13 Nov

House prices ‘could reach £300,000 average by 2020’

House prices ‘could reach £300,000 average by 2020’

Figures from the latest Office of National Statistics (ONS) house price release suggest that the average price of UK houses could hit £300,000 by 2020, according Pricewater Cooper’s (PwC).

House prices fell slightly in September, in comparison with the previous month of August. The recent demand for property caused by the the government’s Help to Buy scheme has helped to push house prices up in October.

Steady inflation may be a result of more new buyers entering the market for the first time.

Will Zimmern, PwC’s senior economist, said: "For 2013, we now expect house prices to rise by 3.5 per cent compared to 2012, with the government’s Help to Buy scheme being one reason for this projected increase.”

“We expect this upward trend to continue as we head into 2014, with annual average prices reaching around £230,000,” he continued.

The research will no doubt be seen as good news for independent agents operating in the UK residential market.

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