Online estate agent eMoov.co.uk claims that the average price of a UK property in 2027 will be £346,492, 56 per cent higher than today’s average.
Since the Brexit vote of 2016, the average house price has risen by 0.37 per cent each month, a dramatic fall from the monthly average of 0.67 per cent seen between June 2015 and 2016.
eMoov.co.uk used data from the Land Registry House Price Index and looked at the month-on-month price rises, taking an average for each month between June 2016 and 2017. They then applied this rate of growth to the current house prices for each region, until the figures would represent 2027.
They then worked out the total percentage difference between these prices in order to rank each city using the total growth rates.
Their figures reveal that Nottingham, Cardiff, Edinburgh and Oxford are all set for a housing boom, with Oxford predicted to overtake London to become the area with the most valuable properties in the UK.
Founder and CEO of eMoov.co.uk, Russell Quirk, said: “With latest industry figures indicating an end to the post-Brexit market slowdown that has seemingly plagued the market over the last 18 months, many UK homeowners will be breathing a sigh of relief, despite having still enjoyed a notable annual increase in their property’s value.
“Although these recent slower rates of price growth are unlikely to persist going forward, and we are by no means predicting they will, this research demonstrates that the outlook would still be rather positive and far from the apocalyptic prophecy’s many have talked the market down with since the Brexit vote.”