Just mentioning the words ‘house price’ in this city is enough to make any Londoner aspiring to climb the property ladder weep with despair. Things are depressingly unaffordable right now, but what about in the next 20 years? Well, we’re sorry to break it to you, but it doesn’t look as if things are about to get any better. That’s according to the folks at estate agents eMoov, who have compiled some pretty gloomy research about what London house prices could look like in the next two decades.
After analysing data from the Land Registry, eMoov found that if prices continue to rise at the same pace they have in the last two decades, in ten years’ time the average London house price could jump up to a terrifying £866,719.
In the last 20 years, the average house price in England has increased by 320 percent and although it is unlikely prices will continue to rise at this rate, if the London market does continue to swell like this, by 2037 the average London home could cost £2,792,783. Yikes!
Estate agents eMoov point out that this increase is partly down to whether the government fails to address factors such as the shortage of affordable housing in the country. So let's hope it doesn't take Downing Street 20 years to get the message.
Image: Tony Monblat
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