5 year forecast for house prices in the East of England
Over the past few years, the rate at which property prices have being going up has fallen. Although the majority of houses are still increasing in value year on year, prices aren’t going up nearly as fast as they were in 2015.
As a result, a lot of experts have been keeping a careful eye on the property market in an attempt to predict what will happen over the next few years. Understanding what the results of this analysis mean could help you to put your home on the market at just the right moment.
According to recent research, the average cost of a property in the UK is going to rise by around 14.2% between 2018 and 2022. However, the picture varies considerably across the country. In London, where properties are already well above average, prices are expected to go up by just 13.1% in the next five years. The North West of England on the other hand is going to see rapid growth, with experts forecasting an average increase of 16.4% in the next five years.
The East of England is also predicted to perform well over the next five years. According the research, prices in the region are likely to go up by 15.9% by 2022. This growth is largely being driven by rising demand with more and more people moving to the region from other parts of the UK.
Factors impacting the housing market
At the moment, one of the main factors impacting the housing market is Brexit. Ongoing uncertainty about the UK’s exit from the EU is influencing the housing market across the country. If this uncertainty continues, or if Britain gets a bad deal from the EU in March 2019, the impact on the country’s housing market could be even more severe.
Supply and demand also has a big influence on house prices in the UK. In areas where demand outstrips supply, prices are likely to continue to rise. However in areas where there are more houses on the market than there are buyers, prices can quickly begin to drop.
In most parts of the UK, demand for houses remains strong. However, with many people waiting to see how Brexit will affect the economy, the next few months could be crucial to the housing market. Even in parts of the UK where house prices are still relatively low, affordability is an increasingly important issue. Many people now simply can’t afford to get on the property ladder, or move up a rung once they’ve secured their first home.
If you live in the East of England, or are thinking about moving to the region, we can help you find the perfect property. Get in touch or drop into one of our local branches to find out more.