Luton house prices to go up by 41% over next five years, study suggests

Luton will have the second fastest growth rate, the study suggested
Luton will have the second fastest growth rate, the study suggested

House prices in Luton will soar by 41% in the next five years, according to an economic forecast.

Figures from a study by Oxford Economics and Rightmove suggest that Luton will have the second fastest rate of growing prices in England and Wales, superseded only by Southampton.

The forecast suggests that the South East will be the biggest beneficiary of a recent boom in London, with commuter towns outstripping a predicted national rise of 30%.

Brighton, Swindon and Enfield joined Luton and Southampton in the top five growth areas.

Slowest price rises will be seen in West London, Carlisle, Lancaster, Manchester and Northampton, the forecast projected.

It added that the North West would be the slowest region for house price rises over the next five years (24.3%).

The study took into account asking and sold prices, surveyor valuations and analytics from the Oxford Economics’ global, industry and regional forecasting models .

Rightmove director Miles Shipside said: “Understanding the path of future house price growth is a key element of UK economic strategy and decision making, and our data driven forecasts contain insight not previously available from other commentators or the Government’s own forecasts produced by the Office for Budget Responsibility.”