House prices in the South West will rise by 4% in 2015 and 24% over the next five years, behind only London and the South East, according to a new report from JLL.
The Residential Market Review cites Help to Buy as a contributing factor to this rise in value, but the shortage of stock is identified as the main reason.
The report estimates that house completions will grow from around 120,000 to 150,000 pa over the next five years, still far short of what is necessary.
Paddy Sykes, director of JLL’s South West residential team, said: “The UK is facing a housing crisis and the South West – with its high employment rates, excellent quality of life, and rapidly growing strengths in a range of sectors, is becoming a victim of its own success.”
