PROPERTIES IN LONDON are to cost up to one million pounds by the 2020, just five years away according to the home-selling website, Rightmove.
This information has come as a shocking prediction, after the quiet period in selling homes and now such a high figure is set to await home-buyers.
According to this months (September) property price index from Rightmove, the last average price for a house which was usually estimated at £620,000, showed an increase of 2.2 per cent, amounting to a total of £13,000,00 pounds more then usual. This now means an increase of approximately 9.5 per cent annually.
Director of Rightmove explains that because of the unbalance in demand for homes and having an international city attraction, the prices in London are more then likely to continue rising.
A sale of a house in September last year from Rightmove, saw an increase of £54,000,00, so in five years that’s around 1 million pounds to buy a property.
The director added that they were curious as to whether or not this rise will continue or stay stable, and feels that there is a need for more new properties around the area of London.
According the published report, a new national record was displayed. Looking at the figures of the property industry, a rise of 0.9 per cent right across the country occurred.