UK house prices are set to grow by 22.8% over the next five years, according to forecasts from JLL in its Building Foundations Report.
The agent said the baseline outlook for the UK housing market is for a steady rise in transactions and house prices and while overseas uncertainty may pose some risk, the economic fundamentals of the UK mean it is in a more stable place than almost anywhere else in the world.
House prices are set to rise by 5% in 2016 alone, due to the more positive economic outlook, falling unemployment and real wage growth.
Over the next five years, growth is set to be highest in the South East and East, which will see prices rise by 26.4% and 25.8% respectively.
Growth is expected to average 24.0% in Greater London, but will slow to just 17.0% in prime central London – the weakest growth of any market measured.
