In the latest real estate forecast, brokers and agents predict that the average prices of homes in Britain will exponentially increase this year.
£300,000 homes in 2016?
According to Daily Mail, Reeds Rain and Your Move has predicted that homes might have an average price of £300,000. If this continues, the estate agent firm said that the total price will grow higher after the £17,963 increase in 2015.
The outlet reported that the price increase will be equivalent of almost £68 per day or £10 per hour for a full-time employee. Reeds Rains and Your Move director Adrian Gill said that the price increase caused an apparent demand on housing.
"The housing market has enjoyed some smooth sailing in the past year, with a steady 6.6 per cent growth in house prices during 2015 rewarding homeowners and reinforcing our collective desire to own our own homes," Gill said.
Luton tops the list of fast-rising price growth areas
HouseSimple.com chief exec Alex Gosling expressed that there's a lot of changes that happened in real estate market in London despite the low housing supply. Gosling said, "That's no longer the case. Price growth is spreading throughout the UK, and as a result, it feels like a much more stable market - that's despite the fact house prices are still rising, and affordability is becoming an ever growing problem."
The outlet also reported that the price growth spurt varied in several areas in England. The price in South East reached a growth of 8.1 percent increase while Luton households now cost 18.5 percent higher and the East Midlands rose 10.6 percent.
However, it's not the same case with the boroughs located in Kensington and Chelsea. The posh area dropped its price with an average of only 14.2 percent. A much cheaper option, in Newham, found a double-digit increase with 23.8 percent. The stamp duty fees from the Government might have caused the price drop in expensive boroughs, which was first introduced in 2014.