Average London home to cost £700,000 in six years' time

The average London house price is expected to exceed £700,000 by 2020.

This is a 54% rise and will see the gap between London and the rest of the UK continue to widen dramatically.

According to the Centre for Economics and Business Research (CEBR), the figures for London compare to a forecasted 28% rise to £307,000 in the rest of the country.

London’s “chronic shortage of housing, international investor appetite and an economy that is significantly more insulated from potential public spending cuts than most other regions” will be responsible for this boom.

The figures add fuel to the argument that London is in a housing bubble.

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