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The average UK house price could hit £362,350 ($470,872) by 2045, should the market continue to see property values climb at the same rate, new research by estate agent Barrows and Forrester has found.
This is a 51% increase from current average of £239,196, with the average homebuyer paying £36,235 for a 10% deposit mortgage — £12,315 more than the initial cost required today.
Property prices in London could reach £789,531 by 2045, according to the analysis of historic house price data over the last quarter of a century and the rate of house price growth.
The South East of England could see average house prices rise to a potential £524,726. Buyers would need an extra £19,258 for a deposit on top of the current £33,215 already required for a property in this region.
The South West could see the average property price increase by £151,255, while prices in the East of England could rise by £167,135. Homes in the West Midlands could go up by more than £100,000, according to the research.
House prices in the North East could climb by as much as £70,041 to an average of £201,742, requiring the average home buyer to place a 10% mortgage deposit in excess of £20,000.
James Forrester, managing director of Barrows and Forrester, said the research should “act as a warning shot to a government that has consistently neglected its responsibility to deliver affordable housing year after year. Despite promising to address the UK housing crisis on multiple occasions, the level of new homes being delivered is abysmal.”
Barrows and Forrester is calling on the government to “refocus their attention on the delivery of affordable housing stock for the masses” in order to prevent “the spiralling issue of affordability for many homebuyers.”
Forrester said: “The UK housing market has returned with a bang and house prices are once again starting to climb across much of the nation.
“This is a trend that we’ve seen maintained for much of the last twenty-five years and while there have been some economical corrections, the bricks and mortar market has not only recovered but has continued to appreciate beyond any previous levels seen.”
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