British house prices will grow to almost double their current level by 2030, according to new future house price (FHP) indices from UK residential property derivatives interdealer broker Tradition Financial Services (TFS).
The FHP indexes predict that the average price of a British house will rise from its current level of £138,645 (on a non-seasonally adjusted reading of the Halifax Price Index) to £213,028 by December 2012.
Price growth will continue, reaching £354,435 by December 2030, the figures suggest.
Consultant director at TFS Peter Sceats believes that the new indices could become "a useful economic reference tool" making comparisons between house prices at different times more readily comprehensible to the prospective buyer.
The TFS said the FHP indexes will be published monthly – but are provisional and subject to change.
A more upbeat message, however, emanates from Halifax's chief economist Martin Ellis, who believes that house price growth over 2007 will hit four per cent – compared to estimates of 12 per cent growth from the Royal Institute of Chartered Surveyors (Rics).To read more about mortgages, click here.
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