Major Trends in the UK Housing Market 2018

Major Trends in the UK Housing Market 2018

Published on 18th January 2018

Major Trends in the UK Housing Market 2018

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As the leading internet estate agents in the UK, we are privy to a lot of inside information on the UK housing market. Hiring our services will give you an edge even in an uncertain economy. Based on this we tell you what to expect in the UK housing market in 2018.

Here’s a look at the major trends in the UK housing market in 2018:

A Real Shortage of Homes – We expect there to be a real shortage of homes in the UK in 2018. Kate Barker, a leading economist, had predicted in 2004 that the UK would need at least 250,000 new homes every year until 2024. But as of now, the current capacity is around 150,000 homes. This has to change fast and the construction industry should get back into the business of high volume production.

Fast Growing Population - The national population is currently 65 million and is expected to hit 70 million by 2031. The population will grow by 200,000 people every year because of new births and a constant flow of immigration. This is going to create a lot of demand for fresh housing stock.

Non-Traditional Family Structure – Back in the past, most homes were occupied by traditional families – parents and children. But now, more and more households are comprised of live-in couples, single or divorced individuals. Single people make up 8 percent of households and single parents about 3.4 percent. There has been a change in the dynamic of the housing market because of this. More and more people are delaying marriage or having fewer children than the older generations. Also, the young people of today prefer to stay at a rented accommodation rather than buy a house of their own.

A Higher Share of Older Homeowners – Over 18% of the UK population is over 65 years of age and 8% are over 75. Because of better medical facilities people live a lot longer than before. What’s interesting is that older people generally hold on to their homes instead of selling and downsizing.

Less People are inclined to Move House – The number of homes sold in the UK – if you take the new builds out of the equation – has been reducing every year. The drop in sales volume is not because of a recessionary environment, but because people are not as willing to move from their current house to a new one as they were in the past.

Massive Growth of the Buy-to-Let Market – As professional letting agents, we can tell you that the buy-to-let market in the UK is huge. In fact, 38% of all homes in the UK are rented accommodations. A lot of people – especially Millennials – are delaying the purchase of their first home and prefer to live on rent instead.

Our local property experts help you get the best deals, so that you can sell your property quickly and for a good price. Contact us to know more.

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