According to RightMove and Oxford Economics average house prices in England and Wales are set to rise by 30% in the next 5 years. It states that London prices are set to rise by 33%, but the South East is set to rise by 39% by 2019! Despite being the slowest riser, the North West will still increase by 24%.

rightmove

According to RightMove and Oxford Economics average house prices in England and Wales are set to rise by 30% in the next 5 years.

It states that London prices are set to rise by 33%, but the South East is set to rise by 39% by 2019! Despite being the slowest riser, the North West will still increase by 24%.

This forecast comes from a new collaboration by RightMove and Oxford Economics, who are a leading economics forecaster.

The majority of fastest performing areas are all within easy commutable reach of London.

The forecast uses hundreds of items of economic data to forecast growth, economic performance and the resulting house price inflation.  The forecast compares and contrasts the fortunes of neighbouring areas, and takes into account the effect of strong house price growth in one location spilling over into adjoining areas.

 

Miles Shipside, Rightmove director and housing market analyst comments:

Alongside the publication of the Rightmove monthly House Price Index which is based on new seller asking prices, we have unique access to other sources of property data from surveyors and property transaction prices at a very local level. This has enabled us to work with Oxford Economics to create a unique forecast that can be used as a guide by a number of businesses.

“Understanding the path of future house price growth is a key element of UK economic strategy and decision making, and our data driven forecasts contain insight not previously available from other commentators or the Government’s own forecasts produced by the Office for Budget Responsibility.”