The OBR (Office for Budget Responsibility) predict that house prices will increase by 3.4% during 2017. This would make the average home across England and Wales £236,890 by the end of the year, a rise in value of £7,789.
Based on an average median household income of £26,400, this rise would be the equivalent of over 15 weeks of income.
The value of properties across London, South East, South West and East of England are all expected to rise by more than £7,789. The average price of a home in London would rise by over £16,000.
Price growth of 3.4% exceeds the current level of growth being experienced in the North East. House prices here would increase in value by £4,300 with 3.4% house price growth.
The West Oxfordshire Angle
The average property price in West Oxfordshire (all property types for sales in the previous 12 months – Land Registry figures) is £335,845.
Applying the growth forecast above of 3.4% equates to an average increase of £11,419 in 2017 or 22.5 weeks of work for the average UK worker.