Today we release our “Future Living – The UK Accommodation Market” research report written with FTI Consulting, including a panel debate at One London Wall. A panel of five real estate experts are helping to launch the research by discussing the results with our key industry guests.
The findings of the report focus on the current state of the UK accommodation market as it faces increased pressures. At the moment it is forecast that the UK population will rise by 10 million in the next 25 years. However, the supply of new housing has already fallen well behind the numbers required to meet today’s demand, let alone the demand of the future. Rising house prices, increased deposit requirements and decreased mortgage availability means an increased proportion of young people in the UK will continue to rent rather than buy – a fact supported by a recent survey that predicts that only 26% of 20-39-year-olds in England will live in a home they own by 2025.
Key findings from our report include 82% considering branded accommodation attractive and 81% willing to use ‘sharing’ concept websites. Furthermore, we found that 77% of 18-30 year olds live at home or rent.
What impact will these projections have on how we live in the future? How will accommodation need to change to meet the demands of a growing workforce with different attitudes to flexible working and work-life balance? In what kind of buildings will people want to live in 20 years? What will be their service level expectations and what locations will they favour? Are we constructing the most appropriate buildings to survive these changes?
Identifying the most effective way of capitalising on rising consumer demand for accommodation will be critical for those in the property industry who wish to succeed in this ever-changing market and stay ahead of the pack in the decades ahead.
Teaming up with FTI, we surveyed two distinct audiences. The first group was the 18-30-yearolds who will form the bedrock of housing demand until 2050. A group who are rarely asked their views on how and where they want to live in the years ahead. The second was made up of the investors, developers and real estate professionals that will need to provide the property to meet that demand.