Average house price in Barking and Dagenham could hit £450,000
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Average house prices in Barking and Dagenham could top £450,000 by 2030 if the current rate of increase continues.
The new research, released by estate agents eMoov, is based on the 84 per cent increase in house prices during 2000 and 2015 and applied to the next 15 years.
Cheaper boroughs such as Barking and Dagenham could see avearge prices leap from £246,000 today to £450,000, with the most expensive average in London’s Kensington and Chelsea rising from £1.9 million to £3.4 million.
Russell Quirk, founder and CEO of eMoov.co.uk, warned the “projection” is not all good news.
He said: “The past 15 years have seen extreme growth in the price commanded for UK property, as well as a crash as a direct result of this inflated growth.
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“Although this research is only a projection of what may happen by 2030, it is safe to assume that with prices continuing to spiral beyond affordability, history could well repeat itself.”
By 2030, the average house price across England could be as much as £457,433, close to the current average asking price in the capital.
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“Although rising prices are always good news for current homeowners, it’s extremely worrying to look at the difficulty many have in getting on the ladder at the moment, let alone with a price jump of 84 per cent by 2030,” Mr Quirk added.
“It’s not just London that will become beyond the reach of the average UK homebuyer, the issue will spread the length and breadth of England, Scotland and Wales.”