, increased remote working, and the government’s regional growth agenda. The rise of remote working has made living in less central locations more feasible, and the government’s ‘levelling up’ agenda is set to invest billions in infrastructure and jobs outside of London, making these regions more attractive.
Despite this, London remains the most expensive place to buy property in the UK, with an average house price of £496,269. In comparison, the average house price in the East Midlands is just £194,749. The change in trends suggests a potential rebalancing of the property market across the UK.
Go to source article: http://www.telegraph.co.uk/finance/property/11518363/Britains-new-property-hotspots-will-see-house-price-hikes.html