PROPERTY prices will rise by an average six per cent across the UK by 2021, predicts Barclays.
New research by the bank suggests the average property value will go up to almost £300,000 - compared to £274,000 today.
Here in the North, property prices are set to rise by four per cent between now and 2021, says Barclays. It expects Northern property hotspots to emerge as job opportunities and business start-up rates help to close the gap with property hubs in London and the South.
The bank's UK Property Predictor says buy-to-let investments and high net-worth investors are set to lead the way in fuelling the market.
The South is expected to see the largest annual property price increase. However, investors are looking north of the property hotspots of London and the South East for good value for money and income stability.
More than one third (38 per cent) of high net-worth investors looking to purchase property in the Northern think prices are going to rise here. And more than one quarter (27 per cent) who plan to buy are citing strong rental income as a reason to invest.
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