Future Trends shaping the UK Property Market
Experts predict what the UK property market is set to look like moving forward in the next 5-10 years
There is no doubt that Brexit is still affecting the sociocultural makeup of the British landscape, as the mass uncertainty and political ramifications continue to impact upon the country as a whole. This is especially true in London, who was not only overwhelmingly “remain” but whose population is the most affected by Brexit. This has seen a reticence in those looking to buy, which has seen increased demand in the rental market and far higher prices seen across the UK.
Safety and Security
Grenfell Tower had immediate as well as longer term ramifications that has already seen and will continue to see far more pressure on landlords to check their building materials as well as improve their fire safety assessments. However, given the tragedy of Grenfell and just how avoidable it was it seems certain that this will be integrated into law at some point with far clearer and more precise policy on governmental legislation in regards to rented accommodation.
With section 24 pushing over half of UK landlords into a higher rate of tax (despite not increasing their income), it is thought that a number of landlords will look to alternative forms of investment such as holiday lets (which is particularly easy with the rise of Air B n B and its seemingly never ending popularity), property trading as well as the development of semi-commercial properties.
To the North
As the cost of housing in London continues to increase, more and more young professionals and young families are looking to the North. To cities such as Leeds and Manchester as well as the surrounding home counties who offer not only a far more affordable property market, but also a robust job market. With some fantastic opportunities particularly in the media, finance and tech sector.
All this being said it seems unrealistic to think that there will be any radical or major change in the next few months. Rather we expect to see slow and steady change that sees deep and impactful change of the next 5-10 years.