News that the average house price in London will reach £500,000 by 202o proves that not only becoming totally gentrified, but fairly well exclusive when all is said and done.
According to the economic think tank Centre for Economics and Business Research (Cebr), the average price of a home in the city will have already climbed to £383,000 by the end of this year. According to the group, house prices in London will rise some 30% from 2013 to 2020.
Along with the projected growth and value, Cebr also suggests an influx of foreign workers will imbue the city landscape with much more cultural and language diversity, as well as spurring further house price growth. While London's price outlook looks fairly rosy, the rest of the UK does not fare so well where price growth projections are concerned. As an example, house prices in the North and East of the UK are projected to rise only 2.3% over the same span.
The bleak economic outlook for much of England, Scotland, and Ireland obviously bears heavily on these projections. Since the London Olympics a national and international boom for buying properties inside London cast a strange shadow on the entirety of the UK property market. In short, most experts tell of just London as any sort of bright spot for investment. At least this is, so far the trend.
To learn more about this trend we suggest the reader visit the report via this PDF.
Cebr's CEO Douglas McWilliams is one of Europe's most trusted economic forecasters.