Average house price increase in your area by 2028 is revealed

Homeowners are looking for some good news. We have some positive information, but you might have to wait a while, as the average house price increase in your area by 2028 has been revealed by Savills.

House price growth

Surprisingly, UK house prices rose last month (Oct 2023) after a run of six monthly falls.

It seems that sellers holding their property off the market led to a shortage of homes, pushing prices up.

Halifax said prices rose 1.1% last month, taking the average property value to £281,974.

Whether this is an anomaly, or not, we will have to wait and see.

It comes as house prices have grown in 70 local authorities across Britain despite an overall UK-wide fall, reports Sky News.

The top three areas are:

1.Powys in Wales

2. East Lindsey in the East Midlands

3. Moray in Scotland

Average house price increase

Assuming you don’t live in one of these local authorities then you are likely to have seen a dip in the price of your house.

So don’t hold your breath, but there is some positive forecasts.

Below are the average house prices predicted by Savills by 2028, followed by the increase it predicts compared with 2023 house prices in cash terms:

• North East: £186,695 – £32,940
• Wales: £239,663 – £42,224
• North West: £241,944 – £40,645
• Scotland: £206,850 – £34,820
• Yorkshire and the Humber: £230,323 – £38,692
• West Midlands: £283,954 – £47,799
• East Midlands: £266,712 – £43,759
• South West: £348,082 – £52,797
• South East: £423,702 – £60,642
• East of England: £397,060 – £56,830
• London: £577,256 – £70,376

If this has got you thinking, we’d be delighted to help.  Get in touch and we’ll talk you through your options, or sign up to our monthly newsletter, to keep your finger on the pulse.