Average house prices in England and Wales are set to jump 30 per cent in the next five years, a study by property website Rightmove and forecaster Oxford Economics concludes.
Prices in London are set to rise 32.5 per cent, while South East values would increase 37 per cent by 2019, it forecast.
Areas to show the greatest gains were within easy commuting distance of London, such as Southampton, Luton and Brighton which were all expected to see over 40 per cent price growth over the period. Prime central London would have “a period of much slower growth after the frenetic increases of 2014,” Rightmove, which is listed on the London Stock Exchange, said.
Prices in West London and the northern UK cities of Carlisle and Manchester were predicted to show five-year growth between 14 per cent and 19 per cent.
The forecast is based on property and economic data, incorporating both asking and sold prices, surveyor valuations and analytics from the Oxford Economics’ Global, Industry and Regional forecasting models.
Earlier this week, a survey from building society Halifax showed house prices in the UK continued to rise in September but at a slower pace than earlier in the year. British house prices grew by 9.6 per cent from a year earlier in September, according to the lender which is owned by Lloyds Banking Group.
Nationwide house price data for September pointed to an even larger moderation, showing a 0.2 per cent monthly drop in house prices, the first since April 2013.