Property values in London will continue rising by 5% a year for the next five years, taking the average price of home in Wimbledon Village from more than £1,6m to £2,118,323 by the end of 2020.
The forecast comes from the Royal Institute of Chartered Surveyors, which says its latest UK Residential Market Survey shows a lift in housing demand.
The organisation says: “The UK housing market has seen a rise in demand following the government’s recent announcement that stamp duty is set to increase for buy-to-let investors.
“The survey shows the demand for new properties has reached a three-month high, with chartered surveyors citing a rush to beat April’s stamp duty rise as the reason.”
However, RICS adds that there will continue to be more buyers than sellers, which will drive further price rises.
Property prices outside London, south-east England and the eastern counties will see rises of 4.5%, according to RICS.
However this rate is lower than in recent years and might be further pegged back if the private landlord market experiences the slowdown after April that some are suggesting.
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