Rightmove Expects House Price Rise

Rightmove Expects House Price Rise

Rightmove and Oxford Economics are forecasting that average house prices in England and Wales are set to increase 30% in the next 5 years. London prices are set to rise 33% within 5 years, however the biggest rise will be seen in the South East with an increase of 37%.

The slowest rise is expected to be seen in the North West, but house prices are still expected to rise 24%.

The data from the forecast is based on property and economic data rather than short term factors. It takes into account prices of properties already sold, valuations of current properties and data from Oxford Economics forecasting models.

The best performing areas were those within commuting distance from London, such as Southampton estimated 43% rise and Luton estimated 41% rise.

This news has come in the same week that the Centre for Economics and Business Research predicted house prices would see a slowdown over the next 12 months, some drops in prices have already been seen. Expected interest rises next year by the Bank of England are predicted to put off buyers in the short term.