It’s still a good time to buy

Residential property prices in the UK are predicted to increase by 30% in the next decade, delaying first-time buyers by almost two years, new research shows.

A study forecasts that the  average age of first-time buyers is increasing and predicted to reach 37 in London, and almost 35 for the rest of England by 2031

In the next 10 years, it says, based on ONS data, that the average home in the UK will jump by 30%, costing £323,718 and increase by 33% in Greater London to £619,568.

Analysis of ONS data from 1992 to 2020, combined with a forecasting model, predicts house prices to increase as follows:

When analysis of the age of first-time buyers in England dating back to 2006 was used, look at the projected increase in prices over the next ten years:

They also said: “Despite house prices seeing an all-time high and the average age of first-time buyers set to increase over the next ten years, it’s interesting to see that buying habits have remained similar.”