If prices continue to raise at this rate it will be almost impossible for our children to get on to the property ladder! The next generation will all be renting their homes.
Currently 300,000 of London’s homes worth over £1m, between 5 and 10% of total stock, but with house prices rising consistently this is set to triple by 2030. If the predicted trajectory is correct, then within 15 years, some 70% of the houses in Westminster and Kensington and Chelsea will be worth more than £1 million and there will only be one county in the UK with no properties worth £1 million or more by 2030 – Torfaen is south-east Wales. Wales will join Northern Ireland in being the most affordable areas in the UK, while London and the south-east of England will be the most expensive. By that time, the average property price across the UK is expected to breach the £500,000 mark, going up from £283,565, where it is now, to £557,444, according to the study.