Key Highlights

  • Savills property group forecasts UK home prices to increase +21% through 2025
  • Sales transactions could hit 1.4M in 2021

Savills Property Group Bullish on UK Home Prices

In a just released forecast by Savills, home prices could soar +21% over the next five years.  Just this year, Savills projects the average price of a home in the UK to rise +4%.

Savills also sees sales transactions in the UK reaching 1.4M in 2021 but then dropping to “normal” transaction levels of 1.2M by 2023.

“2021 to Be Complex and Uneven Year”

According to Lucian Cook, head of residential research with Savills, “2021 is going to be a complex and uneven year, with competing forces impacting the housing market at different points.”

Some of that unevenness includes the UK’s speed of its vaccination program and government support for both jobs  creation and the housing market.

Cook said, “By extending both the stamp duty holiday (in England and Northern Ireland through June 2021) and the furlough scheme (unemployment benefits) in last week’s budget, the chancellor has significantly reduced the downside risks in the mid-year, while a recovering economy should support price growth toward the year end.”

Areas to See Highest Five-Year Growt

Savills predicts that prices in the North West of the UK, Yorkshire and The Humber, could rise between  +28.2 and 28.8% over the next five years.  Prices in London are expected to grow more modestly at +12.6%.

Central London’s luxury market is expected to rise +3% in 2021 but by +21.6% at the end of 2025.  Luxury properties in outer London are forecast to grow +14.6% over this five year time period.  Meanwhile, in the English countryside, luxury properties could increase by +20%.

Prime Central London Offering Buying Opportunitie

“Prime central London offers a real buying opportunity,” according to Frances Clacy, Savills’ residential research analyst.  “Activity has already picked up more quickly than expected, with more sales priced at $6.9M last year than since 2016…

Clacy also noted that “… buyer commitment to moving remains strong and longer-term adaptations to home working will benefit London’s wider commuter zone. The move to the country trend also shows no sign of slowing.”

Thanks to Savills and MansionGlobal.


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