More people renting, a switch-up in the north/south divide, smarter homes, a rise in Airbnb friendly properties and, as always, London in high demand. Peering through the cracks of Brexit uncertainty, here’s what trends experts are predicting for the property market in 2019…
Sustainability and Environmental Awareness
Sustainable living and our environment were huge topics in 2018 and this increased awareness is likely to mean both buyers and renters looking for ‘smart’ qualities in their homes. Quality and style will remain of importance when it comes to the technology in the property market, though; we’re expecting ‘Smart Home’ to mean less app-controlled, colour-changing light bulbs and more heating systems that know when you’re ten minutes from home.
The Rise of Airbnb Friendly Properties
More and more buyers will be on the lookout for ‘Airbnb’ friendly properties in 2019, such as those with outbuildings or “nanny flats”. Whether they’re looking to use the additional space as a form of extra income, a home office, for personal guests or a live-in space for au pairs, these types of homes will become increasingly popular among buyers in the property market this year.
The North Takes the Upper-Hand
A divide between the north and south of the UK is nothing unusual when it comes to the property market, but a recent shift in supply and demand has created a split that (this time) sees the north in favour; a current increase in property stock could fuel pricing challenges in the south, while dwindling availability but strong demand stands the north in contrastingly good stead for the year ahead.
Private Rented Sector and Build-to-Rent
Speaking of supply and demand, London will remain sought-after as ever – despite Brexit talk – meaning an increase in market share for the Private Rented Sector is likely. The amount of rented properties in the capital is predicted to grow by 40% over the next ten years, and build-to-rent property is likely to play a huge part in supplying the high-quality housing required to sustain this.
Skyscrapers on the Rise
Consequential to the above, London’s skyline is set to reach new heights this year as the tallest residential building in Europe is due to complete. The 239m, 75-floor Landmark Pinnacle being erected on the Isle of Dogs, Canary Wharf is just 1 of 510 tall towers currently in the pipeline. Once complete, the landmark tower block will offer the most habitable floors than any other UK high-rise.
All-in-all, if experts are right it seems that the property market is simply moving with the times, and despite uncertainty about the political future of the UK, the future of the property market looks relatively bright in most aspects – particularly the Private Rented Sector.