Areas expected to receive the biggest house price rises by 2020 revealed
By z4027672030, Nov 17 2015 09:19AM
Analysis by property group JLL has revealed how much house prices in areas across the UK are expected to rise by 2020, with the South East of England expected to see the biggest rise rate.
The rise in property prices across the UK is believed to be caused by better job prospects, a more stable economy and rising wages, driving a five-year surge in house price growth.
By 2020, the cost of the average home in the South East is set to increase by 26.4%, caused by a high demand but a low supply of homes on the market. Behind the South East is the East of England, set to jump by 25.8%, and Greater London, which will rise by 24%. Cities across the UK set to see a spike in prices include Manchester, Bristol, Leeds and Edinburgh, where more people, including graduates, are relocating in order to seek new jobs or set up new businesses.
As a result, across England, Scotland and Wales, the average house price is set to rise by 22.8%, with a 5% rise set to take place in 2016.
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Image: Adrian Scottow, available under Creative Commons