UK Houses Prices to Soar 43% Within 5 Years, New Study Reveals

House prices in England and Wales are set to rocket by 30.2% within the next five years, a new study predicts.

According to a report from property website Rightmove and experts at Oxford Economics, the biggest price increase will be seen in towns and cities in the south-east, where house values will soar by 37.3% by 2019.

Meanwhile, house values will rise by 32.5% in London and by 24.3% in the North West. Southampton in Hampshire will see the highest level of growth, at 43%.

The study also reveals that Luton and Brighton will both see a 41% rise, adding about £56,000 and £107,000 to their respective average house values.

In the capital, house prices are expected to rise at a slower rate than in East Anglia and the South East.

West London is predicted to experience a slight rise of 14% – the lowest increase in England and Wales. This brings its potential for future growth in line with the northern cities of Carlisle (17%) and Manchester (19%).

Miles Shipside, housing market analyst and director at Rightmove, said: "Alongside the publication of the Rightmove monthly house price index, which is based on new seller asking prices, we have unique access to other sources of property data from surveyors and property transaction prices at a very local level.

"Understanding the path of future house price growth is a key element of UK economic strategy and decision making, and our data-driven forecasts contain insight not previously available from other commentators or the government's own forecasts produced by the Office for Budget Responsibility."

Rightmove said the report is based on hundreds of items of economic data used to forecast growth, economic performance and the resultant house price inflation.