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House prices to rise by almost 50% in next six years

New figures from the National Housing Federation suggest that house prices in Rushmoor will rise by 44% while rent will go up by 42%

House prices are predicted to rise

House prices are set to rise by almost 50% within the next six years across the News & Mail area, new figures have revealed.

The National Housing Federation’s (NHF) Home Truths report shows that prices will go up by 44% in Rushmoor by 2020, while rental prices will increase by 42% in the same period.

Average house prices provided by the Land Registry of England and Wales for the second quarter of 2013 suggest this house price increase would mean a house in the borough, currently priced at £211,400 on average, would be likely to cost around £304,400 in 2020.

The NHF report suggests that Surrey Heath will be the place to buy at the turn of the next decade, with prices set to be 36% higher – the smallest increase in the area. Rents in the borough will have increased by 39%, also the most modest rise.

The predictions were calculated by Oxford Economics, which specialises in global forecasting, and published in the NHF report on December 10.

It shows that Farnham house hunters in Waverley can expect prices to increase by the second largest rate across the Hampshire-Surrey border by 43% to around £623,000. In Guildford, covering Ash, house prices will have gone up by 42% to around £560,000, while in Hart the increase is expected to be 39% to around £462,000. Rent in all three local authorities is expected to be 41% more in 2020.

The NHF report contrasted the data with the rise in unemployment seen in local authorities since 2009, arguing that many people are struggling to make ends meet where too few homes are being built, adding to the numbers claiming benefits.

A unemployment rise of 35% was seen in Rushmoor, while in Hart it was just 8%.

David Orr, chief executive of the National Housing Federation, said: “We hear a lot about ‘making work pay’, but a decent job won’t even cover the cost of a home in Hampshire and Surrey.

“Billions of pounds of taxpayers’ money is wasted, lining the pockets of private landlords, when it could be better spent building more homes people can afford. Relying on the private rented sector so heavily is a costly sticking plaster.”

Across the south east in general, housing benefits claims by employed people have increased by 84% in the last four years. In Rushmoor, the situation is likely to be eased by the addition of 3,850 homes over the next 15 years as part of Project Wellesley, of which project manager Grainger pledged 35% will be affordable.

Increases in the housing stock of housing associations will also benefit those living in the borough, with First Wessex adding hundreds of homes through its My North Town regeneration project.

 

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