House prices set to rise in the east by nearly 10 per cent in new five year forecast

PUBLISHED: 09:14 02 November 2018

Houses in Cromer. Pic: www.gettyimages.co.uk

Houses in Cromer. Pic: www.gettyimages.co.uk

Your home in the east of England could be worth on average 9.3 per cent more in 2023 - but this is not as much as areas in the north which could see values soar by over 21 per cent, a new report highlights today.

Loise de Soissons, Savills. Pic: www.edp24.co.ukLoise de Soissons, Savills. Pic: www.edp24.co.uk

House prices in the UK are predicted to rise by an average of almost 15 per cent over the next five years but by 9.3 per cent in the east of England, states a new report today.

In what looks like a north-south divide, prices are forecast to rise the least in the east, the south-east and London where homes in the capital are predicted to see the worst rise, by just 4.5 per cent over five years and a drop in value next year.

However, the research report by Savills, predicts a steady increase in house prices in the east, which includes other counties such as Cambridgeshire and Essex, starting from 2020 of between 2-2.5 per cent.

However, values are predicted to stay the same next year, with no rise or fall.

Louis de Soissons, head of residential at Savills Norwich, said in the report: “The market in Norfolk is price sensitive, especially at the top end, and those selling need to be realistic in order to achieve a successful outcome.

“The strongest market is between £400,000 and £700,000 with a bias towards urban rather than rural areas. That said, picturesque cottages and farmhouses in good locations remain sought after by our buyers, around half of whom come from London and the Home Counties.

“Pretty villages which still have facilities are especially popular and there is a discernible desire to live within walking distance of the local pub. This latest forecast for prices to firm up from 2020 is encouraging and will add confidence.”

The main predictions were:

UK house prices to rise 14.8 per cent from 2019-2023, with significant regional variation

Transactions to stabilise, with first time buyer and cash buyer numbers most resilient

Rents to rise 13.7 per cent over the next five years; in London by 15.9 per cent

The average house will cost £248,000 by 2023

The increases equate to an average rise of £32,000 over the next five years

To see the full report, go to www.savills.com

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