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House prices will rocket with rises of £1,000 every month By Richard Williams
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THE price of an average home in Tunbridge Wells could increase by 20 per cent over the next five years, according to a leading estate agent. That’s equivalent to more than £1,000 a month. Property group Savills has upgraded its 2021 UK house price forecasts to reflect the extended stamp duty holiday and the impact of repeated lockdowns on what home buyers want from their homes. Its analysis forecasts that house prices in Tunbridge Wells are set to increase by 19.10 per cent, with values increasing by £64,500, although the rise could be much higher. Savills says the average value of homes in the South East in December 2020 was £336,984 and this value is predicted to
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rise to £401,348 by the end of 2025. However, properties in Tunbridge Wells often go for much more than the median price in the rest the region. The average price of a three-bedroom house in the town centre tipped over the
‘First-time buyers are reliant on the bank of mum and dad’ £500,000 mark earlier this year, according to online vendors Zoopla and Rightmove. Detached four-bedroom homes often go for more than £1million. If Savills predictions come true, price rises in the town centre and surrounding areas could see a three bedroom house
increase by more than £100,000 in the next five years, while owners of large detached homes could see an extra £200,000 added to their value. Savills says it expects average UK house price growth of 9.0 per cent by the end of this year alone. It also forecasts further growth of 3.5 per cent in 2022. In the period 2022 to 2025 the estate agent predicts prices will rise between 11 and 12 per cent, taking total growth across the UK to the end of 2025 to 21.5 per cent – more than a fifth. “Some of the growth generated by the extraordinary market conditions of 2020 and 2021 could unwind at times during 2022, but we see nothing on the horizon
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