UK house prices:the average London home could be worth £1 million by 2030

New figures predict that average houses across England could be worth £460,000 by 2030, and more than double that in the capital...

An average London home will be worth £1 million by 2030, if prices rise as quickly over the next 15 years as they have done since 2000.

The gap between the cheapest and most expensive homes in the capital looks set to widen further.

The price of an average home in Barking and Dagenham, currently one of London's most affordable boroughs, will rise from £250,000 to £450,000, while property prices in London's most expensive borough, Kensington and Chelsea, will soar from £1.9 million to £3.4 million, according to online estate agent eMoov, which mapped the figures. 

Across England, average prices are predicted to increase by 84 per cent to £460,000 and only three areas will offer an average house price of under £280,000 - Merseyside in the North-West, the East Riding of Yorkshire and Durham in the North-East. 

Scotland will be the cheapest country to live, with homes averaging £300,000, while property in Wales is predicted to reach a slightly higher £310,000.

Russell Quirk, founder and CEO of eMoov.co.uk, says: “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. 

"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... 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."


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