Sunday, May 22, 2022
NewsEnglish house prices set to rocket by over 30% by 2031

English house prices set to rocket by over 30% by 2031

The average age of first time buyers is rising again over the next decade and so are house prices, forecasting from comparethemarket.com shows.

For London, the median age of buyers is predicted to hit 37 by 2031, up from 35 in 2021.

House prices are rising across England - UK News
House prices are at an all time high across England Image by Nattanan Kanchanaprat from Pixabay

Alongside this, house prices are anticipated to jump up by a whopping 33% in Greater London, to an average of £619,568.

For the rest of England, the typical buyer will be just under 35, up from 33 at present, yet property prices are still rocketing by 30% across the country to a new average cost of £323,718.

The average age of first time buyers is rising again over the next decade, predicted to hit 37 for London by 2031.

House prices are at an all-time high, with increases expected to continue well beyond 2031.

Projections as far as 2040 predict house prices swelling by 63% from their current levels in London, or 58% for the rest of England.

Chris King, head of home insurance at comparethemarket.com said: “Despite house prices seeing an all-time high and the average age of first-time buyers set to increase over the next ten years, it’s interesting to see that buying habits have remained similar.

“For those who are yet to buy but are planning on doing so in the future, it’s important that you take out the correct insurance policies, ensuring that both your home and contents are covered ready for when you move in, should the worst happen.”

A comparethemarket.com poll of homeowners who had bought their property in the past ten years revealed that the majority, standing at 47%, purchased with a partner.

Those who had purchased most recently or were planning to, valued the size of the house, with 63% agreeing it was the most important consideration.

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