Over the last 12 months house prices have increased, rents have risen and a wave of legislative changes have shaken up the lettings industry. More change is coming, with tax changes and stamp duty hikes for buy to let landlords coming into play – and a potential bank rate increase on the horizon.
We’ve been thinking a lot about what the London property market will look like in 25 years. Below are a couple of interesting predictions from Paramount staff, and please leave a comment with your predictions as we’d love your input too.
London property market predictions
With house prices and rents out of reach, companies will struggle to find staff who live within a commutable distance to the office. To address this businesses may provide residential pods or dedicate a floor of their office block to onsite accommodation for their employees.
Companies seeking cheaper office space will relocate to premises outside of London. Former office buildings will be converted to residential to meet the demand for properties in the capital.
Large corporations will buy into new developments in order to supply accommodation for employees, perhaps as part of their salary. This will attract and retain good staff and assist with affordability issues.
The recent introduction of HMO licenses suggests that in 25 years we’ll see more studios and one bedroom flats on the market. To avoid legislative restrictions landlords will favour smaller properties, meaning more homes on the market but less space within.
Technology will become more prevalent within homes with everything from green materials to energy saving appliances and sensor lighting becoming the norm.