The average London home will cost more than £1m by 2030, according to new analysis, as a growing population and severe housing shortage continues to push up prices.
With the mayor of London’s office projecting that the capital's population will increase to 10m, from around 8.5m today, eMoov forecast that 14 years from now, the average price of a home in the capital will cost more than £1m.
The online estate agent expects Kensington and Chelsea to remain the most expensive borough for property prices, with the average price of a home in the area set to cost £3.4m, up from £1.9m today.
Barking and Dagenham currently offers the lowest average house price in London, but by 2030 a home in the borough is set to cost you more than £450,000, compared to £246,000 today.
Aside from breaking the capital down by each borough, the research into the future of the UK housing market also looked at what the average house price across England, Scotland and Wales could look like by 2030.
eMoov took into consideration the hike in UK property values between 2000 and 2015 and found property prices had increased by 84% during this time. The online estate agent then applied the same increase across each area of England, Scotland and Wales to project how much the average property could set you back in 2030.
By 2030, the average price of a home in England could be as much as £457,433. Based on existing market values, the only areas of England that will offer an average house price under £280,000 in 2030 are Merseyside (£275,074), East Riding of Yorkshire (£277,411) and Durham (£279,985).
Other than London, 12 counties across England will also be home to an average house price over £500,000. Property across Dorset, East and West Sussex, Kent, Essex, Berkshire, Surrey, Oxfordshire, Hertfordshire, Buckinghamshire, Cambridgeshire and Rutland will all command more than £500,000 on average.
In 2030, the average house price in Wales will hit £307,712, some £150,000 cheaper than England. In fact, just Monmouthshire (£442,141) will offer an average house price over £400,000.
The projected average house price for Scotland in 2030 is the cheapest of the three at £297,222, with gains set to be led by Edinburgh. The Scottish capital will still be home to the highest property prices, at an average of £432,468. Aberdeenshire will be the only other Scottish location to break the £400,000 mark.
At £200,600, North Lanarkshire offers the best value for Scottish buyers in 2030.
Russell Quirk (pictured), founder and CEO of eMoov.co.uk, commented: “The past 15 years have seen extreme growth in the price commanded for UK property, as well as a crash as a direct result of this inflated growth. Although this research is only a projection of what may happen by 2030, it is safe to assume that with prices continuing to spiral beyond affordability, history could well repeat itself.”