Experts Savills real estate agency stated this in a report. Average residential prices are expected to rise four per cent this year and 20.4 per cent over the next five years.  Savills says that UK

housing price will increase again by four per cent in 2022 and accelerate to 6.5 per cent by 2023.  Prices in the Northwest will be the fastest to rise. Scotland, Yorkshire, and the Humber will follow.  Prices for luxury residences in central London will rise by 15.7 per cent over this period, compared with a 1 per cent fall this year. “Because of the underlying economic risks and the sheer volume of mortgage applications currently being submitted, there is evidence that lenders are seeking to focus their resources on low-risk lending. This means equity-rich buyers are driving a market which is more favourable to home movers than first-time buyers and cash as opposed to mortgaged buy-to-let investors. We expect this trend to continue over at least the next 12 months”,-Savills issued an autumn update stating. “As a clearer picture emerges, regarding the search for a vaccine, future requirements for social distancing or a second lockdown, as well as the pace and geography of the economic recovery and the government’s policy response – so the outlook for the housing market will inevitably change,” Savills said.

Naomi Atkin

Photo by Paul the Archivist, Wikimedia commons.