- The average UK house price will hit £347,757 over the next decade
- House prices have risen 0.37% a month since the decision to leave the EU
- eMoov predicts house prices will increase 56% by 2027
- The predicted figures are based on information from the Land Registry House Price Index
Property price growth across the UK market has been a talking point since the Brexit vote and the UK the average house price has risen on average by just 0.37% a month since the decision to leave the EU.
When compared to 0.67% a month on average between June 2015 and 2016 it’s quite a different.
Leading online estate agent eMoov.co.uk has highlighted that if the market continues stalling an increase of 0.37% a month, the average UK house would still hit £347,757 over the next decade.
That’s an increase of 56% by 2027.
The online estate agents took the month on month price data from the Land Registry House Price Index and took an average across the monthly percentage increases from June 2016 to June 2017.
Experts at the company then applied this subdued rate of growth to the current average house price on a monthly basis up until 2027 to obtain the new average house price.
They then calculated the total percentage difference between the current and future average house price in order to rank each city based on the highest total growth rate (although this also corresponds with the average monthly increase).
Nottingham, Glasgow, Oxford, Cardiff and Edinburgh are all set to flourish in the post-Brexit boost, according to the estate agent.
It comes after the prediction that Woodford, Leytonstone and Redbridge are the property hot spots to buy in London in 2018.
eMoov’s predicted best-buy cities for house price growth
1. Nottingham is top of the table in terms of monthly prices growth since Brexit, up 0.80% a month on average meaning the average house price would increase 160% from the current £133,215 to £346,592 by 2027
2. Glasgow has increased by a notable 0.70% a month since June of last year, the second highest across the UK. If this subdued monthly growth continues the Scottish city will see prices hit £285,487 by 2027, a jump of 131%.
3. Oxford ties with fourth place Cardiff with an average monthly increase of 0.64% in the last year. As a result, the city would see its already expensive current cost of property (£413,240) jump £115% to an eye watering £888,542 by 2027.
4. Cardiff flies the flag for Wales and the monthly growth of 0.64%…