Changes seen in the UK property market over last five years
A recent report highlights the changes in the UK property market over the last five years, including a rise in renting and a greater preference for city centre living.
In Housing Futures, a report from the UK property partnership Strutt & Parker, the company compared their surveys from 2013 and 2017 and looks at the future of the housing market. The 2017 survey was conducted from 11 October to 29 December 2017 and featured nearly 1,800 respondents, including Strutt & Parker’s registered buyers, sellers, tenants, and lettings applicants.
Rental sector & city centre living
One of the key findings of the research is that renting increased as a future tenure from 10% in 2013 to 13% in 2017. This indicates the growing popularity of renting over homebuying. Recent data even shows there has been a 10% fall in young adults owning property over the last 10 years. Instead, more are choosing to rent, which further highlights the importance of the rental sector.
On top of that, the data showcases that living in big cities is preferred by more people. In 2013, 9% preferred big city living, and by 2017, that increased to 15%. City centre living is actually more popular than ever. Some of England’s largest cities have more than doubled over the last 15 years, especially in the north’s fastest growing cities like Manchester, Birmingham, and Liverpool.
Reasons for moving
Strutt & Parker’s Housing Futures also looked into the most popular reasons for moving in the UK. A majority of people are searching for a more relaxed and accessible lifestyle. Privacy, access to local shops and amenities, digital connectivity, and public transportation are some of the top reasons people move. This shows Britons have a growing desire for connection, community, and convenience.
Switching to a location within walking distance of work is increasingly driving people to move, up from 25% in 2013 to 36% in 2017. Access to public transportation was mentioned by significantly more respondents over the past five years, having increased from 37% to 48%. Not only is fast and reliable broadband a vital amenity for the majority of Britons, being closely connected to family and friends has become increasingly more important.
As property market trends change and what people find important transforms over time, it’s vital that alterations are made to how properties are planned, designed, and built to fit what homebuyers, renters, and investors are looking for.
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