Office for Budget Responsibility, Savills and Knight Frank forecast growth into 2024

by Property118.com News Team

9:22 AM, 27th October 2020
About 4 weeks ago

Office for Budget Responsibility, Savills and Knight Frank forecast growth into 2024

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Office for Budget Responsibility, Savills and Knight Frank forecast growth into 2024

A recent market forecast by a wealth of industry experts, including the OBR (Office for Budget Responsibility), Savills, and Knight Frank, concluded that house price growth should increase by a further 14.5% across the UK by 2024. With a current average house price of £233,512, this 14.5% uplift would see a further £33,877 added to UK property.

The North West and Yorkshire and the Humber are due to see the largest percentage uplifts in house price at 14.9% and 14% respectively. This equates to a house price increase of £24,833 by 2024 in the North West and £23,213 across Yorkshire and the Humber.

At 9.1%, London is expected to see the lowest rate of property price growth by 2024. However, with the average house price in the region currently at £479,609, the capital’s homeowners will enjoy the largest monetary increase in values with a jump of £43,644.

The South East will also see one of the biggest monetary increases up £40,178 from £324,014 today.

While the North East is expected to see a healthy uplift of 13.5% in property values over the next four years, homeowners will see the smallest actual uplift in values. The current average house price in the region sits at £128,485, meaning a 13.5% increase will add £17,345; boosting property prices to £145,831.

Founder and CEO of GetAgent.co.uk, Colby Short, commented:  “The property market is booming at present, however, the huge rates of growth currently being seen are likely to subside over the coming months. Particularly as we approach the stamp duty holiday deadline.

“That said, the long-term view of the market is good and the general consensus is that a more subdued but stable rate of growth should prevail.

“While this will result in a slower rate of house price growth to what we’re seeing currently, it should ensure positive movement across the UK market, with house prices increasing substantially regardless of where you live.”

  • GetAgent pulls data from all of the major portals which are then cross-referenced with the Land Registry using their proprietary algorithms and input from partner agents.
  • GetAgent is the UK wide whole of market estate agency comparison website. Analysing performance through data to inform home sellers of the best agents.

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