Average House Price to Reach £300,000 in the Next Three Months
By |Published On: 22nd September 2015|

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Average House Price to Reach £300,000 in the Next Three Months

By |Published On: 22nd September 2015|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

The average UK house price could reach £300,000 in the next three months, according to Rightmove.

Low interest rates and a lack of supply have driven property prices to a new record high.

House prices rose by an average of £2,550 in September, the greatest September increase since 2002.

The property portal reported that the 15 most expensive counties, including Surrey, Hertfordshire and Oxfordshire, have experienced price growth double the national average, at 1.8% in September. Fewer homeowners in these places are deciding to sell their homes.

House price growth in the most expensive counties

Position County Average house price September 2015

Average house price August 2015

1 Surrey £545,841 £537,270
2 Hertfordshire £460,074 £460,956
3 Oxfordshire £437,042 £431,701
4 Buckinghamshire £432,692 £425,163
5 Berkshire £430,486 £422,546
6 West Sussex £375,155 £364,007
7 East Sussex £354,284 £352,730
8 Kent £341,585 £334,050
9 Essex £334,472 £324,220
10 Dorset £324,841 £320,529
11 Hampshire £321,589 £313,535
12 Cambridgeshire £291,636 £281,270
13 Avon £291,326 £285,419
14 Gloucestershire £290,478 £288,080
15 Somerset £288,413 £283,557

In the north, new vendors were down 4.9% and 7.1% in the south, adds Rightmove.

In London, the average house price is expected to hit £1m by 2020.

The average asking price in the capital was £620,003 in September, a 0.8% increase on the previous record set in July. The annual rate of growth is now 9.5%, or £53,923 per year, due to a shortage of supply and rising demand from international investors. If this pace continues, the average London home will cost £1m in 2020.

Director and Housing Market Analyst at Rightmove, Miles Shipside, says that this rate is not sustainable.

He explains: “While we are not suggesting that this level of growth can or will be maintained, this extrapolation illustrates the desperate need for more building and more affordable housing in and around the capital.”1

1 http://www.independent.co.uk/news/business/news/average-uk-house-price-to-hit-300000-in-the-next-three-months-10511047.html

About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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