GoodMove used data from Gov.uk to investigate the average property prices in the UK from the past 40 years.
It found from 1980 to 2020 house prices in the UK have soared by a huge 1,145% with the largest five-year increase occurring between 1985 to 1990, when they rose by 109% to reach £58,250.
There then followed the only dip in average house prices, falling by 5% to reach an average of £55,437 in 1995.
According to its findings the average house prices over this time looked like this:
- 1980: £19,273
- 1985: £27,823
- 1990: £58,250
- 1995: £55,437
- 2000: £75,630
- 2005: £158,572
- 2010: £167,469
- 2015: £190,665
- 2020: £239,927
Taking these figures into account, GoodMove has forecast what house prices might look like in the UK in the future.
Its analysis revealed average values could be set to increase by 17% in the next 10 years and over the next 30 years they are set to grow by 64%.
It’s detailed predictions look like this:
- 2025: £251,476
- 2030: £279,641
- 2035: £307,806
- 2040: £335,971
- 2045: £364,136
- 2050: £392,301
On a more short-term outlook, GoodMove expects house prices to increase by 5% in five years to £251,476 in 2025, with prices reaching an average of £307,806 by 2030, if they continued to increase at the same pace.
Nima Ghasri, director at GoodMove said: “This year, house prices in the UK have increased at an unprecedented rate, increasing by 26% compared to 2015 and 7% compared to 2019.
“House prices have been a huge talking point in the industry this past year, and we wanted to see what we could come to expect if they continue to rise at the same rate as they have since 1980. That’s why we conducted this research.
Ghasri added a note of caution, however: “Many things impact house prices, and nobody can predict for certain what the economy and property market might look like in the future, so this doesn’t mean that our predictions are correct.
“Still, it’s interesting to see what we could expect in the UK if house prices follow in the footsteps of the past.”
