The world’s population is growing. By 2100, Earth could be home to as many as 11 billion people, according to a study by the University of Washington. In Britain, the population is expected to swell from 64.6 million to 74.3 million (based on projections by the Office for National Statistics), not by the end of the century but by 2039, less than 25 years from now.
Clearly such rapid growth puts pressure on resources – something that is being felt around the world in terms of food supplies and infrastructure. In the UK, it is housing that is likely to show the most strain. The country already has far fewer homes than it requires and now ex-Cabinet Minister Liam Fox has stated that,
“….the Office for National Statistics project that our population will continue to grow by around half a million a year – a city the size of Liverpool every year.
“This will mean that, in England, we will have to build a new home every six minutes, or 240 a day, for the next 20 years to accommodate just the additional demand for housing from new migrants.”
It is clear that the UK does need to tackle its lack of housing supply. Stuart Johnson, Business Development Manager at Prime Centrum, comments,
“Experts have been warning for decades that the UK needs to build homes faster. Our family demographics have shifted to mean that there are fewer people per home at the same time as the population has grown. It’s time that we stop talking about the need for new homes and actually start building them at a faster rate!”
Urbanisation is also changing the landscape of where new homes are required. Liverpool, for example, faced a declining population for decades. From the 1931 Census onwards, the city’s population was in decline. Today Liverpool City Centre has one of the fastest growing population in the UK and a consequently housing shortage. The demand for properties is very high and the offer is not able to satisfy it.
Prime Centrum is one of those companies seeking to meet the demand for new homes. In Liverpool they are offering the brand new Parliament Residence for investment from £109,900. The one and two bedroom homes are ideal for professional tenants, enjoying one of the city’s most enticing views thanks to their prime waterfront location.
With population growth expected to continue well into the next century, city centre developments like Parliament Residence will be key to ensuring that the UK’s residents are housed in locations that perfectly balance their need to access work with the availability of a wide range of leisure facilities.
For further details please contact the Prime Centrum team. You can also download the brand new Prime Centrum 2016 UK Buy-to-let Guide free of charge.